Tavistock PROFILES
May 2016 Performance

Manager Commentary

The upcoming EU Referendum in the UK continues to unsettle investors and the outcome is likely to have long-term negative consequences for David Cameron’s government following his scaremongering election tactics. The divide within the Conservative Party has grown steadily throughout the campaign and a leadership contest is a distinct possibility regardless of the final decision. The polls remain very tight and the ’Remain’ camp holds a slender lead, but given the amount of undecided voters the result hangs in the balance. The other dark cloud on the horizon is the US Presidential election, which will be fought between the Republican Party’s nominee Donald Trump and either Hillary Clinton or Bernie Sanders from the Democratic Party. The national polls indicate a close race and markets are rightly concerned about a potential Trump victory given his antagonistic views on a wide range of issues. In May, the performance of global equity markets was mixed as the MSCI World closed up 0.23% and the FTSE 100 lost -0.18%. The Nikkei 225 rose 3.41% and the Shanghai Composite fell -0.74%. Commodity markets traded higher and the GSCI advanced 2.22%. Oil climbed 6.93%, but gold and silver prices declined -6.08% and -10.32% respectively. The US dollar was supported by the heightened speculation that the Federal Reserve would raise interest rates at its next meeting in June. Emerging market currencies traded poorly in anticipation of the rate hike, but sterling remains resilient and closed little changed versus the US dollar at 1.45. Gilt prices rallied across the curve and corporate bond spreads remain tight in the run up to the vote on Brexit, but both markets are susceptible to a sell-off irrespective of the final outcome.

Tavistock PROFILE 3

The Tavistock PROFILE 3 returned 0.39% in May and outperformed the IA Mixed Investment 0-35% Shares sector, which rose 0.24%. The profile has returned 2.49% year to date and 3.55% since inception on 1st October 2015.

MAY 2016 Return

0.39%

YTD

2.49%

Since Inception

3.55%

Tavistock PROFILE 4

The Tavistock PROFILE 4 returned 0.51% in May and outperformed the IA Mixed Investment 20-60% Shares sector, which rose 0.23%. The profile has returned 2.28% year to date and 3.98% since inception on 1st October 2015.

MAY 2016 Return

0.51%

YTD

2.28%

Since Inception

3.98%

Tavistock PROFILE 5

The Tavistock PROFILE 5 returned 0.74% in May and outperformed the IA Mixed Investment 20-60% Shares sector, which rose 0.23%. The profile has returned 1.92% year to date and 4.60% since inception on 1st October 2015.

MAY 2016 Return

0.74%

YTD

1.92%

Since Inception

4.60%

Tavistock PROFILE 6

The Tavistock PROFILE 6 returned 0.60% in May and outperformed the IA Mixed Investment 40-85% Shares sector, which rose 0.44%. The profile has returned 1.57% year to date and 4.96% since inception on 1st October 2015.

MAY 2016 Return

0.60%

YTD

1.57%

Since Inception

4.96%

Tavistock PROFILE 7

The Tavistock PROFILE 7 returned 0.73% in May and outperformed the IA Flexible Investment sector, which rose 0.05%. The profile has returned 1.32% year to date and 5.38% since inception on 1st October 2015.

MAY 2016 Return

0.73%

YTD

1.32%

Since Inception

5.38%

Tavistock PROFILE 8

The Tavistock PROFILE 8 returned 0.49% in May and outperformed the IA Flexible Investment sector, which rose 0.05%. The profile has returned 2.63% year to date and 6.89% since inception on 1st October 2015.

MAY 2016 Return

0.49%

YTD

2.63%

Since Inception

6.89%

The value of an investment in the Protection Portfolios, ACUMEN Portfolios or Tavistock PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. Source of data: Tavistock Asset Management Limited, Thomson Reuters and Lipper for Investment Management unless otherwise stated.