UK IMA Map (By Sector 02-June08)
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Transcript of UK IMA Map (By Sector 02-June08)
AssetsAssetsSectorsSectors FirmsFirms FlowsFlowsLaunchesLaunchesFundsFunds ReturnsReturns Opportunities?Opportunities?DrawdownsDrawdowns
FirmsFirmsIndexIndex AUMAUM FundsFunds
9
5
2
8
3
1
6
Net Sales Movements 2002-2008Net Sales Movements 2002-2008
IMA – Drawdown MapIMA – Drawdown Map
Recent Estimated Net Sales MovementsRecent Estimated Net Sales Movements
Number of Firms in the UK Onshore MarketNumber of Firms in the UK Onshore Market
IMA by Assets under ManagementIMA by Assets under Management
Number of Launches since Jan 2007Number of Launches since Jan 2007
Market Saturation: AUM per Fund (£m)Market Saturation: AUM per Fund (£m)
Number of Funds in the UK IMA MarketNumber of Funds in the UK IMA Market
7
4
2008 IMA Universe, asset categories and sectors2008 IMA Universe, asset categories and sectors
10
IMA – Performance MapIMA – Performance Map
Specialist Funds: Specialist, sector and new markets
Growth Funds
IMA Market: 3 universes, 5 Investment TypesIMA Market: 3 universes, 5 Investment Types
Immediate Income: Fixed Income
Growing Income: Equity Income
Unclassified
Unauthorised
Income Funds
Capital Protection: Money Market, Guaranteed and Protected Funds
Capital Growth & Total Return: Equity, Managed and Mixed Funds
IndexIndex
IMA Market:IMA Market: 32 Sectors; 32 Sectors; *33 into 2009*33 into 2009
Growth Funds
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Europe Inc. UK
Asia Pac
inc. JapanJapan
Smaller Cos
Europe Smaller
Cos
Pensions
Absolute Return
Technology & Telecoms
Growing Income
Protected/G’teed
UKMM
Global Bonds
UK Gilts
UK Index Linked
UK Zeros
*UK High Yield
*UK Strategic
Active Managed
Glbl Emerging
Mkts
North America
Balanced Managed
Japan
Asia Pacific Ex Japan
Specialist
UK Equity Bond & Income
UK Other Bond
UK Eqty
Income
UK Corporate
Bond
UK Smaller
Cos
Europe ex UK
UK All
Companies
Capital Protection
Unclassified
Unauthorised
Specialist Funds
Cautious Managed
Global Growth
IndexIndex
Specialist Funds
Growth Funds
(AUM at June 07)(AUM at June 07)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Europe Inc. UK
Asia Pac
inc. JapanJapan
Smaller Cos
Europe Smaller
Cos
Unauthorised
Pensions
Absolute Return
Technology & Telecoms
Growing Income
Protected/G’teed
UKMM
Global Bonds
UK Gilts
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Active ManagedActive
Managed
Cautious ManagedCautious Managed
Glbl Emerging
Mkts
Glbl Emerging
Mkts
North AmericaNorth
America
Balanced Managed
Balanced Managed
JapanJapan
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Global GrowthGlobal Growth
SpecialistSpecialist
UK Equity Bond & Income
UK Equity Bond & Income
UK Other Bond
UK Other Bond
UK Eqty
Income
UK Eqty
Income
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
Cos
Europe ex UK
Europe ex UK
UK All
Companies
UK All
Companies
UnclassifiedUnclassified
Jun07Jun07IndexIndex AUMAUM Jun08Jun08
Capital Protection
£34.1bn£34.1bn
£54.55bn£54.55bn
£27.38bn£27.38bn
£21.08bn£21.08bn
£105.9bn£105.9bn
£33.58bn£33.58bn
£22.76bn£22.76bn
Specialist Funds
Growth Funds
(AUM at June 08)(AUM at June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos Japan Smaller
Cos
Europe Smaller
Cos
Unauthorised
PensionsPensionsTechnology &
Telecoms
Growing Income
Protected/G’teed
UKMM
UK Equity Bond & Income
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Absolute Return
Active ManagedActive
Managed
Asia Pac
inc. Japan
Cautious ManagedCautious Managed
Europe Inc. UK
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
JapanJapan
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Global GrowthGlobal Growth
North AmericaNorth
America
Balanced Managed
Balanced Managed
SpecialistSpecialist
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UK Smaller
Cos
UK Smaller
Cos
Europe ex UK
Europe ex UK
UK All
Companies
UK All
Companies
UnclassifiedUnclassified
Jun08Jun08IndexIndex AUMAUM
Capital Protection
Jun07Jun07
£33.9bn1y Chg -0.01%
£33.9bn1y Chg -0.01%
£87.21bn1y Chg -0.18%
£87.21bn1y Chg -0.18%
£28.30bn1y Chg 0.03%
£28.30bn1y Chg 0.03%
£44.95bn1y Chg -0.18%
£44.95bn1y Chg -0.18%
£28.36bn1y Chg -0.16%
£28.36bn1y Chg -0.16%
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
£20.37bn1y Chg -0.03%
£20.37bn1y Chg -0.03%
£20.85bn1y Chg -0.08%
£20.85bn1y Chg -0.08%
Specialist Funds
Growth Funds
(# Funds at June 08)(# Funds at June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
Unauthorised
Growing Income
UKMM
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Cautious ManagedCautious Managed
JapanJapan
UK Other Bond
UK Smaller
Cos
Unclassified
Absolute Return
Absolute Return
Active ManagedActive
Managed
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Europe ex UK
Europe ex UK
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
MktsAsia Pac
inc. Japan
Asia Pac
inc. Japan
Global GrowthGlobal Growth
Protected/G’teed
Protected/G’teed
Japan Smaller
Cos
Japan Smaller
Cos
North AmericaNorth
America
Europe Smaller
Cos
Europe Smaller
CosEurope Inc. UKEurope Inc. UK
Balanced Managed
Balanced Managed North
America Smaller
Cos
North America Smaller
Cos
SpecialistSpecialist
PensionsPensions Technology &
TelecomsTechnology &
Telecoms
UK All
Companies
UK All
CompaniesUK Corporate
Bond
UK Corporate
Bond
UK Equity Bond & Income
UK Equity Bond & Income UK
Eqty Income
UK Eqty
Income
UK GiltsUK Gilts
IndexIndex FirmsFirms Per SectorPer SectorFundsFunds
Capital Protection
299 funds299 funds
104 funds104 funds
175 funds175 funds
179 funds179 funds
90 funds90 funds
94 funds94 funds
89 funds89 funds
Specialist Funds
Growth Funds
(# Firms at June 08)(# Firms at June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
UnauthorisedUnauthorised
Growing Income
UKMMUKMM
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
SpecialistSpecialist
UK Other Bond
UK Other Bond
UK Smaller
Cos
UK Smaller
Cos
UnclassifiedUnclassified
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Balanced Managed
Balanced Managed
Cautious ManagedCautious Managed
Active ManagedActive
Managed
Europe ex UK
Europe ex UK
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Global GrowthGlobal Growth JapanJapan
Asia Pac
inc. Japan
Asia Pac
inc. JapanJapan
Smaller Cos
Japan Smaller
Cos
North AmericaNorth
America
Europe Smaller
Cos
Europe Smaller
CosEurope Inc. UKEurope Inc. UK
North America Smaller
Cos
North America Smaller
Cos
Technology & Telecoms
Technology & TelecomsPensions
Pensions
UK Eqty
Income
UK Eqty
Income
UK Corporate
Bond
UK Corporate
Bond
UK GiltsUK Gilts
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK ZerosUK Zeros
IndexIndex FundsFunds Per sectorPer sector
Capital Protection
Absolute Return
Absolute Return
UK All
Companies
UK All
Companies
Protected/G’teed
Protected/G’teed
69 firms69 firms
82 firms82 firms
63 firms63 firms
60 firms60 firms
41 firms41 firms
55 firms55 firms
95 firms95 firms
Specialist Funds
Growth Funds
(£m per Fund at June 08)(£m per Fund at June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
Unauthorised
PensionsTechnology &
Telecoms
Growing Income
Protected/G’teed
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Cautious ManagedCautious Managed
UK Eqty
Income
UK Eqty
Income
UK Smaller
Cos
UK Smaller
Cos
Absolute Return
Absolute Return
Active ManagedActive
Managed
Asia Pac
inc. Japan
Asia Pac
inc. Japan
Balanced Managed
Balanced Managed
Europe Inc. UKEurope Inc. UK
Europe Smaller
Cos
Europe Smaller
CosGlobal BondsGlobal Bonds
Global GrowthGlobal Growth JapanJapan
Japan Smaller
Cos
Japan Smaller
Cos
North AmericaNorth
America
North America Smaller
Cos
North America Smaller
Cos
SpecialistSpecialist
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK GiltsUK Gilts
UKMMUKMM
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK ZerosUK Zeros
UnclassifiedUnclassified
UK All
Companies
UK All
Companies
Europe ex UK
Europe ex UK
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Asia Pacific Ex Japan
Asia Pacific Ex Japan
£m : Fund£m : FundIndexIndex AUMAUM FundsFunds Per SectorPer Sector
Capital Protection
£194m£194m
£499m£499m
£301m£301m
£234m£234m
£273m£273m
£292m£292m
£179m£179m
£306m£306m
£259m£259m
£242m£242m
£205m£205m
£208m£208m
Specialist Funds
Growth Funds
(£m per Fund, Adjusted)(£m per Fund, Adjusted)
Income Funds
Capital Growth & Total Return
Immediate Income
Unauthorised
PensionsTechnology &
Telecoms
Growing Income
Protected/G’teed
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Cautious ManagedCautious Managed
Absolute Return
Europe Inc. UK
Global BondsGlobal Bonds
Japan Smaller
Cos
North America Smaller
Cos
SpecialistSpecialist
UK Equity Bond & Income
UK Index Linked
UK GiltsUK Gilts
UKMM
UK Zeros
Unclassified
Europe ex UK
Europe ex UK
Glbl Emerging
Mkts
Glbl Emerging
Mkts
AdjustedAdjustedIndexIndex AUMAUM FundsFunds Per SectorPer Sector
Capital Protection
£m : Fund£m : Fund
Active ManagedActive
Managed
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Balanced Managed
Balanced Managed
Asia Pac
inc. Japan
Asia Pac
inc. Japan
Europe Smaller
Cos
Europe Smaller
Cos
Global GrowthGlobal Growth JapanJapan
North AmericaNorth
AmericaUK Other
BondUK Other
Bond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
CosUK All
Companies
UK All
CompaniesUK
Eqty Income
UK Eqty
Income
£141m£141m£214m£214m
£83m£83m
£205m£205m
£147m£147m
£119m£119m
£101m£101m
£151m£151m
£68m£68m
£95m£95m
£30m£30m
£79m£79m
£118m£118m
£130m£130m
£108m£108m
£106m£106m
Specialist Funds
Growth Funds
(265 Launches Jan07-)(265 Launches Jan07-)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
UnauthorisedUnauthorised
PensionsTechnology &
Telecoms
Growing Income
UKMM
UK Gilts
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(NEW)(NEW)
JapanJapan
UK Equity Bond & Income
UK Other Bond
UK Eqty
Income
UK Corporate
Bond
UK Smaller
Cos
UnclassifiedUnclassified
LaunchesLaunchesIndexIndex AUMAUM FundsFunds Per SectorPer Sector
Capital Protection
Absolute Return
Absolute Return
Active ManagedActive
Managed
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Balanced Managed
Balanced Managed
Cautious Managed
Cautious Managed
Europe Smaller
Cos
Europe Smaller
CosEurope Inc. UKEurope Inc. UK
Europe ex UK
Europe ex UK
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Global GrowthGlobal Growth
Protected/G’teed
Protected/G’teed
North AmericaNorth
America
73 launches since Jan07 (FERI). 33 According to
Lipper (Hindsight)
73 launches since Jan07 (FERI). 33 According to
Lipper (Hindsight)
25 launches since Jan
2007
25 launches since Jan
2007
15 launches since Jan 2007
15 launches since Jan 2007
32 launches since Jan
2007
32 launches since Jan
2007
13 launches since Jan 2007
13 launches since Jan 2007
UK Strategic
(NEW)
UK Strategic
(NEW)
25 launches since Jan
2007
25 launches since Jan
2007
SpecialistSpecialist27 launches
since Jan 2007
27 launches since Jan
2007
UK All
Companies
UK All
Companies
22 launches since Jan
2007
22 launches since Jan
2007
Specialist Funds
Growth Funds
(2002 Estimated Net Sales)(2002 Estimated Net Sales)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Europe Inc. UK
Asia Pac
inc. JapanJapan
Smaller Cos
Europe ex UK
UnclassifiedUnclassified
UnauthorisedUnauthorised
Pensions
Absolute Return
Technology & Telecoms
Growing Income
UKMMUKMM
Global Bonds
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Cautious ManagedCautious Managed
Balanced Managed
Balanced Managed
Active ManagedActive
Managed
Europe Smaller
Cos
Europe Smaller
Cos
Protected/G’teed
Protected/G’teed
JapanJapan
North AmericaNorth
America
SpecialistSpecialist
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
CosUK All
Companies
UK All
Companies
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Global Growth
Global Growth
Capital Protection
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
-£450m-£450m
£3.04bn£3.04bn
£1.22bn£1.22bn
£1.83bn£1.83bn
£928m£928m
£716m£716m
£565m£565m
Specialist Funds
Growth Funds
(2003 ENS)(2003 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Europe Inc. UK
Japan Smaller
Cos
UnclassifiedUnclassified
UnauthorisedUnauthorised
Pensions
Absolute Return
Growing Income
Protected/G’teed
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Active ManagedActive
Managed
Asia Pac
inc. Japan
Asia Pac
inc. Japan
Balanced Managed
Balanced Managed
Cautious ManagedCautious Managed
Europe Smaller
Cos
Europe Smaller
CosGlobal BondsGlobal Bonds
Global GrowthGlobal Growth JapanJapan
Asia Pacific Ex Japan
Asia Pacific Ex Japan
North AmericaNorth
America
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UKMMUKMM
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
Cos
Europe ex UK
Europe ex UK
UK All
Companies
UK All
Companies
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Technology & Telecoms
Technology & Telecoms
SpecialistSpecialist
Capital Protection
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
-£428m-£428m
-£693m-£693m
£4.92bn£4.92bn
£680m£680m
£1.24bn£1.24bn
£1.12bn£1.12bn
Specialist Funds
Growth Funds
(2004 ENS)(2004 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
Japan Smaller
Cos
Europe Smaller
Cos
Europe ex UK
UnclassifiedUnclassifiedPensions
Absolute Return
Growing Income
Protected/G’teed
UKMMUKMM
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
UnauthorisedUnauthorised
Active ManagedActive
Managed
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Europe Inc. UKEurope Inc. UK
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
JapanJapan
North AmericaNorth
America
Balanced Managed
Balanced Managed
Cautious Managed
Cautious Managed
Technology & Telecoms
Technology & Telecoms
SpecialistSpecialist
UK Eqty
Income
UK Eqty
Income
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK GiltsUK Gilts
UK Smaller
Cos
UK Smaller
CosUK All
Companies
UK All
Companies
Global Growth
Global Growth
Capital Protection
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
-£807m-£807m
£793m£793m
£572m£572m
£1.65bn£1.65bn
£2.15bn£2.15bn
£1.60bn£1.60bn
£1.82bn£1.82bn
Specialist Funds
Growth Funds
(2005 ENS)(2005 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Europe Inc. UK
Asia Pac
inc. Japan
Pensions
Growing Income
Protected/G’teed
UKMMUKMM
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
UnauthorisedUnauthorised
Absolute Return
Absolute Return
Active ManagedActive
Managed
Europe Smaller
Cos
Europe Smaller
CosGlobal BondsGlobal Bonds
JapanJapanGlobal Growth
Global Growth
North AmericaNorth
America
Balanced Managed
Balanced Managed
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
CosGlbl
Emerging Mkts
Glbl Emerging
Mkts
Japan Smaller
Cos
Japan Smaller
Cos
UK All
Companies
UK All
Companies
Asia Pacific Ex Japan
Asia Pacific Ex Japan
UnclassifiedUnclassified
Europe ex UK
Europe ex UK
Cautious Managed
Cautious Managed
Capital Protection
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
£1.64bn£1.64bn
£1.35bn£1.35bn
£2.37bn£2.37bn
£1.65bn£1.65bn
£902m£902m£2.10bn£2.10bn
£3.21bn£3.21bn
-£1.13bn-£1.13bn
Technology & Telecoms
Technology & Telecoms
SpecialistSpecialist£2.63bn£2.63bn
Specialist Funds
Growth Funds
(2006 ENS)(2006 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
Active Managed
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
Glbl Emerging
Mkts
Pensions Technology & Telecoms
Technology & Telecoms
Growing Income
Protected/G’teed
UKMMUKMM
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
UnauthorisedUnauthorised
Absolute Return
Absolute Return
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Balanced Managed
Balanced Managed
Europe Inc. UK
Europe Smaller
Cos
Cautious Managed
Cautious Managed
Global BondsGlobal Bonds
Global Growth
Global Growth JapanJapan
North America
North America
UK All
Companies
UK All
CompaniesUK
Eqty Income
UK Eqty
Income
Europe ex UK
Europe ex UK
UK GiltsUK Gilts
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UnclassifiedUnclassified
SpecialistSpecialist
UK Smaller
Cos
UK Smaller
Cos
Capital Protection
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
£1.63bn£3.27bn 2005-
£1.63bn£3.27bn 2005-
-£515m-£515m
-£686m-£686m£1.70bn£1.70bn
£2.29bn£2.29bn
£3.86bn£3.86bn
£3.89bn£3.89bn
£897m£897m
£1.12bn£1.12bn
£1.67bn£1.67bn
£5.43bn£5.43bn
Specialist Funds
Growth Funds
(2007 ENS)(2007 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
Japan Smaller
Cos
UnclassifiedUnclassified
Pensions
Growing IncomeUK Equity
Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Active ManagedActive
Managed
Europe ex UK
Europe ex UK
Europe Inc. UKEurope Inc. UK
Europe Smaller
Cos
Europe Smaller
CosGlobal BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Protected/G’teed
Protected/G’teed
JapanJapan
Asia Pacific Ex Japan
Asia Pacific Ex Japan
North AmericaNorth
America
Balanced Managed
Balanced Managed
Global Growth
Global Growth
Technology & Telecoms
Technology & Telecoms
Absolute Return
Absolute Return
SpecialistSpecialist
UK Corporate
Bond
UK Corporate
Bond
UK Eqty
Income
UK Eqty
Income
UK Smaller
Cos
UK Smaller
CosUK All
Companies
UK All
Companies
UK Other Bond
UK Other Bond
UKMMUKMM
UK GiltsUK Gilts
UnauthorisedUnauthorised
Cautious Managed
Cautious Managed
20052005IndexIndex ENSENS 20072007200420042003200320022002 20062006
Capital Protection
£1.97bn£5.24bn 2005-
£1.97bn£5.24bn 2005-
£1.61bn£1.61bn
£341m£341m
£3.73bn£3.73bn
£825m£825m
£1.11bn£1.11bn
£4.37bn£4.37bn
£1.28bn£1.28bn
-£747m-£747m
£3.24bn£3.24bn
Specialist Funds
Growth Funds
(2002-2007 ENS)(2002-2007 ENS)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
UnclassifiedUnclassifiedPensions
Growing IncomeUK Equity
Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Active ManagedActive
Managed
Europe Inc. UK
Europe Smaller
Cos
Japan
Technology & Telecoms
Technology & Telecoms
UK Smaller
Cos
UK Smaller
CosUK All
Companies
UK All
Companies
UKMMUKMM
UK GiltsUK Gilts
UnauthorisedUnauthorised
20052005IndexIndex ENSENS 2002-20072002-2007200420042003200320022002 20062006
Capital Protection
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Balanced Managed
Balanced Managed
Cautious Managed
Cautious Managed
Europe ex UK
Europe ex UK
20072007
Global BondsGlobal Bonds
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Global GrowthGlobal Growth
Protected/G’teed
Protected/G’teed
North AmericaNorth
America
Absolute Return
Absolute Return
SpecialistSpecialist
UK Eqty
Income
UK Eqty
Income
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
£4.67bn£4.67bn
£15.4bn£15.4bn
£14.5bn£14.5bn
£15.3bn£15.3bn
£7.59bn£7.59bn
£14.5bn£14.5bn
-£3.71bn-£3.71bn
-£2.39bn-£2.39bn
Specialist Funds
Growth Funds
(1y ENS to June 08)(1y ENS to June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
North America Smaller
Cos
North America Smaller
Cos
Asia Pac
inc. Japan
UK Smaller
Cos
UK Smaller
Cos
UnclassifiedUnclassified
Unauthorised
PensionsPensions
Growing IncomeUK Equity
Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Index Linked
UK Zeros
Active ManagedActive
Managed
Balanced Managed
Balanced Managed
Europe Inc. UKEurope Inc. UK
Europe ex UK
Europe ex UK
Europe Smaller
Cos
Europe Smaller
Cos
Protected/G’teed
Protected/G’teed
JapanJapan
Japan Smaller
Cos
Japan Smaller
Cos
Glbl Emerging
Mkts
Glbl Emerging
Mkts
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Technology & Telecoms
Technology & Telecoms
SpecialistSpecialist
Absolute Return
Absolute Return
UK GiltsUK Gilts
UKMMUKMM
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Global Growth
Global Growth
UK Eqty
Income
UK Eqty
Income
Global BondsGlobal Bonds
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
North America
North America
Cautious Managed
Cautious Managed
UK All
Companies
UK All
Companies
1 Year1 YearIndexIndex ENSENS
Capital Protection
£2.34bn£2.34bn
-£4.56bn-£4.56bn
Specialist Funds
Growth Funds
(YTD ENS to June 08)(YTD ENS to June 08)
Income Funds
Capital Growth & Total Return
Immediate Income
Active Managed
North America Smaller
Cos
Europe Inc. UK
Asia Pac
inc. JapanJapan
Smaller Cos
UnclassifiedUnclassified
Unauthorised
PensionsPensions
Growing Income
UKMMUKMM
UK Equity Bond & Income
UK Equity Bond & Income
UK Index Linked
UK Zeros
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Europe Smaller
Cos
Europe Smaller
CosGlobal BondsGlobal Bonds
Protected/G’teed
Protected/G’teed
JapanJapan
North AmericaNorth
America
Balanced Managed
Balanced Managed
Technology & Telecoms
Technology & Telecoms
SpecialistSpecialist
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UK Smaller
Cos
UK Smaller
Cos Glbl Emerging
Mkts
Glbl Emerging
Mkts
UK Other Bond
UK Other Bond
UK UK High YieldHigh Yield
(tbc)(tbc)
UK UK Strategic Strategic
(tbc)(tbc)
Absolute Return
Absolute Return
Europe ex UK
Europe ex UK
Cautious Managed
Cautious Managed
Global Growth
Global Growth
UK All
Companies
UK All
CompaniesUK
Corporate Bond
UK Corporate
Bond
YTDYTDIndexIndex ENSENS
Capital Protection
£1.11bn£1.11bn
-£3.17bn-£3.17bn
Specialist Funds
Growth Funds
(Latest Qtr ENS to Jun08)(Latest Qtr ENS to Jun08)
Income Funds
Capital Growth & Total Return
Immediate Income
UK UK Strategic Strategic
(tbc)(tbc)
Active Managed
North America Smaller
Cos
Asia Pac
inc. JapanJapan
Smaller Cos
UnclassifiedUnclassified
Unauthorised
PensionsPensionsTechnology &
Telecoms
Growing Income
UKMMUKMM
UK Index Linked
UK Index Linked
UK Zeros
UK UK High YieldHigh Yield
(tbc)(tbc)
Absolute Return
Absolute Return
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Europe ex UK
Europe ex UK
Europe Inc. UKEurope Inc. UK
Global GrowthGlobal Growth
Protected/G’teed
Protected/G’teed
JapanJapan
Europe Smaller
Cos
Europe Smaller
Cos
North AmericaNorth
America
Balanced Managed
Balanced Managed
Cautious ManagedCautious Managed
SpecialistSpecialist
UK Smaller
Cos
UK Smaller
Cos Glbl Emerging
Mkts
Glbl Emerging
Mkts
UK Equity Bond & Income
UK Equity Bond & Income
Global BondsGlobal Bonds
UK Eqty
Income
UK Eqty
Income
UK GiltsUK Gilts
UK Other Bond
UK Other Bond
UK Corporate
Bond
UK Corporate
Bond
UK All
Companies
UK All
Companies
QuarterQuarterIndexIndex ENSENS
Capital Protection
£828m£828m
-£1.59bn-£1.59bn
Growth Funds
IMA Market:IMA Market: Performance Trend (3y TR) Performance Trend (3y TR) August 2008August 2008
Income Funds
Capital Growth & Total Return
Immediate Income
Technology & Telecoms
Growing Income
UKMMUKMM
Global Bonds
UK Gilts
UK Zeros
*UK High Yield
*UK Strategic
North America
Japan
UK Equity Bond & Income
UK Other UK Other BondBond
UK Eqty
Income
UK Corporate
Bond
UK Smaller
CosUK All
Companies
UK All
Companies
Capital Protection
UnclassifiedUnclassified
Unauthorised
Specialist Funds
Absolute Return
Absolute Return
Cautious Managed
Asia Pac
inc. Japan
Asia Pac
inc. Japan
Balanced Managed
Balanced Managed
Europe Inc. UKEurope Inc. UK
Europe ex UK
Europe ex UK
Europe Smaller
Cos
Europe Smaller
Cos
Global GrowthGlobal Growth
Protected/G’teed
Protected/G’teed
Active ManagedActive
Managed
Japan Smaller
Cos
Japan Smaller
Cos
North America Smaller
Cos
North America Smaller
Cos
PensionsPensions
SpecialistSpecialist
UK Index Linked
UK Index Linked
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Glbl Emerging
Mkts
Glbl Emerging
Mkts
IndexIndex
Growth Funds
IMA Market:IMA Market: Risk Adjusted Trend (TR/STDEV 3y) Risk Adjusted Trend (TR/STDEV 3y) Aug2008Aug2008
Income Funds
Capital Growth & Total Return
Immediate Income
Technology & Telecoms
Technology & Telecoms
Growing Income
SpecialistSpecialist
UK Other UK Other BondBond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
Cos
Europe ex UK
Europe ex UK
UK All
Companies
UK All
Companies
Capital Protection
UnclassifiedUnclassified
UnauthorisedUnauthorised
Specialist Funds
Global GrowthGlobal Growth
Absolute Return
Absolute Return
Balanced Managed
Balanced Managed
Cautious ManagedCautious Managed
Europe Inc. UKEurope Inc. UK
Europe Smaller
Cos
Europe Smaller
Cos
Protected/G’teed
Protected/G’teed
UKMM
UKMM
North AmericaNorth
America
North America Smaller
Cos
North America Smaller
Cos
UK Eqty
Income
UK Eqty
Income
UK Equity Bond & Income
UK Equity Bond & Income
UK GiltsUK Gilts
UK ZerosUK Zeros
*UK High Yield
*UK High Yield
Global BondsGlobal Bonds
*UK Strategic
*UK Strategic
Active ManagedActive
Managed
Asia Pac
inc. Japan
Asia Pac
inc. Japan
JapanJapan
PensionsPensions
UK Index Linked
UK Index Linked
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Japan Smaller
Cos
Japan Smaller
Cos
IndexIndex
Growth Funds
IMA Market:IMA Market: Max Drawdown Trends (3mo in 3y) Max Drawdown Trends (3mo in 3y) Aug 2008 Aug 2008
Income Funds
Capital Growth & Total Return
Immediate Income
PensionsPensions Technology & Telecoms
Technology & Telecoms
Growing Income
UK Index Linked
UK Index Linked
SpecialistSpecialist
UK Other UK Other BondBond
UK Corporate
Bond
UK Corporate
Bond
UK Smaller
Cos
UK Smaller
Cos
Europe ex UK
Europe ex UK
UK All
Companies
UK All
Companies
Capital Protection
UnclassifiedUnclassified
UnauthorisedUnauthorised
Specialist Funds
Global GrowthGlobal Growth
Absolute Return
Absolute Return
Active ManagedActive
Managed
Asia Pacific Ex Japan
Asia Pacific Ex Japan
Asia Pac
inc. Japan
Asia Pac
inc. Japan
Balanced Managed
Balanced Managed
Cautious ManagedCautious Managed
Europe Inc. UKEurope Inc. UK
Europe Smaller
Cos
Europe Smaller
Cos
Glbl Emerging
Mkts
Glbl Emerging
Mkts
Protected/G’teed
Protected/G’teed
JapanJapan
Japan Smaller
Cos
Japan Smaller
Cos
UKMM
UKMM
North AmericaNorth
America
North America Smaller
Cos
North America Smaller
Cos
UK Eqty
Income
UK Eqty
Income
UK Equity Bond & Income
UK Equity Bond & Income
UK GiltsUK Gilts
UK ZerosUK Zeros
*UK High Yield
*UK High Yield
Global BondsGlobal Bonds
*UK Strategic
*UK Strategic
IndexIndex