Shorts Pension Service
Urgent Action Required
We have completed our quarterly review regarding the asset allocation and fund selection within your portfolio. Following advice from our selected investment partners (RSMR and Abrdn) we recommend changes to your portfolio.
It is proposed by RSMR that the following changes are made: –
- Remove First Sentier Global Property Securities
- Add FTF ClearBridge Global Infrastructure Income
- Add Schroder Global Cities Real Estate
RSMR recommend that this change is made due to the performance, management and other qualitative factors of the funds. This is to ensure that the portfolio remains suitable for your current circumstances, objectives and attitude to risk.
There have also been a number of changes to the percentage holdings which are dictated by Abrdn.
The composition of the Shorts Portfolio 3 as of the last rebalance was as follows: –
| Current Portfolio | Holding% |
| L&G Cash | 1.00 |
| Ninety One Emerging Markets Local Currency Debt | 1.75 |
| L&G Global Inflation Linked Bond Index | 9.00 |
| M&G UK Inflation Linked Corporate Bond | 5.25 |
| L&G Short Dated Sterling Corporate Bond Index | 1.25 |
| Royal London Short Duration Credit | 2.00 |
| Schroder Sterling Corporate Bond | 4.75 |
| M&G Global Floating Rate High Yield | 2.25 |
| Castlefield CFP SDL UK Buffettology | 3.71 |
| FTF Martin Currie UK Rising Dividends | 1.59 |
| HSBC American Index | 7.68 |
| BlackRock Continental European | 2.92 |
| Fidelity Asia | 4.24 |
| M&G Japan | 1.33 |
| First Sentier Global Emerging Markets Focus | 4.19 |
| BNY Mellon International Bond | 6.25 |
| iShares ESG Overseas Corporate Bond Index | 4.75 |
| First Sentier Global Property Securities | 2.39 |
| BlackRock Corporate Bond | 4.75 |
| Man GLG Undervalued Assets | 4.24 |
| AXA Global Short Duration Bond | 2.75 |
| iShares Overseas Government Bond Index | 13.50 |
| UBS US Growth | 3.71 |
| M&G Global Government Bond | 2.50 |
| Artemis Corporate Bond | 2.25 |
| Total | 100.00 |
The composition of the Shorts Portfolio 3 as a result of the proposed changes is as follows: –
| Proposed Portfolio | Holding% |
| L&G Cash | 1.00 |
| Ninety One Emerging Markets Local Currency Debt | 1.75 |
| L&G Global Inflation Linked Bond Index | 9.00 |
| M&G UK Inflation Linked Corporate Bond | 5.25 |
| L&G Short Dated Sterling Corporate Bond Index | 1.25 |
| Royal London Short Duration Credit | 2.00 |
| Schroder Sterling Corporate Bond | 4.75 |
| M&G Global Floating Rate High Yield | 2.25 |
| Castlefield CFP SDL UK Buffettology | 3.50 |
| FTF Martin Currie UK Rising Dividends | 1.50 |
| HSBC American Index | 7.25 |
| BlackRock Continental European | 2.75 |
| Fidelity Asia | 4.00 |
| M&G Japan | 1.25 |
| First Sentier Global Emerging Markets Focus | 2.25 |
| BNY Mellon International Bond | 6.25 |
| iShares ESG Overseas Corporate Bond Index | 4.75 |
| FTF ClearBridge Global Infrastructure Income | 2.50 |
| Schroder Global Cities Real Estate | 3.50 |
| BlackRock Corporate Bond | 4.75 |
| Man GLG Undervalued Assets | 4.00 |
| AXA Global Short Duration Bond | 2.75 |
| iShares Overseas Government Bond Index | 13.50 |
| UBS US Growth | 3.50 |
| M&G Global Government Bond | 2.50 |
| Artemis Corporate Bond | 2.25 |
| Total | 100.00 |
The link to RSMR’s Investor Insight (below) provides the economic and investment commentary surrounding the recommendations. Please contact us should you require more information on the specific changes to your portfolio.
The ongoing fund management charges have remained the same at 0.48% per annum (excluding transactional charges). Based on an example investment amount of £100,000 this could result in ongoing fund management charges of £480 per annum. You should be aware that these charges are not fixed and may vary depending on the charges declared by the individual fund managers. These figures do not include the platform and adviser charges payable.
Based upon your current circumstances, objectives and attitude to risk I can confirm that the change proposed will ensure that the portfolio continues to be suitable for you. If there have been significant changes in your circumstances since our last review please contact us.
We will restructure the necessary units to achieve the portfolio as detailed above, replacing your current portfolio and redirecting any future regular contributions you may be making.
Confirmation will be issued to you directly by Quilter. This will detail the specific trades that will take place in order for your existing portfolio to be rebalanced to the proposed portfolio.
Notes
You should be aware that if you did not reply to the previous rebalance email, your funds may not currently be aligned to the above portfolio.
Past performance is not necessarily a guide to the future and the value of your funds may go down as well as up.
There is no guarantee that any new funds will outperform the funds they are replacing.
As part of the rebalance process you may possibly be out of the markets for a short period of time, during which the existing and any new funds may fluctuate and a loss may be suffered.
There may be a Bid/Offer spread on some of the funds in the portfolio. In most cases this Bid/Offer spread will not apply and where it does the relevance is largely removed because the amount will be nominal.
Full details of all the above investment funds are available in the form of Key Information Documents (KIDs) which can be viewed via the link below.
Once you have considered the above proposals please reply by 27th March 2024.
We aim to communicate the rebalance instructions to Quilter on or around 28th March 2024. Should this not be achieved due to circumstances beyond our control, for example, staffing issues, technical difficulties etc. the exercise will be done as soon as possible. Please note that if there are other transactions occurring on your account at the time the rebalance instruction is communicated to Quilter, the instruction will be delayed until the next available working day following completion of the transaction.
If we do not receive your response no changes will be applied to your portfolio.
There will be no switch charge applying to these changes.
Your Options are as follows:
Download the KIDs and Investor Insight
If you wish to view the Key Information Documents (KIDs) please click here.
If you wish to view the Investor Insight please click here.