For more information please call 0117 900 9000 or visit www.hl.co.

uk

A guide to Investing in Funds

Find out how to choose funds, cut costs, and build a portfolio thats right for you

One College Square South,

Anchor Road, Bristol, BS1 5HL
www.hl.co.uk
 Contents

Part 1 An overview Part 3 How to invest in funds

- Introduction - How to buy funds
- The basics - Lump sum or regular savings
- Passively managed and actively managed - How to hold your funds - in an ISA,
funds pension or as a standalone investment
- Income and accumulation units
- Dealing in funds Why buy funds with Hargreaves
- Initial charges Lansdown?
- Annual charges

Part 2 How to choose funds

- Fund sectors For more information
- Researching funds please contact us on
- HL Portfolio+ ready-made
investment portfolios 0117 900 9000 or visit our
- Multi-Manager funds a simple solution website www.hl.co.uk

Important Investment Notes

Unlike cash, stock market investments can fall in value as well as rise, so investors could get back less
than the amount invested, and they should be regarded as long-term investments (5+ years). Any
yields will vary over time so income is variable and not guaranteed. Whilst any tax benefits we refer
to are those that currently apply, they can change over time and their value will depend on individual
circumstances. Before investing in a pension, please remember you cannot normally access the money
until at least age 55 (57 from 2028).

This guide is written for those happy to make their own investment decisions, it is not personal advice.
If you have any doubts about the suitability of an investment for your own circumstances please seek
expert advice. All information correct as at 16/06/15.

2
Part one - An overview

Introduction

When Hargreaves Lansdown was formed in 1981,

one of our early newsletters was called the Unit
Investor and featured funds we felt offered good
opportunity for our clients. We recognised that
for the majority of investors, funds offer a simple,
low-cost and convenient way of investing.

We maintain this view today, and continue to

devote considerable resources to identifying
the best funds for our clients. Quite simply we
believe funds should form the core of many
investors portfolio, and this guide is dedicated
One of our early newsletters
to explaining the enduring appeal of investing in
funds.

The basics

Funds offer an easy and convenient way
to invest, and are popular with novice and
experienced investors alike.
A fund pools together the money from many
investors, and a professional fund manager will
invest in a broad range of assets on their behalf.
The manager will invest in different asset types
such as cash, bonds, equities and property -
depending on the investment objective of the
fund. Investors in the fund receive units which
represent their proportion of the underlying
portfolio. For this reason funds are often
described as collective investments.
The main benefit of investing in a fund is that
a professional fund manager will make all
the investment decisions. They will have the
necessary expertise to continually research
and analyse investments for the portfolio, and
will quickly make changes when they feel it is
necessary. All the investors in the fund need
concern themselves with is that the manager
is performing. If there is a period of poor

3
 Unit trusts vs OEICs

There are two common types of funds - unit trusts

and Open-Ended Investment Companies (OEICs).
In practice they are similar; the main difference
between unit trusts and OEICs is in their legal
structure - unit trusts are established as trusts,
and OEICs are incorporated as a company.

OEICs are usually single-priced, while unit

trusts have a buy (offer) price and a sell (bid)
price. The difference between the bid and offer
prices on unit trusts should include the initial
charge. With OEICs the charging structure is
simpler - the price is the same whether buying or
selling, and the initial charge is paid separately.

In our view unit trusts and OEICs are so similar

that there is no need to have a preference for one
performance, or an investors objectives change, over the other, although it is useful to understand
it is normally relatively simple to switch to a the differences. The key for any investor is to
different fund, or hold as cash for a period of identify funds run by good quality managers
time. who are capable of delivering long-term
outperformance.
The other main benefit of investing in a fund is
cost. Investing in a portfolio of perhaps 50 to 100
shares is likely to incur considerable cost for an
individual investor. Investing via a fund means
these costs are shared by all investors in the
fund. Investing in a fund can also provide access
to shares listed on foreign stock markets, which
may not be accessible to individual investors. For more information
please contact us on
As with all stock market investments, funds can
fall in value as well as rise so investors could get 0117 900 9000 or visit our
back less than they invested. website www.hl.co.uk

4
A word on investment trusts
Funds come in various forms but the term fund is
most often applied to unit trusts and Open-Ended
Investment Companies (OEICs).
Investment trusts are a different type of collective
investment, which can also sometimes be referred
to as funds. The main difference with investment
trusts is that they are closed-ended and traded on
the stock market (rather than directly through the
fund manager). This can mean investment trusts
are subject to additional risks.
Unit trusts and OEICs are open-ended which means
that units in the fund are created or cancelled
according to demand. This means the value of
each unit is determined solely by the value of the
underlying holdings in the fund, and not by supply
and demand as is the case with shares. There is
no limit on the number of units that can be issued
which means any number of people can invest.
In contrast, investment trusts are issued with a
set number of shares which are traded on the
stock market. As a result the price of the shares is
subject to the vagaries of supply and demand. This
means that sometimes the price of the shares can
be higher than the value of the underlying assets
(known as trading at a premium), or below the
value of the underlying assets (known as trading at
a discount).
Investment trusts differ in other ways as well,
for example the manager can sometimes borrow
money to invest (known as gearing) which can
increase risk. If the manager invests the borrowed
money wisely the trust will enjoy enhanced returns,
but if they invest it poorly then any losses can be
magnified.
While there are many good quality investment
trusts available, we feel they are more
sophisticated investments, so in this guide we are
focusing on unit trusts and OEICs.
5
Passively managed and actively
managed funds
There are two ways a fund can be managed:
Passively managed funds (also known as index
tracking funds) aim to track the performance of
a particular index; such as the FTSE 100 or the
FTSE All Share in the UK. They offer a convenient,
low-cost way to gain exposure to a broad range
of shares.
The number of tracker funds available in the
market has grown enormously over the last few
years. The volatility and the risk of each fund
will obviously depend on the type of investments
held, and also the managers tracking strategy.
Performances can vary between rival funds
following the same index, as it all comes down to
how they are structured, and their charges.
>>To view our favourite tracker funds,
visit www.hl.co.uk/core
Actively managed funds are where, as the name
suggests, the manager chooses the underlying
investments held in the fund on the investors
behalf. Their aim will be to outperform their
stated benchmark, although not all are successful
in this goal.
>> To view our favourite actively managed
funds, visit www.hl.co.uk/wealth150
One of the main differences between passive and
active fund management is fees. As they require
6
less day-to-day management, passive funds
should have much lower ongoing charges.
With actively managed funds, the extra work and
analysis involved means investors will have to
pay more in the way of charges.
Income and accumulation
units
Many funds offer different types of unit to
investors - the most common are income and
accumulation units.
With income units any dividend income
generated by the underlying holdings is
distributed to unit holders. Those wanting a
regular income payment from their investments
should invest in income units.
With accumulation units any income is rolled-up
in the price of the unit, increasing the growth
potential. For investors wanting any income to
be reinvested in the fund, accumulation units are
usually the most efficient way of doing so.
Some funds offer both types of unit; others offer
only one. However, please note that if a fund
only offers income units, you can still choose to
reinvest this income when it reaches a certain
amount, rather than have it paid out.
Dealing in funds
Unlike shares, which trade continuously during
market hours, funds usually only value once a
day. At this valuation point the manager will
calculate the value of the underlying holdings
(the asset value) and divide this by the number of
units issued. The manager will then deduct any
charges to determine the daily unit price of the
fund.
Dealing instructions are processed at the next
valuation point. For this reason, you will never
know the price at which you will buy or sell a
fund. The latest price you see quoted will usually
be at the last valuation point.
Initial charges
Some funds carry an initial charge. However,
when investing through an investment
supermarket, such as the Hargreaves Lansdown
Vantage Service, this is usually discounted, often
in full, meaning you will buy more units.
Funds offer an easy and convenient way
to invest, and are popular with novice and
experienced investors alike.
Annual charges
In return for the fund managers expertise, unit
holders will pay an ongoing charge (OCF). The
OCF is calculated on a daily basis and factored
into the price of the fund.
The OCF also includes the other expenses
involved in running the fund. These include fees
paid to its trustees and auditors, which help to
safeguard your investment.
Another potential charge to be aware of is
a performance fee. Some funds will charge
an additional fee if the fund meets certain
performance targets. In general we do not like
performance fees but feel they can, on occasion,
be justified where the fund is an excellent
investment in its own right and the manager has
a proven track record of exceptional performance.
All charges are clearly stated on the fund
factsheets on our website, and on a funds Key
Investor Information Document.
Those who invest in funds via a platform, such as
the HL Vantage Service, will also pay an annual
management charge for this service. The charges
for the HL Vantage Service can be found on
our website.
7
Part two - How to choose funds
Fund sectors
Funds are classified into different groups, or
sectors, by the Investment Association (IA),
which define the areas in which they can invest.
A fund in the UK All Companies sector, for
example, must have at least 80% of its assets
invested in UK-listed shares. This allows
investors to easily identify which funds meet
their needs, and compare the performance of
similar funds.
Different sectors are exposed to different risks,
for example a fund investing overseas can be
subject to currency risk (the risk that the currency
weakens against sterling, potentially reducing
returns). Even funds within the same sector can
take different approaches, so investors should
always ensure they have read and understood
the Key Investor Information Document of a fund
before investing.
To mitigate risk it is important not to commit
8
too heavily to any one sector or area. Certain
funds spread risk across several asset classes
and within those, across dozens of different
investments.
A spread of funds in different sectors can also
provide access to different fund managers
investment styles, which can outperform at
different stages of the economic cycle. Some
investment supermarkets, such as our own
Vantage Service, provide a consolidated
statement showing all a clients investments, and
their split across different regions and sectors.
This can prove invaluable in keeping tabs on a
portfolios balance.
The key to reducing risk, while still aiming for
decent returns, is diversity. With a spread of
investments, the risk of being over exposed to
one underperforming asset class or sector is
reduced.
RELATIVE VOLATILITY OF DIFFERENT Researching funds
UNIT TRUST/OEIC SECTORS

With a vast array of funds available, currently

over 2,500, it can be a daunting choice picking in
INCREASING which to invest.
VOLATILITY
Our Wealth 150 is a list of our research teams
China/Greater China favourite funds from across the major sectors.
Global Emerging Markets
European Smaller Companies For a fund to be included in the Wealth 150 it
Asia Pacific Excluding Japan
must go through a rigorous selection process.
Japanese Smaller Companies
Europe Excluding UK Our 16-strong research team use complex
North American Smaller Companies mathematical models and meet hundreds of fund
Europe Including UK managers a year. All funds within the Wealth 150
UK Smaller Companies are continually monitored.
Technology & Telecoms
Asia Pacific Including Japan
The Wealth 150 is designed for investors who like
Japan
UK All Companies to choose their own funds. It does not constitute a
North America personal recommendation, and should you have
Global any doubts as to the suitability of an investment
UK Equity Income for your circumstances please seek individual
Specialist
financial advice. The value of investments can
Flexible Investment
Property fall as well as rise so you could get back less than
Mixed Investment 40-85% Shares you invest.
Global Emerging Markets Bond
UK Equity & Bond Income For those happy to choose their own funds,
High Yield
we have highlighted four important factors to
Pensions
Unclassified consider when choosing where to invest, which
UK Index Linked Gilt are detailed overleaf.
Mixed Investment 20-60% Shares
UK Gilt
Global Bonds
Corporate Bond
For more information
Strategic Bond please contact us on
Protected
Targeted Absolute Return
0117 900 9000 or visit our
Short Term Money Market website www.hl.co.uk
Money Market

9
1. Focus on the future, not just the past

Past performance can help when assessing an

investments future potential - a fund manager
who has regularly outperformed their peers may
be more likely to do so again in future. However,
past performance only offers part of the picture
and there are no guarantees.

History has shown that last years best

performing fund rarely repeats the trick as there
are a number of reasons why a manager can
outperform. They might be skilful and have
chosen their investments well, or they might have
simply made a few lucky choices. Alternatively,
perhaps the market simply favoured their
particular investment style over the period being
considered. A manager that prefers higher risk
smaller companies, for example, will outperform
when this area of the market makes progress.
Conversely they will struggle if larger companies
come to the fore.

Assessing which investments are likely to

perform well in future is much harder than
looking at which have done well in the past
nobody has a crystal ball. However, a detailed
analysis can separate the element of returns
attributable to luck, and that to judgement. By
focusing on the latter it is possible to isolate
funds with good potential.

Hargreaves Lansdowns research combines a powerful mathematical engine with over 30 years of
experience analysing funds. Find out more about the Wealth 150 at www.hl.co.uk/wealth150

10
Annual returns from popular sectors
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Emerging Asia Emerging Emerging Corporate North North
Europe Japan Europe
Markets Pacific Markets Markets Bond America America
18.5% -2.6% 19.0%
50.7% 36.4% 57.7% 22.9% 3.8% 31.3% 17.7%
Asia Emerging Corporate Asia Asia North Asia Corporate
Japan UK
Pacific Markets Bond Pacific Pacific America Pacific Bond
43.5% 26.2%
17.7% 34.8% -10.3% 52.4% 21.4% -1.9% 16.7% 9.9%
Asia Emerging North Asia
Europe UK Japan UK UK Japan
Pacific Markets America Pacific
12.6% 30.4% 19.3% -7.1% 15.1% 26.1%
32.3% 17.3% -18.5% 9.5%
North North Emerging Emerging
Europe UK Europe Europe Japan Europe
America America Markets Markets
24.9% 17.2% -24.6% 19.4% -11.6% 25.9%
4.5% 17.7% 13.1% 2.9%
Corporate North Corporate Asia
UK UK UK UK Europe Japan
Bond America Bond Pacific
20.7% 1.8% -32.3% 17.3% -15.6% 0.6%
-0.7% 19.1% 12.3% 2.2%
North North Corporate Asia Corporate Asia North Corporate
Europe UK
America America Bond Pacific Bond Pacific America Bond
8.4% 0.5%
18.5% -1.3% -0.7% -33.2% 14.3% -16.4% 7.5% 0.2%
Corporate Emerging Corporate Emerging Emerging
Japan Japan Japan Japan Europe
Bond Markets Bond Markets Markets
-14.5% -11.0% -3.4% 3.4% -0.9%
6.8% -37.0% 6.9% -19.1% -4.2%
Past performance is not a guide to future returns.
2. Diversify investments Source: Lipper IM

To mitigate risk it is important not to commit too
heavily to any one sector or area. The table above
shows the annual returns from each of the main
sectors over the last 10 years.
What this teaches us is that investors should
consider exposure to all the main sectors. Different
areas perform well at different times. There is no
rule that says investors have to have a diversified
portfolio, but those who focus on one particular
area will only be right some of the time.
Diversifying maximises the potential for good
long-term returns. This includes choosing
investments across different asset classes (for
example, shares, bonds, and commodities),
geographical regions, and also fund management
styles.

Note - it is also important not to be too diversified. Too many investments and a portfolio could tend
towards the average and simply track the market - di-worse-ification as Neil Woodford once called
it. Hargreaves Lansdowns award-winning Portfolio Analysis Tool allows investors to view detailed
geographical and sector breakdowns, which could help manage risk and make more profitable decisions.

11
3. Dont take unnecessary risks

It is important not to choose a fund without
taking into consideration how risky it is. A fund
could have performed well simply because the
manager is taking on a lot of risk a strategy
which might pay off handsomely in a rising
market, but is likely to backfire if markets turn.
only looked at the funds performance would be
forgiven for singling out Fund A as the best fund
after all, it has returned an impressive profit of
more than 60%. However, it has also been very
volatile an indication that it is a higher risk
investment.

It is necessary to look at the volatility of an Fund B on the other hand, has achieved almost
investment as well as its potential returns. The as good a return, but with significantly less
example below plots the returns and the volatility volatility. From a risk/reward perspective, this
of fifteen funds over five years. An investor who would actually be the best of the 15 funds.

80%
Performance

FUND A
60%
FUND B

40%

20%

-8 -6 -4 -2 2 4 6 8 10
Volatility
-20%

-40%

12
4. Dont ignore the impact of costs

When investing in a fund there are charges to

consider. There is sometimes an initial charge.
In addition, the fund manager normally levies an
ongoing charge (OCF), and some will also apply a
performance fee on top of this.

As with any purchase, there is often a trade-

off between cost and quality. Sometimes it is
worth paying higher fees to access the skills of a
particularly good fund manager. If Fund A has
higher charges than Fund B, but performs better
after charges are taken into account, buying Fund
B because of its lower fees would have been a
false economy.

However, all things being equal, lower fees are

preferable, and investors should do what they
can to reduce costs - but they should ensure they
are not compromising on quality. The simplest
course of action that can be taken is to invest via
an investment supermarket. These often discount
the entire initial charge. If you pay lower charges
your investment will always be worth more.

Please note that if you invest via a platform, there

will normally be an annual management charge,
and also possibly other charges, for the service
the platform provides.

13
 Checklist
SOME QUESTIONS TO ASK WHEN BUYING FUNDS
3 In which geographical region(s) does
the fund invest?
3 What types of investments does it hold
shares, corporate bonds, property or
a mixture?
3 How risky is the fund? Is performance
more volatile than others in the same
sector?
3 How specialised is the fund? More
specialised funds have higher potential
returns but carry more risk.
3 How has the fund performed over the
longer term relative to the average
fund in the sector?
For more information please contact us on
0117 900 9000 or visit our website www.hl.co.uk
14
3 Is the sector or area of the market very
fashionable at the moment? This is
often a potential sign that the asset is
overpriced.
3 Are there any potential penalties for
withdrawal?
3 What are the funds charges, and how
do they compare to its peers?
3 Have you read the Key Investor
Information Document, and is the fund
suitable for your circumstances?
3 If you have decided to invest, are
you obtaining the maximum possible
discount through your broker?
HL Portfolio+ - ready-made investment portfolios
Portfolio+ offers investors access to six ready-
made portfolios managed by our experts. They
invest in shares, bonds and other assets across
a range of countries and regions. Investors
select whether they are investing for growth or
income, then choose a portfolio depending on
their attitude to risk conservative, balanced
or adventurous and we do the rest. They are
not personalised advice and are not tailored to
individual circumstances.
The portfolios are built using our own multi-
manager funds, which provide an efficient way to
invest with a range of first-class fund managers.
Our team of experts constantly monitor the funds
holdings and make any necessary changes on
investors behalf.
Over time, different elements of a portfolio will
perform differently. This can result in a portfolio
becoming unbalanced, and deviating from the
Multi-manager funds a simple solution
Multi-manager funds are designed to make an
investors life easier by bringing together a range
of specialist managers into a single fund.
There are two types of multi-manager funds:
those that invest in a range of other funds
controlled by different asset managers, which
are called funds of funds (FoF), and those which
level of risk initially selected. Every six months, in
February and August, we rebalance the portfolio
back to its original allocation between the multi-
manager funds (the first rebalance will be in
February 2016).
In our view regularly rebalancing a portfolio is an
essential way to manage risk and optimise long
term performance, though it certainly doesnt
eliminate risk - even the conservative portfolios
can fall in value so investors could make a loss.
>> Find out more about Portfolio+ at
www.hl.co.uk/portfolioplus
Investors who are unsure where to invest and
would prefer financial advice can contact our
team of fully qualified financial advisers.
>> Find out more at www.hl.co.uk/advice
appoint external managers with specific expertise
to invest separate tranches of the providers
portfolio; these are called manager of managers
(MoM) funds. Both add an additional layer of
costs, but these can be at least partially offset by
negotiating lower charges with the underlying
managers.
15

The HL Multi-Manager funds are FoF and offer
a broad, managed portfolio of funds through a
single investment, for those who wish to leave the
choice of underlying funds to our experts.
For first time investors in need of a simple way to
invest in the stock market, or for more experienced
investors looking for a broadly based fund around
which to group specialised holdings, each of the
HL Multi-Manager funds provides a professionally
monitored portfolio of what we believe are some of
the best fund managers in their field.
The advantages are:
Actively managed - once investors have
chosen the right Multi-Manager fund for them,
the professional manager will monitor the
Part 3 How to invest in funds
The fund factsheets on our website contain an
overview of the important things investors need
to know before investing in a fund. They include
the latest price, details of charges and savings,
yields, dividend payment dates, top ten holdings
How to buy funds
The majority of investors buy and hold their
funds through an investment supermarket like
the Hargreaves Lansdown Vantage Service. These
16
The HL Multi-Manager funds are managed by our
sister company HL Fund Managers.
underlying holdings and make changes when
they feel the time is right.
Diversification - the objectives of each Multi-
Manager fund are different but they all aim to
offer a well-diversified portfolio so investors are
not over-exposed to any one particular manager
or investment style.
Ease and simplicity - over time investments
tend to be acquired piecemeal. Switching them
into a Multi-Manager fund could bring balance
to a portfolio, save investors time and tax, and
increase performance potential.
>> Find out more about our Multi-Manager
funds at www.hl.co.uk/multimanager
as well as the asset and geographical breakdown
of the fund. Funds also have Key Investor
Information Documents or Key Features which
contain details of the risks. These documents
should be read before investing.
supermarkets allow investors to choose from a
wide range of funds and other investments from
a large range of providers. They also provide an
administration and custody service for the funds,
sending regular statements, offering fund dealing
services, and online access to an account.
Investment supermarkets charge for their services;
some levy a flat fee whereas others charge a
Lump sum or regular savings?
Funds are popular because they offer
ordinary investors access to professional fund
management, and the benefits of diversification,
on lump sums of as little as 100, or regular
savings from 25 per month.
For those without a lump sum to invest, saving
regularly has a number of benefits. Indeed most
investors use regular savings to an extent, by
contributing to their pension each month or using
their ISA allowance annually. Most unit trusts
and OEICs can be purchased monthly, whether
How to hold funds in an ISA, pension
or as a standalone investment
ISAs - The easiest way to think of an ISA is as a
wrapper which shelters savings and investments
from tax. Within an ISA there is no tax on capital
gains and no further tax on income, and less tax
percentage based on the value of the investments.
In the Vantage Service the charge is tiered so the
more an investor holds, the less they pay, and the
maximum charge is 0.45% per annum.
Full details of our charges can be found on our
website.
in an ISA, pension, or just as a standalone
investment.
Small regular investments could soon mount up
into a sizeable holding, and once established,
investors become used to the payment leaving
their account each month. Furthermore, investing
regularly can reduce the impact of market
fluctuations investing monthly averages-out
the price paid for units or shares, although there
are no guarantees and investors could get back
less than they invest.
means higher returns. ISAs dont even need to be
declared on a tax return and it often costs no more
to hold funds in an ISA than outside.
17
As the tax benefits of an ISA are so attractive, the
amount each person can save or invest in each
tax year is limited. For the 2015/16 tax year (which
runs from 6 April 2015 to 5 April 2016), each adult
may invest up to 15,240.
Used regularly, the annual ISA allowance offers
the chance to create a substantial portfolio
sheltered from the taxman, and their flexibility
means they can be suitable for almost any
investor.
Remember tax rules can change, and the value of
benefits will depend on personal circumstances.
>> Find out more about the Vantage Stocks &
Shares ISA and charges at www.hl.co.uk/isa
Pensions - Pension contributions receive up to
45% tax relief. The government will top up every
80 net contribution to 100. Higher and top rate
taxpayers can claim back more through their tax
return, so 100 in a pension could effectively cost
as little as 55. The amount of tax relief depends
on personal circumstances. A pension is also a tax
shelter as there is no tax on profits or capital gains
and no further tax on income. Less tax means
higher returns.
When you invest in a pension, you are funding
your retirement. You can usually only access
the money from age 55, (57 from 2028), taking
up to 25% usually tax free, and the rest taxed as
income. Tax rules may change in the future.
18
Most investors can contribute as much as they
earn. A 40,000 annual allowance also applies.
Some can contribute more, and others less, so call
us on 0117 980 9926 if unsure.
Self-Invested Personal Pensions (SIPPs) are the
most flexible type of pension for those who wish
to take control and make their own investment
decisions, without personal financial advice.
They allow investors to hold funds, as well as
individual shares, bonds, gilts and - with some
SIPP providers - commercial property. SIPPs
provide the widest choice of pension investments,
and allow investors to create a diverse portfolio.
>> Find out more about the Vantage SIPP and
charges at www.hl.co.uk/sipp
Standalone investment - Alternatively, investors
can choose to hold funds directly, in an account
such as our Vantage Fund & Share Account.
Held this way, investments are subject to capital
gains tax on profits, as well as tax on any income.
However, this way they can be held jointly, for
example with a spouse, in an account on behalf of
a child, a trust or an investment club, and there is
no restriction on the amount that can be invested.
>> Find out more about the Vantage Fund &
Share Account and charges at
www.hl.co.uk/fundaccount
Why buy funds with Hargreaves Lansdown?

When you choose Hargreaves Lansdown you benefit
from a wealth of award-winning financial services
and experience, and you are not restricted to one
approach.
You can make your own decisions, you can take
personal advice, or pick and mix. Whichever route
you choose you will receive excellent information and
save money.
Our Vantage Service is the only major investment
supermarket designed solely for private investors.
If you are happy to make your own investment
decisions, it allows you to take control and manage
all your investments - including your funds, shares,
ISAs and pensions - in one account. There are no
middlemen and because you deal with us directly, you
save money.
We believe there is no better way to manage
your investments, and our clients agree.
We now look after over 55bn on behalf
of 715,000 clients and in one of our recent
surveys, 96% of the 14,334 respondents rated
our service as good, very good, or excellent*.
If you are thinking of investing in a fund, or you
would like to save money on the investments
you already hold, we hope you will consider
using our service. Find out more about our
Vantage Service on our website.

Clients of Hargreaves Lansdown also receive regular

updates on their investments along with editions of
our flagship newsletter, the Investment Times, which
will keep you up-to-date with the latest fund launches,
investment news and economic comment, as well as
our latest offers.

For clients who prefer assistance selecting

investments we also offer personal advice for a fee,
and you can choose the level of advice that suits
you best. We can offer initial assistance in opening
your account and using the Vantage Service, through
to help with structuring your portfolio or complete
portfolio management.
*Source: HL client satisfaction survey, May 2015

19
 Useful telephone numbers
For queries about:
ISAs, Unit Trusts, OEICs, Index Trackers, Investment Bonds,
Investment Trusts, VCTs & EISs
Please call our Helpdesk on 0117 900 9000

For queries about:

Shares, Share Dealing, Stockbroking & CFDs
Please call our Helpdesk on 0117 900 9000

For queries about:

Self-Invested Personal Pensions (SIPPs), Stakeholder Pensions, Personal Pensions,
Company Pensions, Annuities, Drawdown
Please call our Pensions Helpdesk on 0117 980 9926

For queries about:

Personal Financial Advice or Discretionary Portfolio Management
Please call our Advisory Helpdesk on 0117 317 1690

Feefo Trusted Your Money Awards What Investment

Merchant Winner 2014 - Readers Awards
Winner 2015 Best Online Junior Winner 2014 -
Stocks & Shares ISA Best Share Dealing
Provider Service

COLWMA Awards Money Week Awards

Winner 2015 - Best Winner 2014 -
Fund Platform Best ISA Provider, Best SIPP
Provider, Best Stockbroker,
Best Wealth Manager

One College Square South,

Anchor Road, Bristol, BS1 5HL
0117 900 9000
www.hl.co.uk