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Myddleton Croft Investment Managers Balanced Moderate Risk Model

Myddleton Croft Investment Managers


KEY FACTS
Portfolio Risk Spectrum

July 2011

MANAGERS COMMENTS
July has not been a good month for equities, it has been a month of macro economic storms and the focus has been well away from individual companies prospects. Initially the ongoing worries were about the solvency of Greece. You will note that the EU is dispensing with the lie that the crisis was one of liquidity. Italian and Spanish 10 year bond yields rose above 6% and it is worth noting that, at the 7% level, Greece, Portugal & Ireland went cap in hand to the IMF & ECB for a bail-out. This is why we have very minimal equity/bond exposure to the PIIGS (Southern Europe) or bank stocks in Europe, the UK or the States. If a bank has been given the ability to value at model prices or at redemption, as has been the case with PIIGS debt, is this not encouraging moral hazard on a more systematic basis? The month has seen a debate over the increasing US debt ceiling which seems to have been agreed. The agreement increased the debt ceiling to $16.4 trillion from $14.3 trillion. The Republicans have squeezed a commitment to $2.5 trillion of savings over the next 10 years. However, the net present value of future liabilities is calculated by Pimco to be $66 trillion when future entitlements (Social Security, Medicare & Medicaid) are included, which puts into context the little progress was made with a paltry equivalent of $250 billion p.a. It is worth noting that, as the final touches to the debt ceiling revision were being made, US GDP figures for Q2 were released and further (downward) revisions to historic GDP numbers were made. These made extremely poor reading and with weak consumer spending as well as a very poor ISM manufacturing index figure; all this points to something much more than a soft patch in growth and a comparison could be made to the weak UK economy. We have counselled that the recovery would not take the same path as in recent decades. Recovery from a credit bubble burst is slow and protracted. There have been a number of downgrades to US GDP which at one time earlier this year was 3.5%, Bill Gross was quoted on the possibility of another recession, Not yet. We are talking about it in an investment committee. Our numbers for the second half are 1% to 2% in terms of real GDP growth. They were 2% to 3%. We have reduced that based on recent statistics. We are not looking at another recession yet, but we are at a tipping point. We are at what we call a stall speed in which corporate profits dont grow, jobs arent created. Therefore the economy sinks based on a stall speed concept in terms of airplanes. Perhaps what we are looking at is the emperors new clothes without the benefit of stimulus, a new round of which looks unattainable in western economies bent on greater fiscal rectitude. It is worth pointing out that UK, US & European budget deficits are based upon considerably higher levels of GDP growth than Pimco are now forecasting for the US and that UK & Europe are now producing. Should this level of growth persist, at least 1% below trend would be a normal recovery from the sub prime crisis, as Reinhart & Rogoff wrote in their book This Time Is Different. As you will note from our factsheets that we are cautiously positioned in our portfolios with cash averaging 15%. A high proportion of our equity exposure is in defensive companies as well as having low exposure to bond and equity markets where we see some cliff risk. A small anecdote I came across in my web-travels, "Bankruptcy may look like in Greek and bancarrota in Portuguese but the Greeks and the Portuguese both understand that sovereign bankruptcy in Europe means great, big handouts from their neighbours. It means "Promise a bunch of stuff, but do almost nothing until the money runs out." After that, bankruptcy will mean what it always means: the borrowers will stiff the lenders and life will move on.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Defensive Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 40:60 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 30% and 50% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate..

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Cautious Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 45:55 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 35% and 55% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Moderate Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 50:50 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 40% and 60% for each asset class, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Adventurous Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 55:45 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 45% and 65% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Highly Adventurous Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 60:40 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 50% and 70% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Balanced Speculative Risk Model
KEY FACTS
Portfolio Risk Spectrum

July 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 80:20 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 70% and 90% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative


Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES


Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model


Enhanced Income Portfolio
KEY FACTS
Investment Managers Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

Q2 2011

PORTFOLIO OBJECTIVE
The objective of the Enhanced Income Portfolio is to target a 6% return of which 4% can be distributed either half yearly, yearly or rolled up. The secondary aim is to provide a degree of protection against the effects of inflation. The portfolio is predominantly invested in bonds, which will comprise 70% of the allocation on average with the balance invested in equities, absolute return and commodities. The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the performance and volatility data before that date (presented below) is from the back-tested portfolio and is provided for illustration purposes only.

Investment Profile

EIP

PORTFOLIO KEY ATTRIBUTES


Back Tested Performance Since Jan 2008

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

Back Tested 3 Year Rolling Volatility

For Further Information Call :

0113 274 7700


Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.