Understanding your investments

Understanding your investments



Asset Intelligence Portfolio Management / Understanding your investments AN INTRODUCTION Hello from Asset Intelligence Portfolio Management and welcome to our guide on investing. The purpose of this guide is to explain who we are, what we do, and how we look after your money. We hope you find it useful. Our story Our team Asset Intelligence was formed in 2009, as Asset Intelligence We pride ourselves on our balanced blend of energy, new Research, set up to help financial firms who required thinking and experienced leadership. Our research team has investment support but didn’t have the resources to build been established largely through utilising our relationship their own investment department. From those humble with the top universities in the UK to gain access to some of beginnings we have grown into an established investment the brightest and most innovative minds you’ll ever meet. research and management firm, delivering the full insourced Supporting, guiding and working alongside this team is investment department solution to many firms across the our management team which is made up of experienced UK. Asset Intelligence Portfolio Management was launched individuals who are all experts in their relevant fields. to build off the foundations we had in place but to specialise in the development and management of discretionary You can find out more about the teams on our website. investment portfolios (more on this later). Between the two companies we look after in excess of £4.5bn of client assets through either consultancy support or portfolio management. 3

Asset Intelligence Portfolio Management / Understanding your investments A WINNING TEAM The key to good financial planning is about having the right experts in the right positions. We believe that the best person to help identify your goals, your attitude to risk and investment requirements is your financial planner/adviser. We also think that the best person to manage your investments is an investment manager. But there’s more to it than that. Success comes from working In terms of who does what, effectively, your financial adviser as a team. At Asset Intelligence we don’t believe that one plots the course and we steer the ship. size fits all. That’s why we place so much emphasis on the importance of collaborating with financial advisers to design and deliver solutions that are tailored to meet the needs of both the financial adviser and their clients. 4

Asset Intelligence Portfolio Management / Understanding your investments The role of a financial adviser • Your aims and objectives Many people often refer to financial advisers as financial • Current assets and liabilities planners. It’s easy to understand why. Whilst the role of your • Current income and expenditure financial adviser does include giving ‘financial advice’, much • Any planned future expenditure of the role is to help you achieve your financial goals, whether • Future income that be retiring early, buying a yacht, or preparing for future • Attitude to risk financial events such as children’s school fees. The key with • Tax implications all these events is that they may not happen without a plan. • Emergency funds This is where your financial adviser comes in. In simple terms • Individual preferences or beliefs they will look at your current position, plot your end goal and • Required returns then work out how best to get there. The reality of the role • Costs is far from this simple. In order to create your personalised • Volatility plan, your financial adviser needs to factor in a number of elements, including: And this isn’t a ‘sit and forget’ type job. Your financial adviser needs to continue to monitor your progress as you pursue your goals, along with keeping on top of any changes to your personal circumstances, tax or regulation. As things change your financial adviser will review your plan and will make the necessary adjustments to recalibrate your route. 5

Asset Intelligence Portfolio Management / Understanding your investments The role of an investment manager Comms Regular Correlation & Whereas your financial adviser sees the ‘whole picture’, to Fund Diversification the investment manager is focused on purely delivering investment returns and managing risk. Investors Meetings Analysis The role of the investment manager is to try to deliver the best returns possible but without taking more risk than you Cost Macro- are happy with. It’s about being able to identify when to push Management Economic forward during calm seas and when to batten down the Analysis hatches to withstand and negotiate the storms. The role is literally a ‘round the clock’ job, which includes Active/ INVESTMENT Strategic multiple tasks as we look to help you achieve your goals: Passive MANAGER Asset Decisions 6 Allocation Rebalancing Tactical Asset Allocation Fund Selection Performance Due Reporting & Diligence Monitoring

Asset Intelligence Portfolio Management / Understanding your investments BENEFITS OF DISCRETIONARY MANAGEMENT We manage your investments under what is known as a discretionary basis. What this means is that we have the discretion to make changes to your portfolios as and when we deem necessary. The key benefit of operating under a discretionary basis is Without being able to operate under a discretionary basis it that it allows us a freedom to operate promptly and without could result in delays, which means your portfolio ends up a requirement to obtain approval prior to making changes, holding funds which are detrimental to performance or you which ensures: miss out on enhanced returns as we can’t react quick enough to new opportunities. • We can protect your portfolio by removing funds if they are underperforming or if there are any potential concerns Whilst we have discretion to make changes to your portfolio, such as them being suspended. this doesn’t mean we have complete free reign to do ‘whatever we want’. For your protection, we are governed by • We can enhance your portfolio by adding funds we have an investment mandate, which guides what changes we’re identified as having potential for good growth/returns. allowed to make. The investment mandate will be agreed with you before you invest in one of our discretionary portfolios • We can reposition your portfolio either towards or away and will confirm factors such as the maximum and minimum from sectors based on economic activity (i.e. after a amount we can invest in any particular asset, along with the market crash, ensuring portfolios are positioned to take types of assets we can hold. advantage of sectors that are looking to rebound fastest). 7

Asset Intelligence Portfolio Management / Understanding your investments Good fortune is what happens when opportunity meets with planning. Thomas Edison 8

Asset Intelligence Portfolio Management / Understanding your investments THE WORLD OF INVESTMENTS UNDERSTANDING RISK Of all the decisions that go into your financial planning, the one that will have the greatest impact on your future is this: how much investment risk will you take? In an ideal world the perfect answer would be ‘no risk’, Capacity for Loss looks at your overall financial position. Can unfortunately a life without risk is impossible. Risk is you afford to make a long-term investment and to take the everywhere – even walking down the street comes with a risk of losing money? What proportion of your total wealth small risk. Whatever you are doing in life, it is important to are you investing? Ideally you would not have to access your understand your own tolerance for risk. investment in an emergency and sell during a market low. In the world of investments, there are three main Knowledge & Experience is there to ascertain your knowledge components that are considered when looking at your of different investment types and to understand your past attitude to risk: experience with investing. Risk Tolerance is how you feel about investment risk. It’s about the psychology of taking risks with money. How will you react if there is a sharp market fall? Will investing become a source of stress and anxiety for you, or will you be relaxed as markets go through their natural cycles? 9

Asset Intelligence Portfolio Management / Understanding your investments TYPES OF INVESTMENT RISK There are a number of different risks to consider which may impact on the value of your investments: Market Risk (known as systemic risk) is the risk that external Inflation Risk is the risk that your returns are below the rate factors can affect asset prices across the market as a whole. of inflation. Over a long time, this can reduce the ‘purchasing Macro-economic, socio-political, and natural events are power’ of your wealth even though you may not feel you examples of factors which can have a large impact on have lost anything in numeric terms. Cash is especially investment returns regardless of how well your investment vulnerable to this. portfolio is positioned. Opportunity Cost Risk is the risk that you miss one Stock Specific Risk (known as unsystematic risk) is the risk opportunity by taking another, and that the one you didn’t associated with an individual asset or security which may take would have brought a better result. experience large and rapid changes in price due to reasons specifically linked to that security. For example, shares in a specific company may lose value if the company is less profitable than before. 10

Asset Intelligence Portfolio Management / Understanding your investments An investment in knowledge pays the best interest. Benjamin Franklin Credit Risk (also known as default risk) is the risk that a Liquidity Risk is the risk that an asset cannot be sold when company will default on its debts, and will be unable to pay you wish to sell it. the agreed interest or maturity payment to the investor. Credit risk also includes the risk that an issuer of debt will Shortfall Risk is the risk that your portfolio will not generate have its credit rating downrated to a lower credit score, which a rate of return sufficient to meet your investment goals. will affect the price of any assets linked to that provider. This This may be because of lower market returns or because you is particularly relevant for fixed interest investments. have not taken sufficient risk within your portfolio to generate the required return. The magnitude and consequences of Counterparty Risk is the risk that another party involved in the potential shortfall deserve special consideration from a transaction fails to uphold their obligations or part of the investors. trade due to technical or financial reasons. This risk is typically incurred when using complex investment instruments called Exchange Rate Risk is the risk that the exchange rate moves derivatives. against you when investing in an asset that is priced in a currency other than sterling. 11

Asset Intelligence Portfolio Management / Understanding your investments DIFFERENT ASSET TYPES There are many different assets that you can invest in within a portfolio. These tend to be grouped into one of two different categories: Defensive or Growth. Defensive assets and in return you are paid interest on your capital sum. The rate of interest, and the access you have to your capital, Assets deemed as ‘defensive’ are those which tend to varies a great deal: from instant access deposits, to those deliver a smoother journey, albeit often with lower returns. with long lock-in or notice periods attached. They enable diversification within portfolios and can help counteract/balance the risks and potential greater volatility In most cases, cash is an ultra-low risk investment with experienced with growth assets. Many types of defensive little chance of losing value in absolute terms. However, assets are often referred to as ‘Fixed Interest’ investments in rare circumstances cash assets can be lost if the bank due to the fact that you receive a fixed regular income. holding your money fails. In the UK, the Financial Services Compensation Scheme (FCSC) acts as a safeguard to protect There are three main defensive assets used for investing: clients for UK based deposits up to £85,000 in these unlikely events. Overseas bank accounts may not have the same Cash protections in place. Cash is easy to understand and is the one investment that almost everybody will have experienced in one form or Cash, although very secure, tends to underperform inflation another. Your money is lent to an institution (typically a bank) over time. Investors who try to avoid risk by staying in cash 12

Asset Intelligence Portfolio Management / Understanding your investments often see the real value of their savings eroded. Cash keeps difference however is that governments are less likely to you safe from market risk at the cost of inflation risk. default on their debt. For this reason, gilts are considered a lower risk investment than other types of bond. Government Bonds Also known as “Gilts” (due to the gilt edging on the Corporate Bonds certificates), these are similar to Corporate Bonds Similar to government bonds, except rather than raising (see below), but rather than representing the debt of a money for the government, instead you are lending money company, instead they are debts of the government. to a company. You are still buying the right to receive a fixed and known series of payments in the future, but you are When you buy a government bond you are lending money to also accepting a higher chance of the issuer of the bond (the the government in exchange for an IOU. The IOU has a term company) defaulting. The level of risk depends on the ‘credit and at maturity (typically five or ten years) the sum invested quality’ of the issuer. is returned in full. In between, investors receive a regular fixed payment known as the “coupon”. Most issuers of bonds will not default on their debts, as doing so would have major repercussions for the provider. In essence, buying a bond means buying the right to receive However, the likelihood of defaults can be measured by a fixed and known series of payments in the future. These credit ratings, with higher rated issuers less likely to default. payments are guaranteed unless the issuer of the bond (the Most governments have very strong credit ratings, whereas government) defaults. companies can have a wide range of credit scores, from the highest level of safety – to the lowest. Whilst they broadly work in the same way as Corporate Bonds, with an end date and regular fixed payment, the main 13

Asset Intelligence Portfolio Management / Understanding your investments Although private investors can buy and hold bonds directly, Equities (Company Shares) this is much less common than directly buying shares. Bonds Equities (sometimes called stocks or shares), represent are usually accessed instead through collective investments. ownerships stakes in companies. They can be bought directly through a stockbroker or indirectly via investment funds or In a portfolio, bonds (government and corporate) play two “collective investments”. roles: they dampen down the overall risk level when held alongside equities; and they often (but not always) have the Owning shares in a company means that you will share in its benefit of a negative correlation to equities. This means that profits and in its future growth. However, just like any other they have the potential to rise when shares fall, smoothing business owner, you take the risk that no profit is earned and/or the overall return over time. that the value of the business goes down; or even bust. You can manage this risk through portfolio diversification. Both government and corporate bonds have the ability to outperform inflation over the long term. Shares are the engine room of long-term returns for investors. Their prices fluctuate, sometimes wildly, and they are prone Growth assets to short-term panics called corrections or crashes. This puts many people off; but £100 invested in the FTSE All Share on 1st Assets classified as ‘growth assets’ are those which are January 1991 was worth £700 after 25 years of growth, even designed to generate greater growth, with no fixed or accounting for all the ups and downs along the way. regular returns. This means potentially you can achieve better returns. However, it also means your portfolio is more PAST PERFORMANCE IS NOT A GUIDE TO FUTURE PERFORMANCE exposed to greater levels of risk. Investing in shares needs a long-term view, a tolerance for Examples of growth assets include: uncertainty, and the financial capacity to lose some money in the worst case scenario. 14

Asset Intelligence Portfolio Management / Understanding your investments Property Alternative assets You can invest in property either directly by owning a physical building, or indirectly via a property investment fund. Within a Alongside Defensive and Growth assets, there is a third portfolio most people will invest in a property fund which will category known as ‘Alternatives’. These assets could be pool the monies in order to purchase commercial properties classified as either defensive or growth assets, but tend to such as offices, factories, warehouses and retail space. The have low correlation to traditional assets and so are typically fund generates a return primarily through rental income, but treated as a separate category. Examples include: also through buying and then selling properties at a profit. Whilst classified as a growth asset, property as investment can Commodities vary greatly in terms of its behaviour depending on the nature These refer to the trading of goods such as precious metals, of the vehicle used to gain property exposure. Thus, some energy, and so-called “softs” like coffee beans. solutions may be classified more like a defensive asset, while others are much more volatile, and akin to a growth asset. Absolute Return Funds or Hedge Funds These funds involve some form of special trading or One important factor to be aware of is that property funds investment strategy which will be employed to generate a carry additional risk due to potential liquidity issues. This return. These vary wildly and their full explanation can be usually occurs during a market crash when demand for extremely technical & complicated. withdrawals increase, which can cause an issue if the funds do not contain enough free reserves and have to therefore 15 sell a property (which can be a lengthy process) in order to raise cash. This can cause delays in getting your capital out of a property fund.

Asset Intelligence Portfolio Management / Understanding your investments RISK VS REWARD Typically, risk and reward go hand in hand. That is, the greater the potential returns from an asset, the greater the risk. The chart below provides a simplistic illustration of the traditional spectrum for the various Defensive and Growth assets. It’s also worth noting that assets perform differently in same as another is falling in value. Understanding how different market conditions. What this means is that there different asset types correlate allows you to build different may be times when one asset type is rising in value at the portfolios with different objectives and characteristics. Potential return Risk of loss 16

Asset Intelligence Portfolio Management / Understanding your investments A TYPICAL INVESTMENT PROPOSITION When it comes to building an investment proposition, the aim is to deliver a range of portfolios that utilise a blend of defensive and growth assets in different proportions in order to offer a range of risk/reward outcomes. As an example, a typical investment proposition may look something like this: Portfolio / Risk Level Portfolio 1 - Lowest Portfolio 2 - Low Portfolio 3 - Medium Portfolio 4 - High Portfolio 5 - Highest Defensive Assets 80% 60% 40% 20% 0% Growth Assets 20% 40% 60% 80% 100% Return* 3% 4% 5% 7% 9% Volatility** 2% 5% 8% 11% 13% *Average annual returns over the long term (i.e. 10 years of more). **The percentage by which the portfolio deviates from it’s benchmark. Note: all figures in this table are used as an example and do Of course, this is a very simplistic representation and provides not represent actual figures a very high level view. In reality these portfolios would typically consist of 5-10 asset types and may hold 20-30 individual As you move up the scale, and as the percentage of growth funds. If an equity fund was then to hold shares in 20 different assets increases, so too does the potential returns and companies, that could mean Portfolio 5 (for example) is potential risk (volatility). invested in anything like 400 – 600 different companies. 17

Asset Intelligence Portfolio Management / Understanding your investments BEHAVIOUR IN A RISING MARKET In a rising market, usually, you would expect the portfolios with the greatest growth holdings to perform the best. Likewise, you would also expect the portfolios with the greatest amount of growth assets to display the greatest volatility. The graph below provides an example of how the example portfolios in the previous section might perform in a rising market. 70 60 50 Return % 40 30 20 10 0 0 1 2 3 4 5 6 7 8 9 10 Years Portfolio 1 Portfolio 2 Portfolio 3 Portfolio 4 Portfolio 5 IMPORTANT: This is purely a visual representation and not based on actual data. 18

Asset Intelligence Portfolio Management / Understanding your investments BEHAVIOUR IN FALLING MARKET Unfortunately, markets do go down as well as up. This seems an obvious statement, but when we find ourselves in a falling market/crash, it’s easy to allow our emotions to take over. Similar to how the portfolios ‘fanned’ out during a rising market, the same should occur in a falling market. As you can see in the example chart below, portfolio 5, which has the highest content of growth assets, suffers the biggest fall in value.  Return % 0 -5 -10 1 23 45 67 8 9 10 -15 Portfolio 2 Years Portfolio 4 Portfolio 5 -20 -25 Portfolio 3 -30 -35 0 Portfolio 1 IMPORTANT: This is purely a visual representation and not based on actual data. 19

Asset Intelligence Portfolio Management / Understanding your investments INVESTING IS A JOURNEY When looking at returns it is important to note the difference between an average annual return over a longer period of time (i.e. 10 years) and returns received on an annual basis. The graph below provides a simulation of how a growth portfolio such as portfolio 4 or 5 might behave over a 20 year period. While this illustration delivered an average annual returnAnnual Return %Having suffered losses three years in a row from years 1 to 3, many would have been tempted to exit the market. Those of 6.5%, the journey was not always a smooth one. This is who did would have then missed out on five consecutive years of above-average returns. where it is important to maintain conviction in utilising a Likewise, following a crash in year 9, those who exited the markets would have missed out on the returns delivered in long-term view. When it comes to investment losses, one of year 10, which represented the highest return in a single year during the 20-year period. the biggest problems is not so much the market falling, but 10 11 12 13 14 15 16 17 18 19 20 rather being out of the market when it rallies. This scenario Years is often referred to as the importance of ‘time in the market’, not ‘timing the market’. 30 20 10 0 -10 -20 -30 123456789 20

Asset Intelligence Portfolio Management / Understanding your investments THE ASSET INTELLIGENCE PORTFOLIOS ASSET INTELLIGENCE PLANNING FRAMEWORK The table below sets out the defensive/growth framework that will be used for the Asset Intelligence portfolios. This framework confirms the neutral position for each portfolio, along with the maximum and minimum percentage of any particular asset class that can be held within each portfolio. Asset Type Tolerance AIPM 20 AIPM 40 AIPM 60 AIPM 80 AIPM 100 Defensive Minimum 65 45 25 5 0 Neutral 80 60 40 20 0 Growth Maximum 95 75 55 35 15 Minimum 5 25 45 65 85 Neutral 20 40 60 80 Maximum 35 55 75 95 100 100 The neutral figure refers to the point where the portfolios are ‘in In addition to the framework above, there are also other balance’, that is where we don’t feel the need to hold either more guidelines which must be adhered to when managing the or less growth or defensive assets. The minimum and maximum portfolios. More information can be found in the ‘client figures set the boundaries as to how much movement we have mandate’ document. for each portfolio away from the neutral point. 21

Asset Intelligence Portfolio Management / Understanding your investments WHO ARE THE PORTFOLIOS SUITABLE FOR? AIPM 20 equities, property or alternative investments (approximately You are mostly trying to protect the value of your 20%). This combination provides security while offering investments but would like the chance of increasing the some scope to keep pace with inflation over time. value of your assets a little, perhaps by enough to keep pace with (or even exceed) inflation over the longer term. You are Overall fluctuations in value should be small. prepared to accept investment risk with the aim of at least protecting the spending power of your money. Neutral Asset Allocation This is achieved by an asset allocation that holds primarily defensive assets such as cash and bonds (approximately 12.0% Cash 80%) along with some exposure to growth assets such as 53.0 % UK Fixed Interest 15 % Global Fixed Interest 22 2.0 % UK Property 7.7 % UK Equity 5.4 % North American Equity 2.3 % European Equity 2.0 % Japan Equity 0.5 % Asia Pacific Equity 0.1 % Emerging Market Equity This chart is an example of a typical asset allocation for this portfolio type. The portfolio that we recommend may have differing asset classes and allocations to the example portfolio

Asset Intelligence Portfolio Management / Understanding your investments AIPM 40 You are willing to accept fluctuations in your investments but You seek additional capital and/or income growth over the in order to minimise the impact of short term market falls rate of inflation and capital protection is less important to in the value of your money you are prepared to invest for a you than achieving a better return on the investment. You are minimum of five years. prepared to accept more risk in the hope of achieving more return on your investments and are looking for a strategy that Neutral Asset Allocation maintains a diverse balance of growth and defensive assets. 8.5% Cash This portfolio delivers an asset allocation that aims to balance 39.5 % UK Fixed Interest growth assets such as equities (approximately 40%) with 12.0 % Global Fixed Interest less risky defensive assets such as bonds and cash 3.0 % UK Property (approximately 60%). 14.7 % UK Equity 11.5 % North American Equity 4.0 % European Equity 2.1 % Japan Equity 4.5 % Asia Pacific Equity 0.2 % Emerging Market Equity This chart is an example of a typical asset allocation for this portfolio type. The portfolio that we recommend may have differing asset classes and allocations to the example portfolio 23

Asset Intelligence Portfolio Management / Understanding your investments AIPM 60 alternatives (e.g. infrastructure, structured products) and You are biased more towards seeking returns than avoiding commodities may be used to diversify the risk within the risk and you will want the opportunity to benefit quite portfolio. In order to bear the impact of short term market substantially from rising stock markets. You are prepared to falls in the value of your money you are prepared to invest for accept significant short term fluctuations in your investments a minimum of at least five years. in order to increase the potential return over the longer term. Capital protection is less important to you than achieving a Neutral Asset Allocation better return on the investment. This is achieved by an asset allocation that increases the 5.0 % Cash weighting of the growth assets such as equities (approximately 26.0 % UK Fixed Interest 60%) in search of higher growth. The rest of the investments 9.0 % Global Fixed Interest are held in defensive assets; these assets have the potential to 4.0 % UK Property offset any falls in the equity market over time. 19.4 % UK Equity You should expect an investment portfolio in this category 16.4 % North American Equity to invest in a mixture of investments including fixed interest 6.9 % European Equity securities and equities. Other assets, such as property, 3.2 % Japan Equity 6.6 % Asia Pacific Equity 24 3.5 % Emerging Market Equity This chart is an example of a typical asset allocation for this portfolio type. The portfolio that we recommend may have differing asset classes and allocations to the example portfolio

Asset Intelligence Portfolio Management / Understanding your investments AIPM 80 alternatives (e.g. infrastructure, structured products) and You are looking for growth potential significantly in excess commodities, to obtain diversification. You appreciate that of inflation over the longer term. You are prepared to take a over some periods of time there can be significant falls, as significant degree of investment risk with your investment well as rises, in the value of your investment. In order to bear in return for the prospect of higher possible longer term the impact of short term market falls in the value of your investment performance. You understand the risk and reward investments, you are prepared to invest for a minimum of at relationship of investing in equities. least five years. This is achieved by an asset allocation that is heavily weighted Neutral Asset Allocation towards growth assets such as equities (approximately 80%) the remainder of the invested assets is held in defensive 2.0% Cash assets. This is quite an aggressive risk profile aiming for higher 12.0 % UK Fixed Interest levels of growth. This will result in fluctuations in value that are 6.0 % Global Fixed Interest likely to include substantial losses, and investments made for 5.0 % UK Property this level of risk should be retained for the longer term. 22.7 % UK Equity 18.2% North American Equity You should expect an investment portfolio in this category 10.6 % European Equity to be invested predominantly in equities, both in the UK and 5.3 % Japan Equity overseas, but may also use other assets, such as property, 9.9 % Asia Pacific Equity 8.3 % Emerging Market Equity This chart is an example of a typical asset allocation for this portfolio type. The portfolio that we recommend may have differing asset classes and allocations to the example portfolio 25

Asset Intelligence Portfolio Management / Understanding your investments AIPM 100 there can be significant falls, as well as rises, in the value of You are looking for the full benefits of investing in shares your investments. As this strategy holds significant risk in the over the longer term and will not normally hold any lower shorter term, you are prepared to invest for a minimum of at risk assets. You are prepared to take a substantial degree least five years. of investment risk with your investment in return for the prospect of longer term investment performance. You The value of your investments can fall as well as rise and you understand the risk and reward relationship of investing may get back less than you originally invested. in equities. Neutral Asset Allocation The asset allocation consists of virtually only growth assets such as equities; this risk profile aggressively seeks growth 0.6% Cash and while you may make more money in the long term you 4.5% UK Fixed Interest are more likely to lose money in the short term. 0.0% Global Fixed Interest 5.0% UK Property You should expect an investment portfolio in this category 23.0% UK Equity to be usually invested entirely in equities, both in the UK and 22.6% North American Equity overseas. Other assets, such as property, alternatives (e.g. 8.4 % European Equity infrastructure, structured products) and commodities may 5.4% Japan Equity be used from time to time in order to diversify the risk within 14.4% Asia Pacific Equity the portfolio. You appreciate that over some periods of time 16.1% Emerging Market Equity 26 This chart is an example of a typical asset allocation for this portfolio type. The portfolio that we recommend may have differing asset classes and allocations to the example portfolio

The stock market is a device for transferring money from the impatient to the patient. Warren Buffet

Asset Intelligence Portfolio Management Asset Intelligence Portfolio Management Ltd (Registered in 340 Melton Road England & Wales 11955590) is authorised and regulated by Leicester the Financial Conduct Authority (Reference number 842662). LE4 7SL Asset Intelligence Portfolio Management Ltd’s Registered Office 0208 144 8370 is: Granville Hall, Granville Road, Leicester, LE1 7RU. info@ asset-intelligence.com asset-intelligence.com 1011 / 11.2020