ACUMEN PORTFOLIOS
November 2017 Performance

Manager Commentary

Global equity markets continued to grind higher in November. The S&P 500 and Dow Jones Industrial Average reached record highs on the back of strong economic growth (US Q3 GDP up 3.3%), corporate earnings and progress on Trump’s proposed tax cuts. The greatest gains were in Asia, where the Hang Seng broke 30,000 for the first time since 2007 and closed up 3.30% for the month. However, European equity markets came under selling pressure as the FTSE 100 fell -2.22% and the Euro Stoxx 600 declined -2.16% following the breakdown in the German coalition talks. The Euro remains well supported by the improving economic fundamentals. Notably, the IFO survey of German business confidence reached another fresh high and the Eurozone PMI data points towards Q4 GDP growth as high as 0.8%.

Government bond curves continued to flatten. The gap between 2 and 10 year yields in the US, UK and Germany declined by 15bp, 6bps and 4bps respectively throughout the month. In the US, 2 year Treasury yields rose 19bps to 1.79%, as markets cemented expectations for a December rate hike and Fed Chair elect Jay Powell did little to knock the status quo during his Senate Testimony.

In the UK, the Bank of England increased interest rates for the first time in a decade and Phillip Hammond delivered his autumn budget, which included a sharp cut in growth forecasts. The UK is now expected to grow by 1.5% this year (previously 2%) and just 1.3% per year by 2020. However, breakthrough on the EU divorce bill helped lift risk sentiment sending the pound significantly higher, up 1.5% on the news versus the Dollar taking MTD and YTD gains to 1.83% and 9.64% respectively. In Commodity markets, WTI Oil rose 5.55% to $57.40 a barrel and Gold rose 0.25% to $1,274.36 per ounce.

ACUMEN Bond Portfolio

The ACUMEN Bond Portfolio (GBP) returned -0.22% in November. The Market Composite Benchmark and the IA’s Global Bond sector returned 0.07% and -0.45% respectively.

November 2017 Return

-0.22%

YTD

N/A

Rolling 1-Year Return

N/A

ACUMEN Conservative Portfolio

The ACUMEN Conservative Portfolio (GBP) returned 0.30% in November. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.57% and -0.22% respectively. The portfolio has a rolling 1-year return of 5.72%.

November 2017 Return

0.30%

YTD

3.95%

Rolling 1-Year Return

5.72%

ACUMEN Income Portfolio

The ACUMEN Income Portfolio (GBP) returned 0.04% in November. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.69% and -0.22% respectively. The portfolio has a rolling 1-year return of 6.72%.

November 2017 Return

0.04%

YTD

4.59%

Rolling 1-Year Return

6.72%

ACUMEN Progressive Portfolio

The ACUMEN Progressive Portfolio (GBP) returned 1.13% in November. The Market Composite Benchmark and the IA Mixed Investment 40-85% Shares sector returned 0.94% and -0.25% respectively. The portfolio has a rolling 1-year return of 11.89%.

November 2017 Return

1.13%

YTD

9.38%

Rolling 1-Year Return

11.89%

ACUMEN Adventurous Portfolio

The ACUMEN Adventurous Portfolio (GBP) returned 1.24% in November. The Market Composite Benchmark and the IA Flexible Investment sector returned 1.07% and -0.08% respectively. The portfolio has a rolling 1-year return of 12.07%.

November 2017 Return

1.24%

YTD

9.64%

Rolling 1-Year Return

12.07%

ACUMEN Equity Portfolio

The ACUMEN Equity Portfolio (GBP) returned 1.30% in November. The Market Composite Benchmark and the IA’s Global sector returned 1.32% and -0.17% respectively.

November 2017 Return

1.30%

YTD

N/A

Rolling 1-Year Return

N/A

ACUMEN Strategic Portfolio

The ACUMEN Strategic Portfolio (GBP) returned 1.05% in November. The Market Composite Benchmark and the IA’s Global sector returned 1.32% and -1.08% respectively.

November 2017 Return

1.05%

YTD

N/A

Rolling 1-Year Return

N/A

The value of an investment in the Protection Portfolios, ACUMEN Portfolios or Tavistock PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. Source of data: Tavistock Wealth Limited, Thomson Reuters and Lipper for Investment Management unless otherwise stated.