TAVISTOCK PB PROFILES
JANUARY 2017 Performance

Manager Commentary

Equity markets have enjoyed a steady start to 2017 and the MSCI World rallied 2.35% in January. The political climate remains unsettled with US President Donald Trump taking office and the lack of clarity surrounding the Brexit timeline. The Trump rally has lost some of its momentum, but the Dow Jones Industrial Average still managed to break the 20,000 points level and the S&P 500 gained 1.79%. The new “Leader of the Free World” has come under heavy criticism for his protectionist policies. Nevertheless, he appears resolute in the timely implementation of his campaign promises that ultimately swept him to victory. Prime Minister Theresa May has been scrutinised for her bridge-building visit to the White House and her hardline approach to Brexit. She confirmed that the UK will leave the European Union after triggering Article 50 of the Lisbon Treaty and give up its unrestricted access to the single market. The UK economy continues to defy the Bank of England’s pessimistic forecasts. Fourth quarter GDP increased 0.6% and the IMF reported that the UK was the fastest growing G7 economy in 2016. The UK equity markets traded in narrow ranges as the large-cap FTSE 100 fell -0.61% and the mid-cap FTSE 250 gained 0.39%. Ten-year UK gilts sold-off 18 bps to 1.42%, following the publication of the December CPI figures that rose to 1.6%. Given the return of inflation, the next move in the Bank Rate is likely to be an increase, which will extend the bear market in bonds. Higher interest rates are supportive for sterling and it rallied 1.95% against the US dollar to close at 1.26. US politics and the Brexit negotiations will dominate the press headlines in the coming months. Investors need to look beyond the “White Noise” and remain focused on the positive fundamentals that are driving global equity valuations higher.

Tavistock PB PROFILE 3

Tavistock PB PROFILE 3 returned -0.03% in January and the IA Mixed Investment 0-35% Shares sector rose 0.13%. The profile has a rolling 1-year return of 7.83%.

JAN 2017 Return

-0.03%

YTD

-0.03%

1 Year Rolling Return

7.83%

Tavistock PB PROFILE 4

Tavistock PB PROFILE 4 returned -0.03% in January and the IA Mixed Investment 20-60% Shares sector rose 0.30%. The profile has a rolling 1-year return of 12.18%.

JAN 2017 Return

-0.03%

YTD

-0.03%

1 Year Rolling Return

12.18%

Tavistock PB PROFILE 5

Tavistock PB PROFILE 5 returned 0.00% in January and the IA Mixed Investment 20-60% Shares sector rose 0.30%. The profile has a rolling 1-year return of 14.72%.

JAN 2017 Return

0.00%

YTD

0.00%

1 Year Rolling Return

14.72%

Tavistock PB PROFILE 6

Tavistock PB PROFILE 6 returned 0.15% in January and the IA Mixed Investment 40-85% Shares sector rose 0.62%. The profile has a rolling 1-year return of 17.91%.

JAN 2017 Return

0.15%

YTD

0.15%

1 Year Rolling Return

17.91%

Tavistock PB PROFILE 7

Tavistock PB PROFILE 7 returned 0.38% in January and the IA Flexible Investment sector rose 1.03%. The profile has a rolling 1-year return of 23.61%.

JAN 2017 Return

0.38%

YTD

0.38%

1 Year Rolling Return

23.61%

Tavistock PB PROFILE 8

Tavistock PB PROFILE 8 returned 0.49% in January and the IA Flexible Investment sector rose 1.03%. The profile has a rolling 1-year return of 25.61%.

JAN 2017 Return

0.49%

YTD

0.49%

1 Year Rolling Return

25.61%

Tavistock PB Income

Tavistock PB Income returned -0.18% in January and the IA Mixed Investment 20-60% Shares sector rose 0.30%. The profile has a rolling 1-year return of 15.15%.

JAN 2017 Return

-0.18%

YTD

-0.18%

1 Year Rolling Return

15.15%

The value of investments held in the ACUMEN Portfolios or CIP PROFILES may fall as well as rise. Past performance should not be seen as an indication of future performance. The Tavistock PB PROFILES are a white-labelled offering based on the DFM Portfolio Management Service provided by PB Financial Planning Limited, a wholly owned subsidiary of Tavistock Investments Plc. PB Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. The inception date of the PB Financial Planning DFM Portfolio Management Service is 18/02/08. All Tavistock PB PROFILE performance data up until 31/12/16 has been provided by PB Financial Planning Limited and has been calculated using FE Analytics. As of 01/01/17, all Tavistock PB PROFILES invest in a blend of the ACUMEN Portfolio range. All performance data thereafter is provided by Tavistock Wealth Limited. Source of data: PB Financial Planning Limited, Tavistock Wealth Limited, FE Analytics, Thomson Reuters and Lipper for Investment Management unless otherwise stated.