TAVISTOCK PB PROFILES
February 2017 Performance

Manager Commentary

The US equity markets continue to believe in the vision outlined by President Trump and steadfastly ignore the protests of the vocal minority. His pro-growth and regulatory reform agendas resonate strongly with investors around the world. The DJIA rose 4.77% in February and for the first time since 1970 closed higher twelve trading sessions in a row. The S&P 500 gained 3.72% and only finished lower four times during the month. The new administration has pledged to publish its fiscal and tax reforms by the middle of March and this will be key in extending the Trump Rally. Global risk appetite is rising and the MSCI World climbed 2.58%. The Hang Seng rose 1.63% and the Shanghai Composite increased 2.74%, despite further signs of tension in the South China Sea. The UK remains on course to trigger Article 50 of the Lisbon Treaty by the end of March, but this appears to be already factored into current valuations. The large-cap FTSE 100 rose 2.31% to close at 7,263 and the mid-cap FTSE 250 gained 3.43%. Inflation is a growing concern in the UK given that the CPI rose 1.8% in the year to January. The entire gilt curve is yielding less that the rate of inflation, which history suggests is unsustainable for any meaningful length of time. Ten-year gilt yields fell -27 basis points and closed at 1.15%. The currency markets were relatively subdued and sterling fell -1.57% against the US dollar to finish the month at 1.24. Commodity markets also traded in a narrow range as the GSCI rose 0.35%. Light crude oil gained 2.27% and prices in the soft commodity sector finished marginally lower. Returns in global equity markets during the last twelve months have been extraordinary and a short-term correction is probably overdue. Risk management and portfolio diversification will be more important than ever in the months ahead.

Tavistock PB PROFILE 3

Tavistock PB PROFILE 3 returned 1.37% in February and the IA Mixed Investment 0-35% Shares sector rose 1.58%. The profile has a rolling 1-year return of 8.79%.

FEB 2017 Return

1.37%

YTD

1.34%

1 Year Rolling Return

8.79%

Tavistock PB PROFILE 4

Tavistock PB PROFILE 4 returned 1.58% in February and the IA Mixed Investment 20-60% Shares sector rose 1.85%. The profile has a rolling 1-year return of 13.16%.

FEB 2017 Return

1.58%

YTD

1.55%

1 Year Rolling Return

13.16%

Tavistock PB PROFILE 5
Tavistock PB PROFILE 5 returned 1.87% in February and outperformed the IA Mixed Investment 20-60% Shares sector, which rose 1.85%. The profile has a rolling 1-year return of 15.99%.
FEB 2017 Return

1.87%

YTD

1.87%

1 Year Rolling Return

15.99%

Tavistock PB PROFILE 6

Tavistock PB PROFILE 6 returned 2.12% in February and the IA Mixed Investment 40-85% Shares sector rose 2.23%. The profile has a rolling 1-year return of 19.55%.

FEB 2017 Return

2.12%

YTD

2.28%

1 Year Rolling Return

19.55%

Tavistock PB PROFILE 7

Tavistock PB PROFILE 7 returned 2.36% in February and outperformed the IA Flexible Investment sector, which rose 2.25%. The profile has a rolling 1-year return of 25.76%.

FEB 2017 Return

2.36%

YTD

2.74%

1 Year Rolling Return

25.76%

Tavistock PB PROFILE 8

Tavistock PB PROFILE 8 returned 2.50% in February and outperformed the IA Flexible Investment sector, which rose 2.25%. The profile has a rolling 1-year return of 28.42%.

FEB 2017 Return

2.50%

YTD

3.01%

1 Year Rolling Return

28.42%

Tavistock PB Income

Tavistock PB Income returned 2.03% in February and outperformed the IA Mixed Investment 20-60% Shares sector which rose 1.85%. The profile has a rolling 1-year return of 15.73%.

FEB 2017 Return

2.03%

YTD

1.85%

1 Year Rolling Return

15.73%

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.