TAVISTOCK PB PROFILES
MARCH 2017 Performance

Manager Commentary

Financial markets around the globe were little changed during the month of March, despite a number of significant political developments. As expected, Prime Minister Theresa May formally began the Brexit process by triggering Article 50 and the UK will be leaving the European Union in 2019. The government has a very strong hand to play during the negotiations and there is every reason to believe that the UK economy will successfully navigate the divorce proceedings and emerge stronger. Volatility in markets is likely to be heightened during the early stages of the talks, but eventually the improving economic fundamentals around the world will reassert themselves in the minds of investors. The UK markets took the news in their stride and the FTSE 100 rose 0.82% and sterling climbed to the higher end of its six-month trading range versus the US dollar at 1.26. In the US, President Donald Trump suffered a minor setback in failing to repeal Obamacare, but he remains on course to announce his tax reform policies and a one trillion dollar infrastructure plan in early April. The Trump rally came to a halt in March as the DJIA fell -0.72%. Given the administration’s pro-growth agenda, this modest decline represents only a minor correction in the eight-year bull market. Elsewhere, the MSCI World rose 0.82% and equity markets in Asia were mixed. The Nikkei 225 fell -1.10% and the Hang Seng gained 1.56%. Commodity prices were relatively subdued with the exception of crude oil, which fell -6.31% to $50.60 per barrel. Inflation in the UK and US has very quickly risen above the 2% level, which foreshadows bad news for bondholders. A reduction in duration is the only way to mitigate losses in the current environment and this is the policy we have adopted across all of our portfolios.

Tavistock PB PROFILE 3

Tavistock PB PROFILE 3 returned 0.05% in March and the IA Mixed Investment 0-35% Shares sector rose 0.47%. The profile has a rolling 1-year return of 7.50%.

MAR 2017 Return

0.05%

YTD

1.39%

1 Year Rolling Return

7.50%

Tavistock PB PROFILE 4

Tavistock PB PROFILE 4 returned 0.12% in March and the IA Mixed Investment 20-60% Shares sector rose 0.79%. The profile has a rolling 1-year return of 11.24%.

MAR 2017 Return

0.12%

YTD

1.66%

1 Year Rolling Return

11.24%

Tavistock PB PROFILE 5

Tavistock PB PROFILE 5 returned 0.22% in March and the IA Mixed Investment 20-60% Shares sector rose 0.79%. The profile has a rolling 1-year return of 13.75%.

MAR 2017 Return

0.22%

YTD

2.09%

1 Year Rolling Return

13.75%

Tavistock PB PROFILE 6

Tavistock PB PROFILE 6 returned 0.36% in March and the IA Mixed Investment 40-85% Shares sector rose 1.00%. The profile has a rolling 1-year return of 16.94%.

MAR 2017 Return

0.36%

YTD

2.65%

1 Year Rolling Return

16.94%

Tavistock PB PROFILE 7

Tavistock PB PROFILE 7 returned 0.35% in March and the IA Flexible Investment sector rose 1.05%. The profile has a rolling 1-year return of 22.12%.

MAR 2017 Return

0.35%

YTD

3.11%

1 Year Rolling Return

22.12%

Tavistock PB PROFILE 8

Tavistock PB PROFILE 8 returned 0.38% in March and the IA Flexible Investment sector rose 1.05%. The profile has a rolling 1-year return of 24.27%.

MAR 2017 Return

0.38%

YTD

3.39%

1 Year Rolling Return

24.27%

Tavistock PB Income

Tavistock PB Income returned 0.79% in March and the IA Mixed Investment 20-60% Shares sector rose 0.79%. The profile has a rolling 1-year return of 13.87%.

MAR 2017 Return

0.79%

YTD

2.65%

1 Year Rolling Return

13.87%

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.