TAVISTOCK PB PROFILES
May 2017 Performance

Manager Commentary

The latest opinion polls in the UK indicate that the average gap between the Conservative and Labour parties has narrowed to less than 10 points. This is not a surprise given the size of the lead that the Tories allegedly had prior to announcing the snap general election, but Theresa May will certainly be concerned with the notoriously unpredictable polls. The Conservatives are in a commanding position across much of the country and the opposition parties continue to lack strong leadership and credible policies. The chances of a hung parliament are remote and the odds still favour an enlarged majority for the Prime Minister on the 8th of June. The UK equity markets are looking beyond the “white noise” created by the pollsters and are pricing in a strong set of cards for the UK in the upcoming Brexit negotiations. The global recovery in the mining and energy sectors drove the FTSE 100 up 4.39% to a new high of 7,585 and the FTSE 250 climbed 1.82%. Sterling was marginally lower versus the US dollar and fell -3.49% against the euro following Emmanuel Macron’s victory over Marine Le Pen in the French presidential election.  Donald Trump continues to court controversy on a number of fronts. This has become the new pattern in US politics and is increasingly ignored by investors. The S&P 500 rose 1.16% and the NASDAQ reached a record high of 5,809. The MSCI World gained 1.78%, but trading in commodity markets was subdued as the GSCI declined -1.57%. The price of WTI oil fell -2.05% and closed at $48.32 per barrel. Ten-year gilt yields fell -3.5 basis points to 1.05%. The UK bond markets offer little value to investors given the recent increase in inflation to 2.70%. History suggests that periods of negative real yields tend to be short-lived, which explains our over-weight position in the front end of the yield curve.

Tavistock PB PROFILE 3

Tavistock PB PROFILE 3 returned 0.98% in May. The  Market Composite Benchmark and the IA Mixed Investment 0-35% Shares sector returned 0.69% and 1.29% respectively. The profile has a rolling 1-year return of 8.59%.

MAY 2017 Return

0.98%

YTD

2.26%

1 Year Rolling Return

8.59%

Tavistock PB PROFILE 4

Tavistock PB PROFILE 4 returned 1.17% in May. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.76% and 1.78% respectively. The profile has a rolling 1-year return of 12.33%.

MAY 2017 Return

1.17%

YTD

2.70%

1 Year Rolling Return

12.33%

Tavistock PB PROFILE 5

Tavistock PB PROFILE 5 returned 1.45% in May. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.82% and 1.78% respectively. The profile has a rolling 1-year return of 15.00%.

MAY 2017 Return

1.45%

YTD

3.40%

1 Year Rolling Return

15.00%

Tavistock PB PROFILE 6

Tavistock PB PROFILE 6 returned 1.68% in May. The Market Composite Benchmark and the IA Mixed Investment 40-85% Shares sector returned 0.88% and 2.46% respectively. The profile has a rolling 1-year return of 18.42%.

MAY 2017 Return

1.68%

YTD

4.36%

1 Year Rolling Return

18.42%

Tavistock PB PROFILE 7

Tavistock PB PROFILE 7 returned 1.72% in May. The Market Composite Benchmark and the IA Flexible Investment sector returned 0.95% and 2.51% respectively. The profile has a rolling 1-year return of 23.84%.

MAY 2017 Return

1.72%

YTD

5.22%

1 Year Rolling Return

23.84%

Tavistock PB PROFILE 8

Tavistock PB PROFILE 8 returned 1.73% in May. The Market Composite Benchmark and the IA Flexible Investment sector returned 1.01% and 2.51% respectively. The profile has a rolling 1-year return of 26.13%.

MAY 2017 Return

1.73%

YTD

5.81%

1 Year Rolling Return

26.13%

Tavistock PB Income

Tavistock PB Income returned 2.13% in May. The Market Composite Benchmark and the IA Mixed Investment 20-60% Shares sector returned 0.82% and 1.78% respectively. The profile has a rolling 1-year return of 16.10%.

MAY 2017 Return

2.13%

YTD

4.14%

1 Year Rolling Return

16.10%

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.