Fund Manager Quarterly Review Reporting period: Q2 2013 30 June - - PowerPoint PPT Presentation

Fund Manager Quarterly Review

Reporting period: Q2 2013

30 June 2013

For professional adviser use only and not for distribution to retail clients

Sentinel

Source: FE Analytics. Data to 30 June 2013. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. *Annualised ratios taken from monthly returns from 30 June 2012 to 30 June

• 2013. The fund launched on 13 May 2008.** 3 Month GBP LIBOR volatility. Past performance is not a

guide to future returns.

Performance to 30 June 2013

3m 6m 1yr Since 13 May 2008 Volatility* Sentinel Defensive Fund +0.30% +2.23% +7.54% +16.05% 2.09% 3 Month GBP LIBOR + 1% +0.38% +0.74% +1.57% +13.15% 0.03%** FTSE Government All Stocks

• 3.76%
• 3.08%
• 2.37%

+37.70% 5.34% FTSE 100

• 2.03%

7.62% 15.81% +21.62% 9.07%

Sentinel Discrete Performance

Source: FE Analytics. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. Past performance is not a guide to future returns.

Discrete Quarterly Performance 30-June-13 31-Mar-13 31-Dec-12 30-Sept-12 30-June-12 Sentinel Defensive Fund +0.30% +1.92% +1.68% +3.46%

• 0.82%

Benchmark (LIBOR +1%) +0.38% +0.36% +0.39% +0.43% +0.50% Discrete Annual Calendar Performance 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 31-May-08 to 31-Dec-08 Sentinel Defensive Fund +7.40

• 0.41%

+6.72% +18.55%

• 16.10%

Benchmark (LIBOR +1%) +1.84% +1.87% +1.70% +2.22% +4.08%

Sentinel Performance Since Launch

Source: FE Analytics. Data from 13 May 2008 to 30 June 2013. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. Since change of management performance, data taken from 23 November 2009 to 30 June 2013. Past performance is not a guide to future returns.

Since 23 November 2009 (Change of Manager) — FTSE 100 +31.9% — FTSE Government All Stocks +20.9% — Sentinel Defensive +17.4% — LIBOR GBP 3m +1% +6.4%

Transactions Sentinel

Settlement Date B/S Full Name Amount Price Currency Consideration Notes

28/06/2013 S Invesco Income Growth Trust 17M 242.00 GBP 41,140.00 Discount tightened 28/06/2013 S SocGen FTSE Synthetic Zero 2013 (SZ16) 8170 69.95 GBP 571,491.50 3.2% gry,1.6X Cover, 0.52 yrs 27/06/2013 S Invesco Income Growth Trust 25M 241.00 GBP 60,250.00 Discount tightened 25/06/2013 B March 14 Puts on UKX 10 411.00 GBP 41,100.00 Vol still low providing cheap hedge 19/06/2013 B MS 5Y FTSE 100 5.50% Autocall 600 100.00 GBP 600,000.00 5 Year, Autocall Triggers 110, 100, 90, 80, 50, European Knock in Put @ 50 18/06/2013 S F&C Asset Management 9% 2016 137 107.75 GBP 153,698.05 Reducing following spread tightening 14/06/2013 B JP Morgan 6Y FTSE/SP500 8.2% Autocall 800M 0.97 GBP 777,680.00 100,100,100,100,85,65. 8.2% Step up, SP500 & FTSE. 11.2% to next, +c5% on index, 7.4% to last, -31.7% to barrier (worst) 12/06/2013 B Credit Suisse 6yr FTSE/Eurostoxx 8.35% Autocall 600 95.95 GBP 575,700.00 100,100,100,90,80,60. 8.35% step up, FTSE/Eurostoxx.12.6% to next,+8% required, 7.77% to last,-36% 12/06/2013 B World Trust Fund 140M 218.00 GBP 305,200.00 Global discount opportunities, 11.3% Discount 10/06/2013 B December 13 Puts on SPX 4 52.00 USD 20,800.00 Held against WTR 05/06/2013 B JP Morgan Private Equity Limited Zero 2015 150M 79.00 GBP 118,500.00 Topping up 05/06/2013 B Brunner Investment Trust 20M 489.50 GBP 97,900.00 Global equity portfolio, 50:50 ASX:FTSE W exU, large family position >30% managed by Allianz, 23p rev reserve, c.18% discount, Beta c.1x 05/06/2013 B Jupiter Primadona Growth Trust 7500 1,310.00 GBP 98,250.00 9.7% Discount, DCM limits attractive, 75% FTSE All Share, 25% FTSE World ex UK 04/06/2013 B JZ Capital Partners Zero 20M 326.25 GBP 65,250.00 4.13% GRY, 5.66x cover,3.05yrs 04/06/2013 B Dexion Trading Limited 200M 136.00 GBP 272,000.00 3.6% Discount, 3% Discount Control, Low NAV, Permal Macro Fund 03/06/2013 B Long Gilt Future June 15 116.27 GBP 1,744,081.50 Rolling Gilt Futures 03/06/2013 S Long Gilt Future Sept 15 115.38 GBP 1,730,731.50 Rolling Gilt Futures 03/06/2013 S Short Gilt Future Sept 100 104.85 GBP 10,485,000.00 Rolling Gilt Futures 03/06/2013 B Short Gilt Future June 100 104.11 GBP 10,411,000.00 Rolling Gilt Futures 03/06/2013 B March 14 Puts on UKX 1 433.00 GBP 4,330.00 Hedging Brunner NAV risk 03/06/2013 B March 14 Puts on UKX 1 494.00 GBP 4,940.00 Hedge 31/05/2013 B Jupiter Primadona Growth Trust 2500 1,310.00 GBP 32,750.00 9.7% Discount, DCM limits attractive, 75% FTSE All Share, 25% FTSE World ex UK 29/05/2013 S RBC 6Y FTSE 100 6.75% Autocall 1200 106.75 GBP 1,281,000.00 Called 29/05/2013 B Acorn Income Fund ZDP 2017 310353 115.25 GBP 357,681.83 Tap Issue 28/05/2013 B JP Morgan 6Y FTSE/SP500/Euro50 10% Autocall 520M 1.04 GBP 538,720.00 Increasing exposure to JPM Defensive Autocall 24/05/2013 B JP Morgan Private Equity Limited Zero 2015 50M 79.00 GBP 39,500.00 Now the most senior of the companies zeros 24/05/2013 B Herald Investment Trust 20M 550.00 GBP 110,000.00 Adding tech exposure on a discount 23/05/2013 B Premier Energy and Water Trust Zero 2015 30M 193.25 GBP 57,975.00 5.44% gry, 1.41X cover, 2.59yrs 23/05/2013 B UBS FTSE/SP500 May 2016 Synthetic Zero 300M 1.07 GBP 320,070.00 gry 3.72% 1.94x 23/05/2013 B Jupiter Primadona Growth Trust 10M 1,310.00 GBP 131,000.00 9.7% Discount, DCM limits attractive 75% FTSE All Share, 25% FTSE World ex UK 23/05/2013 B JP Morgan Claverhouse Investment Trust 25M 539.00 GBP 134,750.00 9% Discount. Hedging off the NAV. Expecting discount tightening from here Conviction trust but similar to benchmark. 22/05/2013 S Long Gilt Future June 5 117.78 GBP 588,900.00 Marginally increasing hedge against risk-free rates rising 22/05/2013 B Dexion Absolute Limited Ord GBP 12M 145.00 GBP 17,400.00 Listed line, wide discount

Transactions Continued Sentinel

Settlement Date B/S Full Name Amount Price Currency Consideration Notes

22/05/2013 B JP Morgan Claverhouse Investment Trust 50M 534.00 GBP 267,000.00 9% Discount. Hedging off the NAV. Expecting discount tightening from here Conviction trust but similar to benchmark. 21/05/2013 B March 14 Puts on UKX 1 424.00 GBP 4,240.00 Holding against JPG, hedging NAV 21/05/2013 B December 13 Puts on UKX 1 284.00 GBP 2,840.00 Held against JCH 21/05/2013 B JP Morgan Claverhouse Investment Trust 25M 532.50 GBP 133,125.00 9% Discount. Hedging off the NAV. Expecting discount tightening from here Conviction trust but similar to benchmark. 21/05/2013 B Acorn Income Fund ZDP 2017 90M 115.75 GBP 104,175.00 4.81% GRY,2.22x cover,3.7yrs Buying in case of zero scale back on placing. 20/05/2013 B December 13 Puts on UKX 2 291.50 GBP 5,830.00 Held against JCH purchase 20/05/2013 B Invesco Income Growth Trust 70M 258.00 GBP 180,600.00 Buying on discount opportunity 20/05/2013 B Utilico Finance Limited 2014 ZDP 105M 159.00 GBP 166,950.00 3.56% gry,3.68X cover,1.45yrs 17/05/2013 B December 13 Puts on UKX 1 280.00 GBP 2,800.00 Hedging against JPM Claverhouse purchase 17/05/2013 B Premier Energy and Water Trust Zero 2015 60M 192.00 GBP 115,200.00 5.44% gry, 1.41X cover, 2.59yrs 17/05/2013 B Brevan Howard Credit Catalyst 10500 1,137.00 GBP 119,385.00 5% Discount Attractive entry point given discount control 17/05/2013 B Brevan Howard Global GBP Ord 25M 1,214.00 GBP 303,500.00 10.4% Discount Low vol NAV performance, 10% Discount control, BH Macro (45% of Fund) trading at a premium 16/05/2013 B December 13 Puts on UKX 3 282.00 GBP 8,460.00 Hedging IVI exposure 16/05/2013 B JP Morgan Private Equity Limited Zero 2015 180M 78.38 GBP 141,075.00 GRY = 4.48%pa, 2.4x cover, hurdle -30%pa 16/05/2013 S Co-Operative Group 5.875% 18/12/2013 1M 99.90 GBP 1,023,048.76 Selling on heightened press coverage. Bank's estimated Basel III shortfall covered by sub debt without forced sales, etc. 15/05/2013 B JP Morgan 6Y FTSE/SP500/Euro50 10% Autocall 369974 1.04 GBP 384,772.96 5.8% uplift to next call, 6.7% GRY to next 7.55% GRY to final call. 3Inde SP500.FTSE.SX5,Headrm -3.7%, -3.1%, -5.7% or c.-42% to final 15/05/2013 B Dexion Absolute Limited Ord GBP 15M 144.70 GBP 21,705.00 Listed line, wide discount 15/05/2013 B Miton Worldwide Growth Trust Ord 100M 143.25 GBP 143,250.00 9.7% discoun to last NAV (08/05/13). IC discounts still have further to tighten in, stable markets. 14/05/2013 S Schroder UK Growth Fund 100M 160.44 GBP 160,437.50 6.9% Discount to NAV ex Inc (171.88) Discount tighteend post appointment, Julie Dean (Caz UK Opps) starts in July 13/05/2013 S JP Morgan Private Equity Zero 2013 3855038 73.00 GBP 2,814,177.74 Redeemed at its full final entitlement 13/05/2013 B JZ Capital Partners Zero 30M 323.50 GBP 97,050.00 4.33% gry, 5.65X Cover, 3.11yrs 10/05/2013 S December 13 Puts on UKX 1 227.00 GBP 2,270.00 Selling hedge held against SDU (SDU Sold) SQF01 09/05/2013 S December 13 Puts on UKX 1 229.00 GBP 2,290.00 Closing half the hedge against SDU SQF01 09/05/2013 B M&G High Income Trust ZDP 125M 98.75 GBP 123,437.50 5.63% GRY,1.22x cover,3.86yrs 08/05/2013 B UBS FTSE/SP500 May 2016 Synthetic Zero 600M 1.05 GBP 630,300.00 4.20% GRY 1.91X COVER S&P 1.86X FTSE 07/05/2013 B Electra Private Equity ZDP Share 50M 135.75 GBP 67,875.00 4.03% gry,4.36x cover, 3.25yrs 07/05/2013 B M&G High Income Trust ZDP 150M 99.00 GBP 148,500.00 5.55% gry, 1.22x cover, 3.86yrs 5% Hurdle to FE,-10% to CP, -100% to W/O 07/05/2013 B Co-Operative Group 5.875% 18/12/2013 1M 101.76 GBP 1,040,196.15 Cash Management 03/05/2013 B Ecofin Water and Power ZDP 190M 141.00 GBP 267,900.00 3.89% GRY, 4.12x cover,3.24yrs 03/05/2013 B Acencia Debt Strategies 160M 94.75 GBP 151,600.00 Purchased on discount control limit, enhanced buybacks if beyond 10% at end of June

Transactions Continued Sentinel

Settlement Date B/S Full Name Amount Price Currency Consideration Notes

02/05/2013 B Utilico 2016 Zeros 75M 162.75 GBP 122,062.50 4.87% gry,2.03x cover,3.5yrs 26/04/2013 B Brevan Howard Global GBP Ord 5M 1,205.00 GBP 60,250.00 9.7% Discount to NAV Attractive relative discount to BHMG. 24/04/2013 B Utilico 2016 Zeros 50M 162.75 GBP 81,375.00 4.87% gry,2.03x cover,3.5yrs 18/04/2013 B Utilico Finance Limited 2014 ZDP 30M 157.00 GBP 47,100.00 4.21%, 3.62x cover,1.54yrs 17/04/2013 B Miton Worldwide Growth Trust Ord 30M 141.50 GBP 42,450.00 Buying on 10% Discount Investment Company Opportunities 16/04/2013 B City Natural Resources High Yield CULS 3.5% 2018 50 95.00 GBP 47,500.00 4.57% Yield, 4.42x cover, 5.47yrs 93% premium, buying as a bond 15/04/2013 B Utilico Finance Limited 2014 ZDP 25M 157.25 GBP 39,312.50 4.08% GRY, 3.68x cover, 1.55yrs 15/04/2013 B Electra Private Equity ZDP Share 50M 135.00 GBP 67,500.00 4.13% GRY,4.35x cover,3.31yrs 15/04/2013 B Premier Energy and Water Trust Zero 2015 70M 191.00 GBP 133,700.00 5.39% gry, 1.32x cover,2.71yrs 12/04/2013 B JP Morgan Income & Capital ZDP 100M 149.75 GBP 149,750.00 5.09%,1.35X cover,4.88yrs -10.5% hurdle to current price,-5.96% to FE. 12/04/2013 B Utilico 2016 Zeros 100M 162.25 GBP 162,250.00 4.91% GRY,2.18x cover,3.55yrs 12/04/2013 B M&G High Income Trust ZDP 70M 98.38 GBP 68,862.50 5.63% GRY,1.19x cover,3.93yrs -9.5% hurdle to current price, -4.4% to FE. 10/04/2013 B Utilico Finance Limited 2014 ZDP 25M 157.00 GBP 39,250.00 gry= 4.03%,-57.63% HTCP,3.68X 09/04/2013 B Utilico Finance Limited 2014 ZDP 25M 157.25 GBP 39,312.50 gry= 4.03%,-57.63% HTCP,3.68X 09/04/2013 B Utilico 2016 Zeros 25M 162.50 GBP 40,625.00 2.03x cover,3.5yrs 09/04/2013 B JP Morgan Private Equity Limited Zero 2015 50M 77.00 GBP 38,500.00 GRY = 5.02%, cover = 2.05x but senior zero about to be repaid predominantly from

• cash. shareholder friendly activity and Europe worry

08/04/2013 B Premier Energy and Water Trust Zero 2015 75M 190.50 GBP 142,875.00 5.56%gry,-14.34% HTCP,1.32X 08/04/2013 B Ecofin Water and Power ZDP 25M 140.00 GBP 35,000.00 4.03%GRY, -36.72% HTCP, 4.11x 08/04/2013 B JP Morgan Private Equity Limited Zero 2015 50M 77.00 GBP 38,500.00 5.15% GRY, -25% HTCP,2.02x 08/04/2013 B M&G High Income Trust ZDP 100M 98.50 GBP 98,500.00 5.58% gry,-10.41% HTCP,1.25x 08/04/2013 B JZ Capital Partners Zero 80M 320.75 GBP 256,600.00 4.48% gry,-44.23% HTCP,5.65x 08/04/2013 B Ecofin Water and Power ZDP 75M 140.00 GBP 105,000.00 4.03% gry, -36.72% HTCP, 4.11x 08/04/2013 B Jupiter Second Split Trust Zero 500M 37.38 GBP 186,875.00 4.80% gry, -20.66% HTCP,1.33X 05/04/2013 B Ecofin Water and Power ZDP 50M 140.00 GBP 70,000.00 4.02% GRY, 4.11x cover,3.3yrs 04/04/2013 B Schroder UK Growth Fund 100M 152.00 GBP 152,000.00 10.9% Discount, discount control at 5% Awaiting news on new manager. 04/04/2013 B Invesco Income Growth Trust 26M 244.00 GBP 63,440.00 Buying on discount opportunity 04/04/2013 B City Natural Resources High Yield CULS 3.5% 2018 25 95.50 GBP 23,875.00 4.43% GRY,11.5x cover, 4.69yrs 93% premium 04/04/2013 B Utilico Finance Limited 2014 ZDP 25M 157.25 GBP 39,312.50 3.95% GRY, 3.68x cover, 1.6yrs 04/04/2013 B Premier Energy and Water Trust Zero 2015 125M 190.75 GBP 238,437.50 5.37% GRY, 1.32x cover, 2.75yrs -14.13% Hurdle to current price 04/04/2013 B Ecofin Water and Power ZDP 60M 140.00 GBP 84,000.00 4.02% GRY, 4.11x cover,3.3yrs 04/04/2013 B JP Morgan Income & Capital ZDP 180M 149.75 GBP 269,550.00 5.21% GRY, 1.37x cover,4.91yrs, -10.8% Hurdle to Current Price 03/04/2013 B Invesco Income Growth Trust 26M 242.00 GBP 62,920.00 Buying on discount opportunity 03/04/2013 B Utilico Finance Limited 2014 ZDP 50M 157.25 GBP 78,625.00 3.95% GRY, 3.68x cover, 1.6yrs 01/04/2013 B December 13 Puts on UKX 2 341.50 GBP 6,830.00 Hedge

Zero Dividend Preference Shares Sentinel

• The Fund continues to hold a large weighting in Zero Dividend Preference Shares.
• The Fund continues to prefer zeros that are short dated, senior, with high cover levels and

therefore more defensive by nature which should prove less reactive to underlying market movements.

• JP Morgan Private Equity Zeros redeemed at their final entitlement on 28 April 2013. The

position, as at the last quarter end, held a weighting in the fund in excess of 4.5%. We successfully reinvested these proceeds.

• Over the period, we added holdings such as Utilico 2014 Zeros, Electra Private Equity Zeros,

Premier Energy & Water Zeros, JP Morgan Private Equity 2015 Zeros, M&G High Income Zeros.

• Over the quarter we participated in the placing of additional Acorn Income Fund zeros. The

placing was heavily oversubscribed, to the extent we purchased zeros in the market prior to the placing as we believed the share price was being weighed down by the placing. At the quarter end the zeros were trading at a price over 3% above the placing price.

Synthetic Zeros, Defensive Autocalls & Capital Solutions Sentinel

• Over the quarter, equity markets pushed recent highs and equity market volatility reached

recent lows. However, following the news that the Federal Reserve may look to taper its highly accommodative asset purchase programme, global equity markets retreated and Bund & Gilt prices followed US treasuries down as yields rose sharply.

• Equity markets were sufficiently high to ensure that our defensive FTSE 100 Royal Bank of

Canada autocall was ‘autocalled’ at the first observation date. The holding generated a holding period return of 6.25%.

• For much of the quarter, structured products were not pricing favourably in comparison to
• ther asset classes in which we invest. However, we made a couple of small investments

prior to markets retreating, one into a well covered UBS Synthetic zero based on the FTSE 100 and S&P 500 and a second ‘tri index’ autocall that could afford the worst index to fall 42% before capital was ‘at risk’. Both holdings illustrate that we do not look to chase returns when markets are tight as we maintained our requirement for defensive investments.

• As markets began to retreat and volatility started to increase we have made several

investments in defensive products, which lead to us increasing our allocation to structured solutions over the quarter.

Investment Companies Sentinel

• Performance of our hedge fund investments was generally accretive over the quarter, it was

disappointing that most of the quarter’s gains were lost in the last few weeks during the sharp reversal of markets. Our largest holding, Brevan Howard Global, generated a negative NAV return of -1.3%, however, the share price fell 3.7% as the discount widened. We have written to the board over our concerns on the discount control and we are hopeful of some action. With the Fund trading outside of the 10% discount control threshold, we have some comfort that the discount will be addressed.

• We purchased Schroders UK Growth Fund, a closed end investment company, following the

departure of Richard Buxton to Old Mutual. We purchased the Company on a 10.9% discount to net asset value with the knowledge the Board look to control the discount to a 5% target. We purchased the investment on the understanding that the Board of Schroders UK Growth Fund had access to a pool of high quality managers and would address the discount upon confirmation of the new manager. Julie Dean was named as the new manager, the management fee was reduced and waived for six months, Ms Dean joined Schroders as part of the Cazenove Capital acquisition. The discount immediately tightened to prior levels and we sold our position with an attractive profit. We held equity market protection to hedge off market movements during the holding period.

• We increased our exposure to investment companies over the quarter looking to capitalise on

discounts’ tightening. Most companies we have purchased have higher levels of equity market exposure and we have offset this exposure through purchasing equity market protection.

• We continue to exploit investment companies to gain exposure to niche asset classes, active

management, and discounts versus open-ended alternatives.

Fixed Income Sentinel

• Following a tightening in credit spreads we sold over half our position in the Senior F&C

Asset Management bonds.

• Convertible Unsecured Loan Stocks (CULS) continue to provide a high degree of capital

protection, with attractive return profiles.

• However, some of our CULS have become more equity responsive, following strong

performance of the underlying exposures and so we have reduced these, reinvesting into those closer resembling bonds on attractive yields. An example of this would be reducing

• ur weighting in the Aberdeen Asian CULS in favour of the Edinburgh Dragon CULS. We

still retain a holding of Aberdeen Asian CULS, these have fallen sharply in the recent market sell off, although none the less a profitable investment.

• We added to the City Natural High Yield CULS at the start of the quarter and despite the

poor performing underlying asset class (mining/resource equities & fixed interest securities) the CULS provide high yield with sizeable asset cover. There is little chance of equity conversion.

• We increased our hedge against rising Gilt yields over the quarter which provided the Fund

with some protection as government bond yield rose sharply at the quarter end.

Sentinel The Two F Exposure

Data as at 30 June 2013. Data in brackets as at 31 March 2013.

FF = Fixed Life and Fixed Entitlement F = Fixed Life or Fixed Entitlement + = Further potential

Portfolio Hedge 0.1% FF+ 8.1% (9%) FF 65.2% (70%) F+ 9.0% (7%) Not Fixed 17.8% (14%)

Sentinel

Data as at 30 June 2013.

Asset Allocation

Cash 0.9% Fixed Income 2.6% Zeros 35.5% Synthetic Zeros 26.2% Defensive Autocall 5.8% Convertible Bonds 8.1% Investment Companies 17.6% Capital Solutions 3.2% Derivatives 0.2%

Sentinel Risk Statistics

1 Year Volatility 3 Year Volatility 1 Year Max Loss 3 Year Max Loss 1 Year Max Drawdown 3 Year Max Drawdown

Sentinel Defensive Fund 2.09% 3.41%

• 0.77%
• 3.72%
• 0.77%
• 3.72%

FTSE - 100 9.07% 12.50%

• 5.26%
• 14.11%
• 5.26%
• 14.11%

Volatility table source: FE Analytics. Taken on a bid to bid, total return, UK sterling basis. Data to 30 June 2013, taken on 1 July 2013. Chart source: Bloomberg. Data from 23 November 2009 to 01 July 2013. Past performance is not a guide to future returns.

Historic volatility chart against FTSE 100

Sentinel Defensive Fund FTSE - 100

Sentinel Outlook and Anticipated Changes

• The Fund will continue to maintain a large weighting in investments with defensive qualities

and built in growth.

• We will continue to monitor the duration effects on the Fund with the view to protect against

rising risk free rates.

• We seek diversification through investments in a range of underlying sectors, with downside

protection, and demand strong credit metrics from issuers.

• With several identifiable headwinds existing in financial markets, we continue to remain

defensively positioned. We will continue to keep a large exposure to the Two Fs to achieve predictability.

Sentinel Important Information

Risk of investments

• Past performance is not a guide to the future. The price of shares and income from them may go down as

well as up and you may get back less than you invested. Movements in exchange rates may also affect the value of the investment. Please remember that these investments are typically intended as either medium or long term investments. Reference to any particular stock does not constitute a recommendation to buy or sell the stock. Disclaimer

• Whilst every effort has been made to ensure the accuracy of the information contained within this

presentation, we regret that we cannot accept responsibility for any omissions or errors. This presentation is directed only at authorised financial advisers and professional investors. The information given and

• pinions expressed are subject to change and should not be interpreted as investment advice. Persons

who do not have professional experience in matters relating to investments should not rely on the content

• f this presentation.
• A free, English language copy of the Fund’s full prospectus, Key Investor Information Document and

Supplementary Information Document are available on the Sentinel microsite, www.thesentinelfund.co.uk

• r by calling us on 01483 306090. For your protection, calls may be monitored and recorded for training

and quality assurance purposes.

• Issued by Premier Fund Managers Limited. Premier Portfolio Managers Ltd and Premier Fund Managers

Ltd are ISA managers, authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS and are members of the ‘Premier’ and ‘Premier Asset Management’ marketing groups. 13.07.841cc