Investment Philosophy Bottom up + Long term + Global + High - - PowerPoint PPT Presentation

Ravenscroft Group

Independent + Owned by staff & directors + High profile backers

Investment Team

Experienced + Invested + Client focused

Investment Philosophy

Bottom up + Long term + Global + High quality + Thematic + Valuation-driven

Investment Solution: IFSL Ravenscroft Huntress Balanced Fund

Simple + Liquid + Transparent

A Brand New Opportunity Vartan Ravenscroft: The Singing Men's Chambers, 19 Minster Precincts, Peterborough PE1 1XX T:+44 (0)1733 315155 Vartan Ravenscroft: 10 Brick Street, Mayfair, London W1J 7HQ, T: +44(0) 20 345 71425

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Forecasting the Future Why is predicting the model of choice? Global Trends Increasing wealth, Demography and Innovation BREXIT proof your portfolio Global vs Local Investment Discipline What , Why and Price Understandable Investments that Clients ‘get’!

Learning Objectives Vartan Ravenscroft: The Singing Men's Chambers, 19 Minster Precincts, Peterborough PE1 1XX T:+44 (0)1733 315155 Vartan Ravenscroft: 10 Brick Street, Mayfair, London W1J 7HQ, T: +44(0) 20 345 71425

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We live in a complicated world

So we focus on the parts that matter to you

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The folly of forecasting / the perils of prediction / forecasting fools

1859 “Drill for oil? You mean drill into the ground to try to find oil? You’re crazy!” Associates of Edwin L. Drake refusing his suggestion to drill for oil in 1859. (Later that year, Drake succeeded in drilling the first oil well) 1876 “This telephone has too many shortcomings to be seriously considered as a means of communication” Western Union internal memo 1902 “Flight by machines heavier than air is unpractical and insignificant, if not utterly impossible” Simon Newcomb, Canadian-American astronomer and mathematician, 18 months before the Wright Brothers’ flight at Kittyhawk 1880 “Everyone acquainted with the subject will recognise it as a conspicuous failure” Henry Morton, president of the Stevens Institute of Technology, on Edison’s light bulb

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The folly of forecasting / the perils of prediction / forecasting fools

1903 “The horse is here to stay, but the automobile is

• nly a novelty, a fad”

The president of the Michigan Savings Bank, advising Henry Ford’s lawyer not to invest in the Ford Motor Company 1946 “Television won’t last because people will soon get tired of staring at a plywood box every night?” Darryl Zanuck, movie producer, 20th Century Fox 1977 “There is no reason for any individual to have a computer in his home” Ken Olson, president, chairman and founder

• f Digital Equipment Corporation

1995 “The truth is no online database will replace your daily newspaper” Clifford Stoll, Newsweek article entitled The Internet? Bah!

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Even highly intelligent people can get it wrong…

Irving Fisher One of America's greatest ever economists, said in October 1929 that he believed equities had reached a "permanently high plateau." Less than two weeks later, stocks plunged and didn't reach the highs they fell from for 25 years. Richard Branson In 2010, billionaire entrepreneur issued a warning that "the next five years will see us face another crunch – the oil crunch," predicting a severe supply shortage. Five years later, the price of oil is actually lower than it was then Abby Joseph Cohen In December 2007, Goldman Sachs chief investment strategist suggested the S&P 500 would hit 1,675 by the end of 2008, a climb of 14% — it actually ended below 900.

Source: Business Week Insider UK

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Even highly intelligent people can get it wrong…

Alan Greenspan Former Fed chair warned in his 2007 book "The Age of Turbulence" that the world might need double digit interest rates to control inflation in the near future. Rates have been near zero for the vast majority of the time since.

Source: Business Week Insider UK and Daily Telegraph online

Mark Carney “We might understand that no forecast is perfect, but that is not what [the public] hears - we need to do a better job of explaining what a forecast is and what the different scenarios are for the economy.”

… and they might even admit it

Gertjan Vlieghe “I am never confident of any forecast,” said Gertjan Vlieghe, a member of the interest rate-setting Monetary Policy Committee “…we are probably not going to forecast the next financial crisis, nor are we going to forecast the next recession…”

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Warren Buffet

All my life I have been hearing “Things are more unpredictable now” They’re always unpredictable, I can’t predict what’s gonna happen tomorrow… Speaking on CNBC February 2017

And some words of wisdom…

But we can control what we invest in

We can’t predict markets

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and investment themes that lie within them

We identify long-term global trends

Let’s benefit from those extra pounds

Global wealth is growing

Global Trends

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The world is ageing Let’s make the silver years golden

Changing demographics

Global Trends

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Technology is changing every aspect of our lives

The pace of technological change is accelerating

Global Trends

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Investing in line with them is like

cycling with the wind behind you

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We aim to invest in ‘quality’ assets that will benefit from our long-term investment themes driven by irrefutable global trends: Increasing Wealth - Changing Demographics - Technological Advancement.

How these trends link to our investment themes

Increased consumption, brand power, consumer loyalty Aspiring middle classes, population growth, urbanisation, industrialisation Ageing global population, lifestyle changes, scientific discoveries Efficiency improvements, engineering breakthroughs, digitalisation & connectivity, medical breakthroughs

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Performance

MSCI World vs. MSCI Themes*

31/12/2007 to 31/12/2017 Gross Total Return in GBP

Data from MSCI & FE Analytics

*Composite of 20% MSCI World Consumer Discretionary, 20% MSCI World Consumer Staples, 20% MSCI World Healthcare, 20% MSCI World Industrials, 20% MSCI World Information Technology – rebalanced quarterly.

These figures relate to the past and past performance is not a reliable indicator of future results

Reduces your exposure to geographically specific political and economic outcomes

And investing globally The issues that matter rarely respect borders

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Huntress Funds by Rank and Quartile Data as at 28/02/2018

1 Year 3 Year 5 Year

Huntress Global Income

'O' Class

1.3%

3rd Quartile

12.2%

2nd Quartile

21.8%

2nd Quartile

IA Mixed Investment 0-35% Shares 1.8%

31/57

9.9%

16/46

19.7%

17/40

Huntress Global Balanced

Blend of 'O' & 'I' Classes

5.9%

1st Quartile

24.2%

1st Quartile

42.3%

1st Quartile

IA Mixed Investment 20-60% Shares 3.5%

21/151

19.7%

8/137

36.6%

13/118

Huntress Global Growth

Blend of 'O' & 'I' Classes

8.1%

1st Quartile

31.5%

1st Quartile

53.8%

1st Quartile

IA Mixed Investment 40-85% Shares 5.4%

17/155

20.4%

10/132

40.9%

12/117

Data is the total return, net of fees, sterling performance for the indicated offshore Huntress funds. IA Sector is a UK Peer Group Index. Please note that the funds have not always been managed in line with the IA Sector parameters; there may have been periods where the equity weighing was higher than the IA Sector maximum. Past performance numbers should not be relied upon as a specific guide to future returns. Figures are derived directly from our Offshore funds – our UK Onshore range is a mirror. Offshore funds only available to High Net Worth Clients. All data is in GBP. Fund performance is based on the Huntress (Offshore) Fund Range - 'O' class was launched 01.04.16, prior to this date, data on the Range’s 'I' class is shown. Annual Management Charge: 'O' class - 0.75% p.a. 'I' class - 1.5% p.a. (% Total Return, NAV Based, Net of AMC, including ongoing charges, excluding initial charges) Data from MSCI & FE Analytic

Our Strategies

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Forecasting the Future Why is predicting the model of choice? Global Trends Increasing wealth, Demography and Innovation BREXIT proof your portfolio Global vs Local Investment Discipline What , Why and Price Understandable Investments that Clients ‘get’!

Your Learning Outcomes Vartan Ravenscroft: The Singing Men's Chambers, 19 Minster Precincts, Peterborough PE1 1XX T:+44 (0)1733 315155 Vartan Ravenscroft: 10 Brick Street, Mayfair, London W1J 7HQ, T: +44(0) 20 345 71425

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Ravenscroft Group

Independent + Owned by staff & directors + High profile backers

Investment Team

Experienced + Invested + Client focused

Investment Philosophy

Bottom up + Long term + Global + High quality + Thematic + Valuation-driven

Investment Solution: IFSL Ravenscroft Huntress Balanced Fund

Simple + Liquid + Transparent

Availability

Adviser Platforms and Direct

SUMMARY: A New Opportunity Vartan Ravenscroft: The Singing Men's Chambers, 19 Minster Precincts, Peterborough PE1 1XX T:+44 (0)1733 315155 Vartan Ravenscroft: 10 Brick Street, Mayfair, London W1J 7HQ, T: +44(0) 20 345 71425

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Investment Fund Services Limited (IFSL) is the Authorised Corporate Director of the IFSL Ravenscroft Huntress OEIC. IFSL is registered in England

• No. 06110770 and is authorised and regulated by the Financial Conduct Authority. Registered office: Marlborough House, 59 Chorley New Road,

Bolton, BL1 4QP. Copies of the Prospectus and Key Investor Information Documents are available in English from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9321 or writing to IFSL, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP. The information within this document has been issued and approved in the UK by Vartan Ravenscroft, who act as a sponsor to the OEIC, and are authorised and regulated by the Financial Conduct Authority. All material in this document is information of a general nature relating to United Kingdom matters only and does not address the circumstances of any particular individual or entity. Nothing in this document constitutes professional and/or financial advice, nor does any information in this document constitute a comprehensive or complete statement of the matters discussed or the law relating thereto. Information in this document may not be accurate or current. In particular (but without limitation) information may be rendered inaccurate by changes in applicable laws and other regulations. Information contained within this document is made available without responsibility on Vartan Ravenscroft’s part. Vartan Ravenscroft neither assumes nor accepts any responsibility or liability (including for negligence) in relation thereto. No action should be taken or omitted to be taken in reliance upon information in this document. Advice from a suitably qualified professional should always be sought in relation to any particular matter of circumstances. None of the above shall be taken to exclude liability for fraud or for negligence causing death or personal injury. Nothing in this document constitutes or forms part of any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it, or any part of it form the basis of, or be relied upon in any connection with any contract or commitment whatsoever. The value of investments and the income derived from them may go down as well as up and you may not receive back all the money which you invested. Any information relating to past performance of an investment or investment service is not necessarily a guide to future performance. Fluctuations in the rate of exchange may have an adverse effect on the value, price or income of non-sterling denominated investments. RISK WARNING: The value of your investments can go down as well as up, so you could get back less than you invested. The value of investments and the income derived from them may go down as well as up and you may not receive back all the money which you invested. Any information relating to past performance of an investment or investment service is not necessarily a guide to future performance. Fluctuations in the rate of exchange may have an adverse effect on the value, price or income of non-sterling denominated investments. The fund has a concentrated portfolio which means greater exposure to a smaller number of securities than a more diversified portfolio. The fund may experience greater volatility as a result of this. 22