ALARM SOUNDED ON ‘BEHEMOTH’ INVESTMENT FUNDS IN DANGER OF CLOSING TO NEW INVESTORS – EXISTING INVESTORS WILL LOSE OUT, WARNS HFM COLUMBUS’ ROB PEMBERTON

P  R  E  S  S   R  E  L  E  A  S  E

May 15 2013

INVESTORS ARE increasingly being channelled into a narrow range of market leading ‘monster’ funds in the wake of tighter regulatory controls – and could be exposed to these juggernaut funds being closed to new inflows simply because they are too big, warns HFM Columbus’ investment director Rob Pemberton.

“The more rigorous regulatory environment following the Government’s Retail Distribution Review has led to an increasing use of so-called Model Portfolios by financial advisers and wealth managers, sometimes through a ‘third party’ arrangement with a discretionary fund manager or else through online asset allocation/fund selection tools,” said Pemberton.

“The direct beneficiaries of this development has been the large established ‘winners’ of the fund management world, which tick all the necessary boxes in terms of past performance screenings and ‘qualitative process’.

Pemberton adds that, while many of these funds have strong performance and are typically doing a sterling job for their investors, their very success could be shoring up real dangers in the future.

“My concern is that an increasing number of these funds will be closed to new investors to prevent them becoming too large to manage and thereby threatening returns to existing investors. You then have a serious problem – it has happened in the past and the indicators are that it is likely to happen again before too long,” said Pemberton.

“Once a Fund moves out of the shadows and onto fund selectors’ radar the inflow of new monies can be substantial.

“In addition to the retail OEIC or Unit Trust vehicles the popular managers often run segregated pension or charity funds with near identical portfolios so it is the size of the ‘strategy’ in aggregate that is important to the manager, not just the open ended retail fund.

“The First State Global Emerging Markets Leaders Fund is the most recent fund to ‘soft close’ to new investors who henceforth will need to pay a 4% initial charge if they wish to invest,” he added.

“Concerns have also been expressed about the size of some Funds in other sectors, most notably Fixed Income.

“The obvious solution for investors would be a retreat to the world of passives but there is no monopoly of wisdom in fund management and there are plenty of other, smaller funds also generating strong returns for fund buyers to select.

For investors wanting to avoid the behemoth funds which may be dragged down by their very success, the following is Pemberton’s pick of the alternatives:

Ends

General enquiries:

Rob Pemberton
Investment Director                                                               07808 329884

HFM Columbus

robert.pemberton@hfmcolumbus.com

Press enquiries:

David Andrews
Senior Consultant – Director                                     07941 255855
DAM PR Ltd

david@davidandrewsmedia.co.uk

Editor’s notes:

HFM Columbus is a joint wealth management operation utilising the expertise of IFA firms Hoyland Financial Management and Columbus. The company targets the higher net worth end of the market and offers in-depth solutions ranging from mortgages and investments to employee benefits, retirement and IHT.

Hoyland Financial Management was established in 1986 by Jeremy Hoyland to provide in-depth, independent financial advice primarily to high net worth individuals and business owners. It has dedicated departments for high net worth financial planning, including investment, pensions and tax advice, mortgages and employee benefits. The team of financial advisers is led by Jeremy Hoyland whose previous career background was in International Banking.  All advisers are professionally qualified and continue to pursue an ongoing programme of specialist technical development.  HFM maintains an in-house department dedicated to product and fund research.

Columbus, based in Tunbridge Wells, Kent, was founded in 1990. Today, directors Marcus Carlton and Charlie Walker head up a team of four other consultants each with many years of experience advising wealthy individuals and their families. Columbus has forged an enviable reputation for its tax structure work through a combination of leading edge thinking and careful due diligence. Columbus is proud to have been awarded chartered status in 2008, a reflection of their dedication to advancing the knowledge base of their consultants and support staff. Columbus maintains an in-house department dedicated to product and fund research.

Tideway Investment Partners Global Navigator Fund (GNF) delivers stellar one year performance – 20.11 per cent back to investors with month on month consistently positive returns. GNF now one of the UK’s top performing investment funds under guidance of manager Peter Doherty

Press release

May 7 2013

TIDEWAY INVESTMENT PARTNERS’ Global Navigator Fund has posted an exceptional return of 20.11 per cent for its retail (Class A) share class in the 12 months to May 2013.

The outstanding return for investors was underpinned by a consistently positive performance every month (see table below – month on month performance at a glance). Whilst according to website FE Trustnet the FTSE 100 fell 8% in May 2012, UK corporate bonds fell 1% in January 2013 and UK gilts fell 3% between August 2012 and January 2013, the Global Navigator Fund has made at least 0.5% every month since May 2012.

The fund, which is in the Absolute Return sector, and was launched on 6 September 2011, is currently ranked in 5th place, based on 12 month returns, out of a total of 192 on and offshore funds on a Sterling converted basis according to fund website FE Trustnet on 1st May 2013.

The Global Navigator Fund has also comfortably outperformed its sector: as the graphic (below) shows, under fund manager Peter Doherty, the fund’s primarily bond focused investment strategy has left the majority of its competitors at the starting post.

The fund, which has a target return of 6 – 8 % p.a. after fees, invests in bonds and currencies with a 6 – 18 month horizon and is hedged against significant capital falls.

“Whilst many equity funds have performed reasonably well overall for the last 12 months, investors had to endure sharp falls in May last year and many emerging market and resource based equity funds have made very little over the period –  our ability to select out performing bonds and hedge against market down turns has deliver consistent performance,” said Peter Doherty.

“Our “Sharpe Ratio” (a standard measure of risk adjusted returns) was 2.70 for the A Units, another compelling signal that the fund has delivered high quality returns,” said Doherty.

“To hedge the bond investments, we have also been short on equity markets providing an additional degree of protection to our investors – we are very pleased to have also delivered a 20 per cent plus return in the current market conditions. Investors want a degree of comfort in volatile markets, and our combination of careful bond selection and an effective hedging strategy has clearly paid off,” he added.

Ends

Media contact: David Andrews, director, DAM PR, 07941 255 855/

david@davidandrewsmedia.co.uk or

Charlie Rigg, consultant: charlie@davidandrewsmedia.co.uk

Editor’s notes:

About Tideway Investment Partners

James Baxter – Managing Partner

James has 24 years experience as a financial adviser and investment manager. James managed his own firm JBCM Ltd, now trading as Dart Capital, from a start up in 1989 to £150m of funds under management at the time of its sale in 2008. James has specialist qualifications in pension advice, taxation, trusts and portfolio management. He provides individual advice and is the support manager for all the firm’s portfolios.

Peter Doherty – Partner & CIO

Peter has 25 years experience in fixed income, currency and derivative structuring and sales and has held a number of senior positions at Goldman Sachs, Bear Stearns, Bank of America, Solent Capital and Markit. An Engineering graduate from Oxford University, Peter is the portfolio manager for all Tideway Managed Accounts and investment adviser to the Alceda Global Navigator Fund.

WhiteOak Underwriting reports on Stateside market outlook for crucial sector following post-Sandy devastation

Press Release

18 April 2013

Hurricane Sandy fall out triggers Eastern Seaboard price rises in US automotive underwriting rates - WhiteOak Underwritingreports on Stateside market outlook for crucial sector following post-Sandydevastation

The after-effects of Tropical Storm Sandy continue to have ramifications for the US Truck insurance market.

Lloyd’s of London based specialist underwriter WhiteOak Underwriting Agency today announced that underwriting rates in the first quarter of 2013 have shown a ‘marked up-tick’ since the same time last year, as the effects of Sandy continue to impact on the US Insurance market.

“We saw modest rate increases in the US in both 2011 and 2012, but nothing compared to the jump in pricing we are now witnessing in 2013 as a result of the continuing impact from the devastation caused by Sandy,” said WhiteOak Underwriting Agency’s Director of Underwriting, Matthew Maxwell.

“Our immediate commercial experience is that markets are now looking at how to monitor aggregation of risk but it is proving virtually impossible in the Auto arena, hence causing further uncertainty in the Auto markets,” said Maxwell.

“We are being made aware of major carriers withdrawing from the fire, theft and collision market place (FTC): we thinkthis is directly attributable to the fact that loss ratios were poor prior to Sandy and that the Sandy loss has proved a game changer,” he added.

White Oak Underwriting believes it is the only Auto agency in London collecting granular data per risk, and is well placed to substantiate rate improvements and secure capacity if the improvements continue in the market.

“Our house view is that also the Dealer Open Lot / Floorplan market in the US has come under severe pressure, due to nervousness surrounding aggregation of risk, overall lower rates and catastrophe exposure as a direct result of Sandy and hence has forced underwriters to review their exposures.

“The US Motor Truck Cargo (MTC) market remains soft, although theft is on the increase, while the Marine market continues to write Non- Marine MTC risks at unsustainable pricing levels,” added Maxwell.

“WhiteOak Underwriting is one of the few international underwriters which can respond to current US demand. Sandy caused havoc on an epic scale, and risk perceptions have clearly changed the landscape, but there remains excellent opportunities Stateside and we are well positioned to take advantage of present market conditions,” he said.

– Ends –

Enquiries:

www.whiteoakuw.com 0207 816 7155

info@whiteoakuw.com

Press enquiries:

Charlie Rigg, Consultant

David Andrews Media Ltd

charlie@davidandrewsmedia.co.uk 07793 469612/01273 737352

David Andrews, Director                                         07941 255855 / 01273 737352

David Andrews Media Ltd

david@davidandrewsmedia.co.uk

Editor’s notes:

WhiteOak is a specialist Underwriting agency focused on Worldwide Auto related products. These products include Physical Damage Insurance and Reinsurance, both on Commercial and Private Vehicles, Forestry and Logging Insurance, Motor Truck Cargo, Construction and Agricultural Equipment. White Oak also provides expert Underwriting solutions on Asset Protection and Warranty based products.

WhiteOak has beenfounded on a tradition of Lloyd’s underwriting and claims excellence. We have drawn together the best London Market skills available into a team that will deliver our objectives to provide a competitive product with high quality service levels.

WhiteOak is committed to providing a comprehensive and professional claims service which is paramount to the success of its business and has developed and installed bespoke IT and management reporting systems to ensure that the deliverance of a superior claims service is achieved.

WhiteOak has selected one of the strongest Lloyd’s Managing Agencies as its partner and with a Lloyd’s rating of A from A.M. Best, A+ (strong) from S & P and A+ (strong) fromFitch we are proud of the financial strength behind us.

WhiteOak Underwriting Agency is authorised and regulated by the UK Financial Services Authority (FSA) Reference No. 510331 and is also a fully approved Consortium at Lloyd’s of London, No. 9620.

SABIEN TECHNOLOGY Group plc awarded major contract with Norland Managed Services Ltd

Press release

April 10 2013

Sabien Technology Group plc (AIM: SNT), the manufacturer and supplier of M2G, a boiler energy efficiency technology, is pleased to announce it has been awarded a contract by a leading Facilities Management company, Norland Managed Services Ltd (“Norland”), to install its M2G technology at one of Norland’s own customers.

The contract value and details remain confidential but the order is for the deployment of M2G at approximately 25 sites and the contract value represents just under 10% of last year’s turnover.

Alan O’Brien, Sabien Technology Chief Executive Officer, said:

“The Norland order is a further endorsement of our M2G technology, reinforcing just how effective M2G is at reducing gas consumption and CO2 emissions. This sales order will be recognised as sales revenue during this financial year (year end 30 June 2013).”

For further information:

Media enquiries:

David Andrews

DAM PR 07941 255855/david@davidandrewsmedia.co.uk

Or Charlie Rigg, 07793 469612/charlie@davidandrewsmedia.co.uk

Sabien Technology Group plc

Alan O’Brien, CEO                            Tel: +44 (0) 20 7993 3700

Gus Orchard, CFO                            www.sabien-tech.co.uk

Westhouse Securities

Antonio Bossi                                                Tel: +44 (0) 207 601 6100

Paul Gillam                                        www.altiumcapital.com

Background:

Sabien Technology is a UK-based company which specialises in providing proven and commercially viable technology to reduce carbon emissions and energy usage for private and public organisations.

The M2G is a patented energy efficient technology designed to reduce fuel consumption in commercial boilers. M2G dynamically responds to changing load demand by measuring, identifying and removing dry cycling thus maximising efficiency under all conditions.

M2G is retro-fitted to commercial boilers regardless of age and size and fully integrates and complements existing controls, such as BMS, boiler sequencing, weather compensation and building optimisation controls.

Using intelligent software and hardware, the M2G unit improves a boiler’s efficiency by reducing energy wastage. For further information, please visit our website www.sabien-tech.co.uk.

SABIEN TECHNOLOGY Group plc secures overseas distribution agreement with Fireye, Inc.

Press release

March 26 2013

Sabien Technology (AIM:SNT), the manufacturer and supplier of M2G, boiler energy efficiency technology, is pleased to announce that the Group has today signed a non-exclusive distribution agreement with Fireye, a leading manufacturer of flame safeguard controls and burner management systems for commercial and industrial applications throughout the world based in New Hampshire, U.S., for the supply of its UL-approved M2G boiler optimisation controller.

The territories covered by the agreement include the U.S., the European Union, including Switzerland, China, Japan and South Africa. Read more >>

MAJOR ALTERNATIVE FUNDS REPORT RANKS TIDEWAY INVESTMENT PARTNERS’ GLOBAL NAVIGATOR FUND 6TH BEST PERFORMING UCITS FUND IN 2012 OUT OF 550 REPORTING FUNDS

Press release

19 March 2013

Press release

Tuesday 19 March 2013

London:

Status: News

Outstanding 2012 performance puts Global Navigator Fund  near the top of alternative UCITS funds according to  the 2013 Preqin Global Hedge Fund Report

UCITS regulatory structure increasingly attractive to institutional and pension fund investors

Capital preservation, smoothed returns  and high income  makes the Global Navigator a perfect vehicle for conservative pension fund investors

An influential report on the best performing Alternative UCITS funds has ranked Tideway Investment Partners’ flagship Global Navigator Fund 6^th out of 550 funds worldwide.

The report, by global investment research house Preqin, (see attached) reveals how the increasingly popular use of the European-regulated UCITS structure as a wrapper for alternative investment strategies funds has been able to offer investors increased liquidity, greater transparency on the underlying investments of the fund and regulatory oversight. Read more >>

Rob Pemberton, wealth manager HFM Columbus’ investment director, selects top Isa income funds for 2013/2014

Press release March 11 2013

      M&G Optimal Income

      Jupiter Strategic Bond

      SWIP Absolute Return Bond

      JP Morgan Strategic Bond

      Schroder Income Maximiser

      Fidelity Enhanced Income

      Lazard Global Equity Income

      Newton Real Return

      “Global Equity Funds continue to provide a higher income payment than most UK Equity Income Funds as well as providing some currency diversification, which has added considerably to returns over the last few months.”

FEARS that the lengthy bull-run in the bond markets are coming to an end may well result in a loss of capital for investors, warns wealth manager HFM Columbus’ investment director Rob Pemberton.

Pemberton suggests investors focus on more defensive bond funds with a remit to preserve capital and consequently carrying a very short ‘portfolio ‘duration.’

“Investors have quite rightly seen bond funds as producing healthy yields with minimal threat to capital for many years  now but this could well be about to change,” said Pemberton,

“There is a very real threat that bond markets are coming to the end of a profitable bull run, Any lift in yields will result in a loss of capital, especially in longer dated bonds. Read more >>

Potential turning point in gilt yields sees TIDEWAY INVESTMENT PARTNERS’ GLOBAL NAVIGATOR FUND perfectly positioned to outperform more traditional gilt and corporate bond funds

Press release March 7 2013

Press release

 Continuing returns reflect bond selection, currency positions and interest rate hedging strategy

    Gilt funds down over 6 months, corporate bond funds returns tailing off  

  Global Navigator Fund (GNF) UP over one, three, six and twelve months

THE ABLILITY to hedge against rising gilt yields puts Tideway Investment Partners’ Global Navigator Fund in pole position.

The fund manager’s flagship fund has comfortably outperformed the UK gilt, corporate bond and strategic corporate bond fund sectors in the last 6 months against a backdrop of rising gilt yields which could continue and will provide significant head winds for long only bond funds.

  Read more >>

High earners are missing out on an outstanding investment opportunity – as the 50 per cent top tax rate is about to fall to 45 per cent. Wealth adviser and fund manager TIDEWAY INVESTMENT PARTNERS explains how some high earners can invest as much as £200,000 into a pension account for just £100,000 to gain an immediate 100% return

18 February 2013

Press release

HIGH earners in the £150,000 plus a year bracket have less than two months before the end of the tax year to take advantage of the 50 per cent top tax rate and make contributions to their pensions at a net cost of just 50p per £1 invested.

James Baxter, of Tideway Investment Partners (‘Tideway’ – see Note 1) said:

“In the 80’s and 90’s it was common for high earners to regularly invest the maximum amount into pension plans every year, but pensions have become deeply unpopular in recent years because of a combination of poor investment returns and high annuity costs and so many are simply disregarding this most attractive investment opportunity.”

Many people still believe that the capital value of a pension fund is doomed to be lost with the purchase of an annuity, however the mandatory purchase of an annuity disappeared in April 2011 and since then pension investors can withdraw income from their invested fund until death, pass the fund on whole to a surviving spouse to continue withdrawals and then pass the residual fund to the next generation net of tax. Read more >>

Sabien Technology encouraged with government’s intent to support direct investment in energy efficiency improvements – Prime Minister David Cameron’s pledge to make the UK ‘the most energy efficient economy in Europe’ will give much needed encouragement to businesses

18 February 2013

Press release

      Potential £1 billion investment to support energy efficiency drive likely to change landscape for businesses keen to reduce carbon emissions

Prime Minister David Cameron’s recent pledge (see Note1) to make the UK the most energy efficient economy in Europe has been welcomed by Sabien Technology, the  manufacturer of M2G energy efficiency technology.

The prime minister’s declaration, that countries which embrace and prioritise green energy are likely to secure the “biggest share of jobs and growth in a global low carbon sector set to be worth $4tr by 2015,”

“We need a mix of low-carbon energy and energy efficiency initiatives to protect ourselves from volatile fossil fuel markets and disruption to supplies from unrest abroad, said Sabien Technology CEO Alan O’ Brien.

“What has been the most overlooked and underrated sector is energy efficiency. Reducing energy demand will be crucial to cutting bills and managing supplies. There is already an energy source available to us – it’s the energy we don’t use,” he added.

“David Cameron’s speech was nothing short of a ringing endorsement of the green economy.   Read more >>