Myddleton Croft Investment Managers Balanced Moderate Risk Model

Myddleton Croft Investment Managers

KEY FACTS
Portfolio Risk Spectrum

September 2011

MANAGERS COMMENTARY
Third Quarter Review

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Periodically we find it useful to return to the scene of the crime and look at what we got right and, because we dont claim infallibility, what we got wrong, particularly in a period such as the last quarter where market movements have been so pronounced. It is often the case that one can see an interesting pattern or that a sector or area of the stock market, currency or bond market, has not moved as expected thus an opportunity emerges. Firstly, I will seek to pick out the more salient issues of the last quarter, starting in the US where investor and consumer confidence took a fall. Congress showed its inability to work in the national interest and work with its rivals either to sort out the debt ceiling or to show some leadership to bring entitlement spending under control and reduce the huge debt mountain. As we commented in July, US GDP figures for Q2 were weak and further (downward) revisions to historic GDP numbers were made. These weak economic figures are symptomatic of, at best, weak stall speed growth or portend a double dip. Toward the latter part of the quarter greater concerns emerged over China property and debt and that growth was likely to be modest and unlikely to be the boon to world growth as it was hailed in the Lehmans aftermath. Moreover, weakening global growth has been exacerbated over the last few months by the euro zones ostrich impersonation. In Europe two fundamental issues remain. Firstly the failure of the euro zone to grasp that the problem is solvency of the European banking sector and not Greek liquidity. The game of extend and pretend used by euro zone politicians to delay action, on the expectation that, by delaying, growth would act as a bail-out. Such 'hopium' is misplaced as growth looks to be slowing. The second problem is who is going to pay for it? Germany seems unwilling and its electorate would exact harsh punishment on Merkel were she to cave in to euro zone pressure. The first movement from politicians was to get euro zone banks to mark down Greek bonds by 21%, which was woefully inadequate. Marking their debt to market would imply at least a 50% write-down. Further concerted pressure through the markets seems to have finally struck home. As I write, a bail-out by governments seems to be in train. However, we have heard other promises that have failed to materialise and it is not wise to assume it is a done deal. Markets remain precariously balanced. Assuming the euro zone crisis will be solved in an orderly fashion, we still expect growth at best to be subdued and at worst a doubledip. In either scenario we expect earnings growth to be flat to negative. We feel that such an outcome is still not priced into equities where low teens earnings growth for 2012 is still expected in the States. We have noticed one or two disconnects and we have tried to illustrate this in Table 1 below. Equities bore the brunt of the first wave of selling by investors looking to de-risk their portfolios. The second wave extended into areas previously rated safe havens and core investments such as emerging market (EM) currencies, EM sovereign debt & commodities. For those looking to take advantage of the sell-off but are unwilling/unable to add to their equity exposure, we consider that high- yield, which has materially underperformed western sovereign debt, offers value. High yield offers an 8%+ yield against a 5 year gilt yield of less than 1.5% and, whilst it is likely that default rates will rise, corporate balance sheets are materially stronger than post Lehman. High yield was a preferred vehicle in early 2009 to scale into the market whilst offering a high yield plus the expectation of a return of capital. Secondly, an unwinding of long US Dollar/Treasury positions which might accompany a perception that the worst of the correction was over, would be positive for EM debt & currency. On a longer term basis we see EM debt & currency continue to have more attractive fundamentals than western currency & sovereigns vis--vis budget deficit and national debt.

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Defensive Risk Model
KEY FACTS
Portfolio Risk Spectrum

September 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 40:60 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 30% and 50% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate..

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Cautious Risk Model
KEY FACTS
Portfolio Risk Spectrum

September 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 45:55 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 35% and 55% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Moderate Risk Model
KEY FACTS
Portfolio Risk Spectrum

September 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 50:50 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 40% and 60% for each asset class, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Adventurous Risk Model
KEY FACTS
Portfolio Risk Spectrum

September2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 55:45 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 45% and 65% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Highly Adventurous Risk Model
KEY FACTS
Portfolio Risk Spectrum

September 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 60:40 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 50% and 70% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Speculative Risk Model
KEY FACTS
Portfolio Risk Spectrum

September 2011

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 80:20 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 70% and 90% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

Investment Managers Patrick Toes

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Enhanced Income Portfolio
KEY FACTS
Investment Managers Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

Q3 2011

PORTFOLIO OBJECTIVE
The objective of the Enhanced Income Portfolio is to target a 6% return of which 4% can be distributed either half yearly, yearly or rolled up. The secondary aim is to provide a degree of protection against the effects of inflation. The portfolio is predominantly invested in bonds, which will comprise 70% of the allocation on average with the balance invested in equities, absolute return and commodities. The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the performance and volatility data before that date (presented below) is from the back-tested portfolio and is provided for illustration purposes only.

Investment Profile

EIP

PORTFOLIO KEY ATTRIBUTES

Back Tested Performance Since Jan 2008

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

Stephen Wood
Assistant Investment Manager graduated from the University of Manchester in economics. His industry experience ranges from petro-chemical finance to pharmaceutical development within large multinationals. He holds several financial qualifications including CIMA and the IMC and is currently working towards further professional qualifications. He joined Myddleton Croft in 2010.

Back Tested 3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up and any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.