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Newton real return fund data sheet q2 2010
CALENDAR PERFORMANCE (%)
As at 30 June 2010
For professional investors only
The objective of the Sub-Fund is to achieve significant real rates of return in sterling terms
predominantly from a portfolio of UK and international securities. The Sub-Fund may also
invest in deposits, money market instruments,
derivative instruments, forward transactions and
To outperform benchmark (1 month LIBOR) by 4% p.a. over rolling 3-5 year periods, the Fund’s target
Type of shares / units Accumulation/Income
Source: BNY Mellon Analytical Solutions CAPS where available; Newton where not available. CAPS indices are adjusted for withholding tax. Total return, gross of fees. Close of business pricing. Past performance is not a guide to future performance.
Over the quarter, the Fund underperformed its cash benchmark. Our positioning within equities and bonds proved unhelpful for performance. Within our significant allocation to equities, our holdings in oil and gas
Historical fund statistics - 3 years
producers were the worst performers, especially BP, which experienced a dramatic share price collapse
following the Gulf of Mexico oil spill. While the company faces substantial compensation claims and has
set up a US$20 billion compensation fund, we believe that its share price decline was excessive and the
Another unhelpful contribution to relative performance was our zero position in gilts which, unlike
equities, posted a positive return. In addition, our holdings in high-yield corporate bonds, which we have
preferred over gilts, detracted from our performance, as the broad increase in risk aversion prompted a
widening in credit spreads. To some degree, UK government bonds were the indirect beneficiaries of the
difficulties faced by the European sovereign debt market. Towards the end of the period, investors were
also encouraged by the fiscal austerity demonstrated in the new UK coalition government’s emergency
Gold delivered solid gains, benefiting from rising risk aversion and ongoing inflation fears. The holding in
ETFS Physical Gold was a significant positive contributor given the backdrop of falling equity indices.
Review of activity
Dealing and share prices
The quarter’s correction in equity indices presented a number of attractive buying opportunities for stock
pickers. Our core defensive holdings remain telecoms, pharmaceutical, aerospace and utility stocks, which
are complemented by investment-grade corporate bonds and some high-yield instruments.
Share / unit prices daily at: www.bnymellonam.com/pooledprices or www.newton.co.uk/pooledprices
We added to our holding in GlaxoSmithKline, whose share price had been affected by concerns about its
diabetes drug Avandia. However, a committee convened by the Food and Drug Administration has voted to keep Avandia on the US market. We also added to positions in Novartis and Roche Holdings. Generally,
Pooled Fund Client OperationsTel: 0844 892 2715
we prefer healthcare stocks. We believe they offer ample scope for innovation and will benefit from the
demographics of ageing populations and the growing number of people in the developing world able to
Newton Institutional Business Development TeamTel: 020 7163 5730email: firstname.lastname@example.org
Because we believe BP still offers value, we added to our equity holding and also established a position in 5.25% BP 2013 corporate bonds, for which we were able to secure a very attractive 7% yield.
ASSET CLASS ALLOCATION (%)
ABSOLUTE CONTRIBUTION (%)
CONTRIBUTION BY MINOR SECTOR (%)
Oil Equipment Services & Distribution
Source Physical Markets PLC Secured Gold
ETFS Agriculture DJ-AIGSM 0% Secured Note
SECTOR ALLOCATION (%)
RETURN BY SECTOR (%)
TOP TEN HOLDINGS (%)
All performance data is sourced from Newton Investment Management Limited (except where otherwise stated) as at 30 Jun 2010. All Fund returns are calculated on a close of business offer price. All Fundsare shown on a gross of fees basis. The information shown is deemed correct at time of publication but may be subject to subsequent revision. Investors should be aware that past performance is not a guideto future performance and that the value of investments and income derived from them can go down as well as up. Investors may not get back the full amount invested. The Prospectus and/or SimplifiedProspectus should be read before an investment is made. This document can be obtained from www.bnymellonam.com or by calling 0500 66 00 00. To help us continually improve our service and in theinterest of security, we may monitor and/or record your telephone calls with us. Portfolio holdings are subject to change at any time without notice. The information provided is for use by professional investorsonly. It is for illustrative purposes only and should not be construed as a recommendation to purchase or sell any security.
It should not be published in hard copy, electronic format, via the web or in any other medium accessible to the public. BNY Mellon Asset Management International Limited (BNYMAMI) is not responsible forany subsequent investment advice given based on the information supplied. This document is issued in the UK by BNYMAMI, 160 Queen Victoria Street, London EC4V 4LA. Registered in England No. 1118580.
Authorised and regulated by the Financial Services Authority. BNYMAMI and Newton Investment Management Limited are all ultimately owned by The Bank of New York Mellon Corporation. NewtonInvestment Management Limited is a member of the IMA. CP5188-07-05-2010(6M)From 1 July 2009 the Newton Absolute Intrepid Fund was renamed Newton Real Return Fund. From 31 March 2008, the Newton Absolute Intrepid Fund has been managed using a global multi-asset structureaimed at generating superior returns in absolute terms. It is now placed in the Absolute Return sector and all index returns shown are for the LIBOR GBP 1 Month plus 4%. On 30 July 2004, the Newton IntrepidFund was renamed Newton Absolute Intrepid. The performance since 1 April 2004 is the date that the Fund was restyled. Past performance is not a guide to future performance. The value of investments andthe income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested.
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