Newton 50/50 global equity fund datasheet q4 201
CALENDAR PERFORMANCE (%)
As at 31 December 2011
For professional clients only
The objective of the Sub-Fund is to invest in a broad
spread of UK and international securities to achieve
income and capital growth over the longer term. The Sub-Fund will be managed to a benchmark of
international equities. The Sub-Fund may also
invest in collective investment schemes.
To outperform a benchmark consisting of 50% UK
equities (50% FTSE All-Share)and 50%
international equities (1/3 FTSE AW North
America, 1/3 FTSE AW Europe ex UK, 1/3 FTSE AW
Asia Pacific) by 1-2% p.a. over rolling five year
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.
The Fund’s return ended slightly ahead of benchmark in what proved to be a highly volatile quarter for
global equities. During this period, stock-specific factors tended to take a back seat as policy
developments, specifically those relating to the ongoing sovereign debt crisis in Continental Europe, dominated investor sentiment.
Historical fund statistics - 3 years
Against this backdrop, the strategic underweighting of the banks sector contributed positively to
performance, particularly through the avoidance of those institutions exposed to the troubled peripheral
eurozone economies. The most significant positive impact at stock level derived from the void stance in
poorly performing large benchmark names, HSBC and Lloyds Banking Group.
Outside the banking sector, there were some pleasing performances in Continental Europe. Bayer and
Total, two holdings that were increased significantly during the previous quarter, performed particularly
well. Interpublic, another position which was topped up following poor performance over the summer,
exerted a similarly beneficial influence.
Disappointments included Sprint Nextel, which detracted from performance as a poorly handled investor
day raised questions as to how the group plans to fund its accelerated network upgrade. Finally, in Asia,
speciality chemicals producer Huabao declined as demand from its food and tobacco customers slowed.
Review of activity
We continue to find the defensive growth characteristics of the healthcare sector appealing, both from a
thematic perspective, and also in terms of our relatively cautious outlook. In line with this view, we increased the weighting in Sanofi, which boasts a diversified exposure to pharmaceuticals, vaccines and
Dealing and share prices
consumer health. We expect the stock to be re-rated as the group moves beyond the expiry of its Plavix
patent later this year. In contrast, Medco, the pharmacy benefit manager, is a beneficiary of the
forthcoming step-up in generic consumption, due to the higher margins the company earns on these
Share / unit prices daily at: www.bnymellonam.com/pooledprices or
products. Medco’s profitability should be further bolstered following its proposed amalgamation with
In the UK, we introduced a holding in Sage. Following the recent disposal of its healthcare business, Sage has strengthened its balance sheet and is now focused on accounting software. This franchise generates
impressive cash flow and boasts substantial recurring revenues, both of which are compelling attributes
Tel: 0844 892 2715Dealing fax: 0844 892 2716
Such purchases were funded by the sales of Turkcell and Cable & Wireless Worldwide in the
Newton Institutional Business Development Team
telecommunications sector, actions that were motivated by increasing competitive intensity in their
respective markets. In addition, we trimmed exposure to Yingde Gases as we grew more concerned about
the outlook for the Chinese steel industry, a major end-market for the group.
3 MONTH RELATIVE CONTRIBUTION - TOP
3 MONTH RELATIVE CONTRIBUTION -
BOTTOM FIVE (%)
ATTRIBUTION BY REGION (%)
3 Month attribution
ATTRIBUTION BY SECTOR (%)
3 Month attribution
ACTIVE POSITIONS - TOP TEN
ACTIVE POSITIONS - TOP TEN
TOP TEN HOLDINGS (%)
All performance data is sourced from Newton Investment Management Limited (except where otherwise stated) as at 31 Dec 2011. 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. Clients should be aware that past performance is not a guide tofuture performance and that the value of investments and income derived from them can go down as well as up. Clients may not get back the full amount invested. The Prospectus and/or Simplified Prospectus
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 the interest ofsecurity, 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 clients only. It is forillustrative 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. Newton
Investment Management Limited is a member of the IMA. CP7111-02-08-2011 (6M)
On 31 July 2004 Funds merged into sub-funds of the BNY Mellon Investment Funds ICVC. Performance prior to this date is based on the Newton Exempt Global Equity Fund.On 1 April 2010 the Newton 60/40 Global Equity Fund was renamed Newton 50/50 Global Equity Fund. The name change reflects the change in the weighting of the Fund’s benchmark to 50% UK equities
and 50% international equities. Please refer to the Fund Prospectus for further details.
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