|Number of Governed Portfolios outperforming benchmark||1 year||8/9|
|Number of Governed Portfolios within target volatility ranges||9/9|
|Number of GRIPs outperforming benchmark||1 year||5/5|
|Number of GRIPs within short-term risk measure||5/5|
|Number of GRIPS within long-term risk measure||5/5|
*For more information on the risk metrics please see leaflet“Managing Risk in GRIPs”
All five GRIPs continue to outperform over one, three and five years and also since launch.
|Absolute Return Strategies (including cash)|
The following funds will be subject to action prior to the next IAC meeting:
It remains challenging to source an active fund in this space and IAC have requested a widening of the scope and investment style before a decision is made.
The fund is underperforming over all time periods. We have held two interviews with the investment team over the last 18 months and had taken comfort from a turnaround in short-term performance however the fund has dipped below benchmark again this quarter over 1, 3 and 5 years. The fund is not currently recommended by Morningstar. IAC approved the proposal to replace this fund and identify a more suitable replacement at the next IAC meeting.
The fund is underperforming over 1 and 3 years although not to the same extent as the Core UK Equity fund. It sits in the same sector as the Core UK Equity and is not currently recommended by Morningstar. IAC approved the proposal to replace this fund and identify a more suitable replacement at the next IAC meeting.
The following funds are under review: