Glossary
Information for Vision Independent Financial Planning advisers
Information for Vision Independent Financial Planning advisers
An investment, group of investments or fund which aims to provide a positive return in all market conditions over a period of time. It can also mean the rise or fall in the value of an asset over a particular period of time, expressed as a percentage.
A fund may have accumulation and income shares. If an investor selects accumulation shares, any income generated by the fund is automatically reinvested. The amount of the reinvested income is reflected in the increased price of each accumulation share.
A measure of how much of an investment portfolio differs from, or is similar to, a comparator benchmark. The higher percentage the greater the similarity and vice versa.
The excess return of an asset or fund relative to the return of its benchmark. It is often considered to represent the value that a fund manager adds to or subtracts from a fund’s return.
Typically, these are investments other than the more traditional company shares or bonds which could include, for example, commodities (such as gold), infrastructure, private equity, real estate, and hedge funds. Alternative investments can be useful to help with diversification, as some of them are not expected to perform in the same way as more traditional investments.
A loan that is repaid in instalments over the course of its life.
Appreciation means that the value of a financial asset increases over time. This increase occurs for many different reasons, including increased demand, weakened supply or a change in inflation or interest rates.
A bond backed by a pool of assets such as mortgages or consumer loans.
Authorised Corporate Directors (ACDs) are responsible for the running of an investment fund, other than the investment management. They have a duty to act in the best interests of the fund’s investors and ensure that the fund is well managed in line with regulations and with the investment objectives and policies set out in its prospectus.
Banned, or controversial weapons, are either illegal – as their production and use is prohibited by international laws and treaties – or considered controversial because of their indiscriminate effects and the disproportionate harm they may cause. They include biological weapons, chemical weapons, non-detectable fragments, blinding laser weapons, anti-personnel mines and cluster munitions.
The measure of how reactive the price of an investment or a fund is to a comparable benchmark.
Types of investments that allow investors to loan money to governments and companies, usually in return for a regular fixed level of interest until the bond’s maturity date, plus the return of the original value of the bond at the maturity date. The price of bonds will vary, and the investment terms of bonds will also vary.
A bond proxy is an investment other than a bond, such as company shares, that has similar characteristics to bonds and therefore could be expected to perform similarly to bonds.
Selecting companies (stocks or bonds) in which to invest based on the attractiveness of the key characteristics of companies, such as their business area, profits growth or dividends.
A type of derivative. Call options can be used for a number of reasons such as generating income or to gain exposure to an asset. They give the buyer the right, but not the obligation, to buy underlying investments at a pre-agreed price, (the strike price), on, or up to, a specific date in the future (the expiry date). The seller (writer) of the option has an obligation to sell the underlying investments at the strike price if the option is exercised.
Capital appreciation is the increase in the value of an investment, excluding any income received, exceeding the original amount paid for that investment.
Capital depreciation is the fall in the value of an investment, excluding any income received, below the original amount paid for that investment.
The increase in the value of an asset or investment over time, excluding any income received, measured by its current value compared to its purchase cost.
The increase in the value of an asset or investment over time, excluding any income received, measured by its current value compared to its purchase cost.
Capital return is a payment, or return, received from an investment, excluding any income received.
The carbon dioxide (CO2) and other greenhouse gases emitted when fossil fuels are used for power, for example, in the running of vehicles, buildings or industrial processes.
A standardised measure of the carbon emissions from a company relative to its revenues.
A measure of a fund’s exposure to carbon emissions. It can be calculated in a number of ways but provides an average of the underlying investments’ carbon intensity.
A measure of a fund’s exposure to carbon emissions. It can be calculated in a number of ways but gives an indication of the amount of carbon produced by the fund’s underlying investments.
The cost of emitting carbon into the atmosphere, either in the form of traded price, tax or subsidy.
Typically, these are low risk investments that offer a fixed interest rate for a fixed amount of time and are usually offered by banks
CDP (formally known as the Carbon Disclosure Project)
A global organisation which organises an annual climate assessment and reporting system for companies to use to support the reporting of climate risk.
An investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change.
A change of climate that alters the composition of the global atmosphere and which is, in addition to natural climate variability, observed over comparable time periods.
Risks from increasing levels of carbon emissions in the atmosphere (physical or financial)
An economic model based on sharing, leasing, reusing, repairing, refurbishing and recycling, in an (almost) closed loop to minimise waste.
A fund of pooled assets that has a fixed number of shares that are traded on a stock exchange. The fund may invest in different asset types such as company shares, bonds or infrastructure.
A form of engagement carried out alongside other investors. This can be either in formal coalitions of investors to engage on a thematic issue or collaborating with other investors to engage with a company to achieve specific change.
A common term for investment funds with more than one investor, such as unit trusts, Open Ended Investment Schemes (OEICs) and investment trusts.
A form of short-term borrowing by a company which pays a fixed rate of interest, and which is repaid on a set date.
Goods and services that consumers consider non-essential but desirable if their available income is sufficient to purchase them.
Convertibles are bonds that have sensitivity to a company’s share price by having the right to convert to equity subject to certain qualifying conditions. As they have equity characteristics, we classify these as equities.
A statistical measure that indicates the extent to which the prices of two or more investments move relative to each other. If the correlation is high, the prices behave similarly.
Issued by companies and similar to a loan in nature, usually paying a fixed rate of interest.
The process and structure for overseeing the business and management of a company and includes factors ranging from board independence and remuneration practices to capital allocation and accounting practices.
A business concept that describes a company’s commitment to conducting business in a way that provides a positive impact on stakeholders, including the community, and can include all aspects of society, including economic, social, and environmental.
Companies that have controversial practices that result in adverse impacts on society and the environment as defined by various global frameworks such as the UN Global Compact or the UN Guiding Principles on Business and Human Rights.
A rating or score awarded by an independent agency, to indicate the financial strength of the issuer of a bond, and the potential for a default on payments. Bonds issued by developed market governments are generally considered to have the highest rating. As the financial strength or quality of the issuing entity diminishes, so does the credit rating. Higher quality bonds are considered investment grade. Lower rated bonds may be considered to be ‘sub-investment grade’ or ‘high yield’. Not all bonds are rated, and these are ‘nonrated bonds’ which may vary in quality.
A company whose business follows the economic cycle of expansion and recession, for example, restaurants, hotel chains, airlines and car manufacturers. These types of business typically benefit from economic expansion when their products and services are more in demand but can experience declining sales and profits during recessions and other challenging economic conditions.
This is a financial contract whose value is related to the value of an underlying asset or index, often used with the aim of managing risk or enhancing returns.
The shares of investment trusts, Real Estate Investment Trust (REITs) and other companies can have a share price below the value of their net assets, this difference is known as the discount. The shares can also be at a premium to their net assets.
The portion of its profits or capital that a company chooses to return to its shareholders. For a fund or trust, this is the payment of fund’s income to its shareholders.
Earnings before interest payment, tax expense, depreciation of fixed assets and amortisation of intangible assets. EBITDA aims to calculate a level of earnings that would be consistent across similar companies despite potentially differing capital structures.
A ratio that aims to allow valuation comparison between similar companies but have different capital structures.
Managing the Fund in a way that is designed to reduce risk or cost and/or generate extra income or growth.
A significant structural change in an energy system. This currently refers to the energy sector’s shift from fossil fuel-based systems of energy production and consumption to renewable energy sources such as wind, solar or hydro.
A purposeful dialogue between a company management or board and its shareholders that aims to enhance and protect the value of investments. This might take place to seek additional information about a company’s practices or to encourage improvements in performance and processes.
Environmental, social and governance (ESG) factors are identified and assessed in responsible investment processes. Environmental factors relate to the quality and functioning of the natural environment and natural systems including climate change. Social factors relate to the rights, well-being and interests of people and communities including internal stakeholders (including working conditions and labour standards) as well as external (product safety and sourcing). Governance factors relate to the board structure and oversight of a company.
The systematic and explicit inclusion of environmental, social and governance (ESG) factors into investment analysis and investment decisions. This can be of varying degrees, depending on the investment approach employed.
The Enterprise Value of a company, typically calculated by reference to its market capitalisation plus its net financial indebtedness.
These are investment vehicles, traded on an exchange, that track the performance of an underlying commodity, such as gold, or commodity index.
Exclusions prohibit certain investments from a firm or fund. Exclusions may be applied on a variety of issues that maybe considered detrimental to the environment or society and potentially investment returns. These could typically include fossil fuels, tobacco, gambling, alcohol, animal testing and human rights amongst many others.
Scope 3 carbon emissions that relate to investment portfolios.
A type of derivative between two parties to buy or sell an asset at a specified price and time in the future.
Fuels derived from past living plant and animal materials, where the burning of fossil fuels to provide energy releases carbon. Examples include oil, natural gas and coal.
Countries that are less established than the emerging markets because they are too small, carry too much inherent risk, or are too illiquid to be considered an emerging market.
A type of derivative contract in which the underlying value is based on the level of the FTSE 100 index which tracks the performance of the 100 largest companies by market value listed on the London Stock Exchange. Such contracts should increase in value if the FTSE 100 Index falls, therefore potentially protecting the value of a fund invested in UK companies. It can be thought of as an insurance policy.
The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally. The index covers Developed and Emerging Markets and is suitable as the basis for investment products, such as funds, derivatives and exchange-traded funds.
The FTSE 100 (Financial Times Stock Exchange 100 Index), is an index that measures performance of the largest 100 companies listed on the London Stock Exchange (LSE).
A type of derivative contract in which the underlying value is based on the level of the FTSE 100 index which tracks the performance of the 100 largest companies by market value listed on the London Stock Exchange. Such contracts should increase in value if the FTSE 100 Index falls, therefore potentially protecting the value of a fund invested in UK companies. It can be thought of as an insurance policy.
Strong fundamentals are considered to indicate a good company. This would include, for example, the ability to make profits and generate cash through selling goods or services.
Is a general term used to describe collective investment schemes, such as unit trusts, open-ended investment companies and closed-ended investment companies.
This index is composed of the 250 most liquid property companies and real estate investment trusts in Europe with single constituents capped at 10% and the currency exposure hedged to GBP.
A bond issued by a company or other entity where the money raised will be applied exclusively to finance projects which contribute to environmental objectives such as renewable energy or energy efficiency.
Defined and standardised economic activities that are categorised as green – A common framework for defining economic activities that are environmentally sustainable.
A description of an organisation’s products, activities or policies (including investment products) that suggests a positive environmental outcome when this is not the case.
Typically, those companies whose profits are less sensitive to economic activity and can grow profits and generate cash at a rate above the average growth for companies listed on the stock market and through different economic conditions; they usually operate in faster growing industries such as technology or healthcare.
Carbon intensive companies – Premier Miton has defined these as companies that are in the following Global Industry Classification Standard (GICS) sectors, Consumer Discretionary, Energy, Industrials, Materials, Utilities.
Rights that are inherent to all human beings, regardless of race, sex, nationality, ethnicity, language, religion, or any other status. They include the right to life and liberty, freedom from slavery and torture, freedom of opinion and expression, the right to work and education, and many more. The UN Declaration on Human Rights is widely recognised as a benchmark of these basic standards.
To help with comparisons between the thousands of funds available, funds are categorised into different groups or sectors, organised and reviewed by the Investment Association (IA).
Funds in this sector are required to invest at least 80% of their assets in European equities and exclude UK securities.
Funds in this sector are required to have a range of different investments. However, the fund manager has significant flexibility over what to invest in. There is no minimum or maximum requirement for investment in company shares (equities) and there is scope for funds to have a high proportion of shares. The manager is accorded a significant degree of discretion over asset allocation and is allowed to invest up to 100% in equities at their discretion.
Funds in this sector are required to invest at least 80% of their assets globally in equities. Funds must be diversified by geographic region.
Funds in this sector are required to invest 80% or more of their assets in equities from emerging market countries as defined by the relevant FTSE or MSCI Emerging Markets and Frontier indices. The maximum frontier equity exposure is restricted to 20% of the total fund.
Funds in this sector are required to invest at least 80% of their assets globally in equities. Funds must be diversified by geographical region and intend to achieve a historic yield on the distributable income in excess of 110% of the MSCI World Index yield at the fund’s year end. Income shares: if you select this type of share, any income made by the fund is paid out to you.
Funds in this sector are required to have at least 80% of their assets (directly or indirectly) in companies involved in the ownership, operation or maintenance of infrastructure assets (including but not limited to: utilities, energy, transport, health, education, security, communications).
Funds in this sector are required to have a range of different investments. Up to 35% of the fund can be invested in company shares (equities). At least 45% of the fund must be in fixed income investments (for example, corporate and government bonds) and/or “cash” investments. “Cash” can include investments such as current account cash, short-term fixed income investments and certificates of deposit.
Funds in this sector are expected to have a range of different investments. The fund must have between 20% and 60% invested in company shares (equities). At least 30% of the fund must be in fixed income investments (for example, corporate and Government bonds) and/or “cash” investments. “Cash” can include investments such as current account cash, short-term fixed income investments and certificates of deposit.
Funds in this sector are expected to have a range of different investments. However, there is scope for funds to have a high proportion in company shares (equities). A fund must have between 40% and 85% invested in company shares.
Funds in this sector are required to invest at least 80% of their assets in North American equities of companies which form the bottom 20% by market capitalisation.
Funds in this sector are required to invest at least 80% of their assets in North American equities.
Funds in this sector are required to invest at least 80% of their assets in Sterling denominated (or hedged back to Sterling) BBB minus or above corporate bond securities (as measured by Standard & Poors or an equivalent external rating agency). This excludes convertibles, preference shares and permanent interest-bearing shares (PIBs).
Funds in this sector are required to invest at least 80% of their assets in Sterling denominated (or hedged back to Sterling) fixed interest securities. This excludes convertibles, preference shares and permanent interest-bearing shares (PIBs).
Funds in this sector are required to invest at least 80% of their assets in UK equities which have a primary objective of achieving capital growth.
Funds in this sector are required to invest at least 80% of their assets in UK equities of companies which form the bottom 10% by market capitalisation.
Funds in this sector are required to invest at least 80% in UK equities and which intend to achieve a historic yield on the distributable income in excess of 100% of the FTSE All Share yield at the fund’s year end on a 3-year rolling basis and 90% on an annual basis.
Funds in this sector will have an investment universe that is not accommodated by the mainstream sectors. Performance ranking of funds within the sector as a whole is inappropriate, given the diverse nature of its constituents.
Funds in this sector invest their assets in money market instruments and are required to comply with the definition of a ‘Money Market’ fund set out in the COLL Sourcebook.
European group that supports and provides guidance to investment managers on managing risks and opportunities relating to climate change.
Investments made with the intention to generate positive social and /or environmental impacts alongside a financial return. These can mean that financial considerations or gains are secondary.
A fund may have accumulation and income shares. If an investor selects income shares, any income generated by the fund is paid out to the investor.
The increase in the general price level of goods and services in an economy.
An initial public offering (IPO) refers to the process of offering shares of a private company to the public in a new stock issuance for the first time. An IPO allows a company to raise money from institutional and individual investors.
An independent organisation with a membership of institutional investors which helps to collectively engage with UK companies on stewardship matters.
An independent organisation with a membership of institutional investors which helps to collectively engage with UK companies on stewardship matters.
A type of collective investment where a group of investors pool their money to invest in a portfolio of assets. As public limited companies, they trade on a stock exchange so that their shares can be bought and sold.
A wrapper in which you can place your savings and investments to protect them from some forms of taxation. There are different types of ISA. All of Premier Miton’s funds are available for investing in an ISA (with the exception of Premier Miton Financials Capital Securities Fund). HM Revenue & Customs set the amount that you are allowed to invest into an ISA in each tax year. Further details about ISAs, including the current ISA investment limits, can be found on the Government website.
Standards that aim to promote opportunities for people to obtain decent and productive working conditions of freedom, equity, security and dignity. The International Labour Organisation (ILO) is widely recognised as the main institution that sets and upholds international standards.
Is something a person or company owes, usually a sum of money.
London Interbank Offered Rate (LIBOR) is the interest rate benchmarks used to calculate the average rate at which banks would offer a short-term loan to each other. LIBOR has been replaced by SONIA.
Refers to how easily an asset can be bought or sold on a financial exchange. When there is high liquidity, it will be easier to find a buyer (or seller) for that asset and vice versa.
A fund that aims to benefit from the increase in value and decrease in value of different assets held in the portfolio, often with little overall market directional risk.
The exploitation of people who are coerced into an activity by someone who “controls” them, often with violence. It can take many forms including forced labour, early or forced marriage or human and organ trafficking. The UK’s Modern Slavery Act is a globally leading piece of legislation that sets out a range of measures on how modern slavery and human trafficking should be dealt with.
Duration is a measurement, in years, of the price sensitivity of a bond to a change in interest rates. Modified duration provides an indication of the price change of a bond in response to a 1% change in interest rates. If a bond has a modified duration of 5 years, then we can expect an approximate 5% shift in the bond’s price for every 1% change in interest rates. If interest rates rise by 2%, then we would expect the bond price to decrease by around 10% (5 years modified duration times 2% change in interest rates).
Natural income is an income gained by taking the dividend or interest payments an investment provides and leaving the capital amount untouched.
The dividend income received on the portfolio less all operational costs.
Net zero carbon is defined as the state when carbon emissions are balanced out by the equivalent removal of carbon from the atmosphere. This is usually interpreted to mean reducing carbon emissions to close to zero by 2050.
Net Zero Asset Managers initiative, which is an international group of asset managers that have committed to supporting the goal of net zero carbon emissions by 2050 or sooner.
Investment objectives that are not financial but relate to an environmental, social or governance (ESG), sustainability or similar metric.
A loan taken out by a subsidiary company in which the lender has no recourse against a parent company in the event of default.
A measure of what it costs to invest in a fund over a year. It includes the fee paid to Premier Miton for the management of the fund (known as the annual management charge) and the OCFs of underlying funds that might be held in a portfolio (excluding any Premier Miton funds held) with the remainder covering costs that have to be paid to external companies for other services relating to the ongoing administration and management of a fund, such as the fees paid to the depositary, custodian, regulator, auditor and administrator. The fee is deducted from the value of the fund and reflected in the fund’s share price. The OCF is typically calculated once a year and can change from year to year. The OCF does not include transaction costs which are associated with buying and selling investments in a fund.
A portfolio of pooled investor money that can issue an unlimited number of shares. These shares are priced daily based on their current net asset value (NAV). They can invest in many different types of assets.
The carbon emissions that a company produces from their day-to-day operations such as manufacturing processes, use of gas and oil for heating and lighting and any company vehicles. Under global standards for carbon emissions, the GHG protocol, these are often referred to as Scope 1 and 2 carbon emissions
A financial contract that enables the holder to purchase or sell a certain number of shares at a future date and at a known price.
Also called common shares, these are issued by companies. Each share means that the holder owns a part of the company, and it gives the right to vote at company shareholder meetings. This is same for companies listed on stock markets or private companies.
Global commitment agreed at the COP21 meeting in Paris in 2015 to limit the increase in global average temperature to below 2 degrees centigrade above pre-industrial levels.
An approach which seeks to replicate an index of investments such as company shares, for example the FTSE 100 Share Index.
A ratio that compares the share price to the earnings per share of a company. Earnings per share is calculated by reference to a company’s net earnings divided by the number of shares in issue.
A ratio that compares a company’s share price to its net assets per share.
A portfolio of investments that consists of companies that are not listed on a public exchange.
A collection of financial investments like company shares, bonds, commodities (such as gold), and cash, and which could also include closed-end and exchange traded funds (ETFs).
Contracts between an electricity generator and a power purchaser to buy and sell a given quantity of electricity over a given period.
Calculates the financial return for a company’s shares, usually for a one year period, based on the new earnings divided by shareholders’ equity capital.
An investment trust has to pay a minimum of 85% of the income it receives each financial year to shareholders, usually via a dividend. Up to 15% can be retained in a revenue reserve account to be paid in the future.
Direct carbon emissions from sources that are owned or controlled by a company such as emissions from the use of gas and oil and by company vehicles.
Indirect carbon emission from sources that are owned or controlled by a company such as emissions from consumption of purchased electricity and gas.
Indirect carbon emissions from sources not owned or controlled by a company such as emissions from business travel, supply chains, product usage and investment portfolios.
When local regulations restrict the selling of company shares for a period after voting at an annual meeting.
The return to the investor, on a mid price to mid price basis, assuming that all dividends paid were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.
The proposal of a resolution, or voting item at a company meeting, made by a shareholder or group of shareholders.
The S&P Global Clean Energy Index is designed to measure the performance of companies in global clean energy-related businesses from both developed and emerging markets. It usually contains 100 companies.
Instruments that have bond-like characteristics, but are not bonds.
These funds are subject to less restrictive investment rules than short-term money market funds. Standard money market funds must be variably priced and are therefore all classified as Standard VNAV funds. VNAV is where the net asset value (NAV) is variable (V) because it changes in line with the value of the underlying assets the fund holds.
Ongoing interaction between investors and company management and boards that aims to ensure a company’s long-term strategy and day-to-day management is effective and preserves and enhances long term value. It includes engaging on areas of concern and voting on shares (where relevant) to ensure management is acting in the long-term best interests of its shareholders.
The Code comprises of a set of 12 principles that set high stewardship standards for investment managers who are signatories to the Code to comply with. The UK’s Financial Reporting Council oversee the Code and grant signatory status.
Are a group of financial instruments which frequently combine the potential upside of market performance with limited downside. They may also provide a fixed return in exchange for accepting a degree of risk or may generate gains from market falls. They can also be used within a Fund to help manage the impact of large stockmarket fluctuations.
The effective overnight interest rate paid by banks to borrow money overnight from other financial institutions.
SONIA is the effective overnight interest rate paid by banks to borrow money overnight from other financial institutions. 1 month SONIA reflects the expected average SONIA rate over that period.
Meeting the needs of the present without compromising the ability of the future generations to meet their own needs.
A set of 17 global goals agreed to in 2015 by the United Nations to seek to address the key global challenges, including those related to poverty, inequality, climate change, environmental degradation, peace and justice.
Long term, global investment themes that have the potential to drive significant and sustainable, corporate financial returns. They will be in keeping with the UN Sustainable Development Goals and could include energy transition, health & wellbeing and circular economy, amongst many more.
An investment in an activity that contributes to a sustainable outcome, for example linked to an environmental or social objective.
The Financial Stability Board’s Task Force on Climate-related Financial Disclosures is a global set of recommendations and a framework for disclosing climate change risk.
tonnes of carbon dioxide equivalent.
A calculation of how returns from a group of investments are likely to differ from a comparator benchmark.
A general term used to describe a broad range of investments such as bonds and company shares for example.
The United Nations Global Compact (UNGC) is a global corporate sustainability initiative that calls companies to align strategies with universal principles on human rights, labour, environment and anti-corruption
A unit trust manages portfolios of stocks, bonds, and other assets on behalf of investors. Those investors buy units of the trust or fund, and the price of the unit depends on the net asset value of the fund’s underlying investments. It is also what’s known as an open-ended investment product, meaning there’s no limit to how many people can invest or how much can be invested.
The Unit Trust Manager is responsible for the running of a unit trust. They have a duty to act in the best interests of the unit trust’s investors and ensure that the unit trust is well managed in line with regulations and with the investment objectives and policies set out in its prospectus.
A security which is not listed, quoted, or dealt in on any stock exchange.
A company whose share price appears to be trading at a lower price than might be expected given the value of its assets, its profitability or the dividends it pays; these types of company can be more sensitive to economic conditions.
Shareholders have the right to vote at company general meetings. Voting gives investors a say on a company’s corporate policies, including the election of the board of directors, as well as the ability to approve or reject some major corporate actions such as a merger. The majority of investors do not attend company general meetings and appoint an individual (or a firm) as a proxy to cast their votes.
A type of derivative that gives the holder the right to buy or sell an underlying asset at a set price within a set period.
WACI is a measure of a fund’s exposure to carbon emissions which allows for comparison to a suitable benchmark or to other funds.
The weighted average amount of time remaining until the securities held in a fund’s portfolio are scheduled to be repaid.
An emerging asset class of publicly traded companies that are focused on returning cash flows generated from renewable energy assets to shareholders via dividends.
Issued by investment trusts, ZDPs have a maturity date. They do not pay an income but pay a set amount at maturity as long as certain conditions are met.
Companies that earn just enough money to continue operating and service debt but are unable to pay off their debt. Such companies survive by meeting overheads (wages, rent, interest payments on debt, for example), but have no excess capital to invest to spur growth.
This website has been created for the use of Vision Independent Financial Planning (“Vision”) and clients of Vision only. Please note that the portfolios are intended as long term investments. The value of an investment and any income generated by it can go down as well as up and there is the potential of loss to some of the original investment. Reference to any particular portfolio or fund should not be construed as investment advice. We are unable to provide investment advice on the suitability of a portfolio for individual investors. Details of the nature of the investments, the investment commitment required and specific risk warnings are outlined in the Premier Portfolio Management Service Terms and Conditions document.
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©Premier Miton Investors. 2024. Issued by Premier Miton Investors. Premier Portfolio Managers Limited is registered in England no. 01235867. Premier Fund Managers Limited is registered in England no. 02274227. Both companies are authorised and regulated by the Financial Conduct Authority and are members of the ‘Premier Miton Investors’ marketing group and subsidiaries of Premier Miton Group plc (registered in England no. 06306664). Registered office: Eastgate Court, High Street, Guildford, Surrey GU1 3DE.
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Read the full 'website terms of use' >This section of the website and the content it contains is for professional financial advisers only and should not be relied upon, or circulated to, retail clients. Retail clients should refer to the Individual Investor's site.
The content of the pages of this website is for your general information and use only. It, and the products and services described within it, are subject to change without notice. We shall not be liable to you, or any third party, for any amendment, modification, suspension or discontinuance of any product or service described on our website. Neither we, nor any third parties, provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or appropriateness of the information and materials made available on this website.
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The information contained on this website does not constitute an offer or solicitation to sell shares in the funds or portfolio or to provide you with other products or services. Any application or investment must only be made on the basis of the relevant documentation of the investment, such as, for example, terms and conditions. The information on this website does not constitute any investment, tax, legal or other advice. Persons who do not have professional experience in matters relating to investments should always consult with an independent financial adviser before making an investment decision. Any opinion expressed on individual funds, services or products, represent the views of the individual at the time of preparation and should not be interpreted as a personal recommendation to buy or sell or otherwise trade all or any of the investments that may be referred to.
Website terms of use: Please ensure you have read and accept the full 'website terms of use' before continuing.
Read the full 'website terms of use' >The information in this site is solely for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investment professional acting for their own account). This information must not be used or relied upon by anyone that may be considered a “retail investor” by the home regulator of the country from which this site is accessed.
The information contained in this website is directed at persons who are resident in the United Kingdom and complies with appropriate UK legislation and regulations and is not directed at, nor intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted.
The information or opinions contained herein should not be construed as an offer, or solicitation to deal in any investment or fund nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful or in which the person making the offer solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Premier Miton Investors has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.
Neither Premier Miton Investors nor any of its group companies or affiliates accepts any liability for any losses arising directly or indirectly from any information accessed from this website, to the fullest extent permitted by law.
By clicking accept you acknowledge that your use of this website is subject to our privacy policy, cookie policy and our general legal and compliance information available on our website.
THE UNITED STATES OF AMERICA:The investment products referred to on this website have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any State of the United States of America or the District of Columbia or offered, sold or transferred to US Persons (as defined below). The investment products referred to on this website have not been and will not be registered under the United States Investment Company Act of 1940, as amended. Premier Portfolio Managers Limited has not been and will not be registered under the United States Investment Advisers Act of 1940.
“US Person” generally includes the following: (a) any natural person resident in the United States; (b) a partnership or corporation organised or incorporated under the laws of the United States; (c) any estate of which any executor, or administrator, is a US Person; (d) any trust of which any trustee is a US Person; (e) any agency or branch of a non-US entity located in the United States; (f) any non-discretionary account or similar account (other than an estate or trust) for the benefit or account of a US Person; (g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States; and (h) any partnership or corporation if: i. organised or incorporated under the laws of any non-US jurisdiction; ii. formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act. In addition, a Shareholder must qualify as a “Non-United States Person” as used in the US Commodity Futures Trading Commission (“CFTC”) Rule 4.7.
Investment products referred to on this website may not be sold or transferred to a US citizen, or an entity taxed as such or required to file a tax return as such under the United States federal income tax laws (a “US Tax Resident”).
The information in this site is solely for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investment professional acting for their own account). This information must not be used or relied upon by anyone that may be considered a “retail investor” by the home regulator of the country from which this site is accessed.
The information contained in this website is directed at persons who are resident in the United Kingdom and complies with appropriate UK legislation and regulations and is not directed at, nor intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted.
The information or opinions contained herein should not be construed as an offer, or solicitation to deal in any investment or fund nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful or in which the person making the offer solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Premier Miton Investors has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.
Neither Premier Miton Investors nor any of its group companies or affiliates accepts any liability for any losses arising directly or indirectly from any information accessed from this website, to the fullest extent permitted by law.
By clicking accept you acknowledge that your use of this website is subject to our privacy policy, cookie policy and our general legal and compliance information available on our website.
THE UNITED STATES OF AMERICA: The investment products referred to on this website have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any State of the United States of America or the District of Columbia or offered, sold or transferred to US Persons (as defined below). The investment products referred to on this website have not been and will not be registered under the United States Investment Company Act of 1940, as amended. Premier Portfolio Managers Limited has not been and will not be registered under the United States Investment Advisers Act of 1940.
“US Person” generally includes the following: (a) any natural person resident in the United States; (b) a partnership or corporation organised or incorporated under the laws of the United States; (c) any estate of which any executor, or administrator, is a US Person; (d) any trust of which any trustee is a US Person; (e) any agency or branch of a non-US entity located in the United States; (f) any non-discretionary account or similar account (other than an estate or trust) for the benefit or account of a US Person; (g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States; and (h) any partnership or corporation if: i. organised or incorporated under the laws of any non-US jurisdiction; ii. formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act. In addition, a Shareholder must qualify as a “Non-United States Person” as used in the US Commodity Futures Trading Commission (“CFTC”) Rule 4.7.
Investment products referred to on this website may not be sold or transferred to a US citizen, or an entity taxed as such or required to file a tax return as such under the United States federal income tax laws (a “US Tax Resident”). If those investment products are held by a US Person, a US Tax Resident or a person who does not qualify as a “Non-United States Person” within the meaning of CFTC Rule 4.7, Premier Portfolio Managers Limited shall be entitled to redeem such Shareholder’s entire holdings.
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This section of the website and the content it contains is for retail clients only and by persons who are resident in the United Kingdom [who are not US persons]. Professional advisers should refer to the Professional Advisers site.
The content of the pages of this website is for your general information only. It, and the products and services described within it, are subject to change without notice. We shall not be liable to you, or any third party, for any amendment, modification, suspension or discontinuance of any product or service described on our website. Neither we, nor any third parties, provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or appropriateness of the information and materials made available on this website.
You acknowledge that such information may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law. Your use of any information or materials is entirely at your own risk, for which we shall not be liable.
The information contained on this website does not constitute an offer or solicitation to sell or purchase shares in the funds or portfolios or to provide you with other products or services. Any application or investment must only be made on the basis of the relevant documentation of the investment, such as, for example, terms and conditions. The information on this website does not constitute any investment, tax, legal or other advice. Persons who do not have professional experience in matters relating to investments should always consult with an independent financial adviser before making an investment decision. Any opinion expressed on individual funds, services or products represent the views of the individual at the time of preparation and should not be interpreted as a personal recommendation to buy or sell or otherwise trade all or any of the investments that may be referred to.
Website terms of use: Please ensure you have read and accept the full 'website terms of use' before continuing.
Read the full 'website terms of use' >This section of the website and the content it contains is for professional financial advisers only and should not be relied upon, or circulated to, retail clients. Retail clients should refer to the Individual Investor's site.
The content of the pages of this website is for your general information and use only. It, and the products and services described within it, are subject to change without notice. We shall not be liable to you, or any third party, for any amendment, modification, suspension or discontinuance of any product or service described on our website. Neither we, nor any third parties, provide any warranty or guarantee as to the accuracy, timeliness, performance, completeness or appropriateness of the information and materials made available on this website.
You acknowledge that such information may contain inaccuracies or errors and we expressly exclude liability for any such inaccuracies or errors to the fullest extent permitted by law. Your use of any information or materials is entirely at your own risk, for which we shall not be liable.
The information contained on this website does not constitute an offer or solicitation to sell shares in the funds or portfolio or to provide you with other products or services. Any application or investment must only be made on the basis of the relevant documentation of the investment, such as, for example, terms and conditions. The information on this website does not constitute any investment, tax, legal or other advice. Persons who do not have professional experience in matters relating to investments should always consult with an independent financial adviser before making an investment decision. Any opinion expressed on individual funds, services or products, represent the views of the individual at the time of preparation and should not be interpreted as a personal recommendation to buy or sell or otherwise trade all or any of the investments that may be referred to.
Website terms of use: Please ensure you have read and accept the full 'website terms of use' before continuing.
Read the full 'website terms of use' >The information in this site is solely for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investment professional acting for their own account). This information must not be used or relied upon by anyone that may be considered a “retail investor” by the home regulator of the country from which this site is accessed.
The information contained in this website is directed at persons who are resident in the United Kingdom and complies with appropriate UK legislation and regulations and is not directed at, nor intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted.
The information or opinions contained herein should not be construed as an offer, or solicitation to deal in any investment or fund nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful or in which the person making the offer solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Premier Miton Investors has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.
Neither Premier Miton Investors nor any of its group companies or affiliates accepts any liability for any losses arising directly or indirectly from any information accessed from this website, to the fullest extent permitted by law.
By clicking accept you acknowledge that your use of this website is subject to our privacy policy, cookie policy and our general legal and compliance information available on our website.
THE UNITED STATES OF AMERICA:The investment products referred to on this website have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any State of the United States of America or the District of Columbia or offered, sold or transferred to US Persons (as defined below). The investment products referred to on this website have not been and will not be registered under the United States Investment Company Act of 1940, as amended. Premier Portfolio Managers Limited has not been and will not be registered under the United States Investment Advisers Act of 1940.
“US Person” generally includes the following: (a) any natural person resident in the United States; (b) a partnership or corporation organised or incorporated under the laws of the United States; (c) any estate of which any executor, or administrator, is a US Person; (d) any trust of which any trustee is a US Person; (e) any agency or branch of a non-US entity located in the United States; (f) any non-discretionary account or similar account (other than an estate or trust) for the benefit or account of a US Person; (g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States; and (h) any partnership or corporation if: i. organised or incorporated under the laws of any non-US jurisdiction; ii. formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act. In addition, a Shareholder must qualify as a “Non-United States Person” as used in the US Commodity Futures Trading Commission (“CFTC”) Rule 4.7.
Investment products referred to on this website may not be sold or transferred to a US citizen, or an entity taxed as such or required to file a tax return as such under the United States federal income tax laws (a “US Tax Resident”).
The information in this site is solely for the purpose of acquiring information as, or for, an Institutional Investor (a corporate or other non-retail investment professional acting for their own account). This information must not be used or relied upon by anyone that may be considered a “retail investor” by the home regulator of the country from which this site is accessed.
The information contained in this website is directed at persons who are resident in the United Kingdom and complies with appropriate UK legislation and regulations and is not directed at, nor intended for distribution to, or use by, persons in any jurisdiction in which the dissemination of such investment related information is not permitted.
The information or opinions contained herein should not be construed as an offer, or solicitation to deal in any investment or fund nor shall any such investment products or services be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful or in which the person making the offer solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
Premier Miton Investors has expressed its own views and opinions on this website, and these may change and there is no obligation to update them. Nothing in this website should be construed as investment, tax, legal or other advice. The information contained herein is subject to change without notice.
Neither Premier Miton Investors nor any of its group companies or affiliates accepts any liability for any losses arising directly or indirectly from any information accessed from this website, to the fullest extent permitted by law.
By clicking accept you acknowledge that your use of this website is subject to our privacy policy, cookie policy and our general legal and compliance information available on our website.
THE UNITED STATES OF AMERICA: The investment products referred to on this website have not been and will not be registered under the United States Securities Act of 1933, as amended. They may not be offered or sold in the United States of America, its territories and possessions, any State of the United States of America or the District of Columbia or offered, sold or transferred to US Persons (as defined below). The investment products referred to on this website have not been and will not be registered under the United States Investment Company Act of 1940, as amended. Premier Portfolio Managers Limited has not been and will not be registered under the United States Investment Advisers Act of 1940.
“US Person” generally includes the following: (a) any natural person resident in the United States; (b) a partnership or corporation organised or incorporated under the laws of the United States; (c) any estate of which any executor, or administrator, is a US Person; (d) any trust of which any trustee is a US Person; (e) any agency or branch of a non-US entity located in the United States; (f) any non-discretionary account or similar account (other than an estate or trust) for the benefit or account of a US Person; (g) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organised, incorporated or (if an individual) resident in the United States; and (h) any partnership or corporation if: i. organised or incorporated under the laws of any non-US jurisdiction; ii. formed by a US Person principally for the purpose of investing in securities not registered under the 1933 Act. In addition, a Shareholder must qualify as a “Non-United States Person” as used in the US Commodity Futures Trading Commission (“CFTC”) Rule 4.7.
Investment products referred to on this website may not be sold or transferred to a US citizen, or an entity taxed as such or required to file a tax return as such under the United States federal income tax laws (a “US Tax Resident”). If those investment products are held by a US Person, a US Tax Resident or a person who does not qualify as a “Non-United States Person” within the meaning of CFTC Rule 4.7, Premier Portfolio Managers Limited shall be entitled to redeem such Shareholder’s entire holdings.
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