Risk Warning: You should remember that the value of investments and the income derived therefrom may fall as well as rise and you may not get back the amount that you invest.
Online Client Portal – Notes. For full terms and conditions please refer to the GBIM Investment Management Terms of Business. The online short-form valuation is for illustrative purposes only and should not be considered as a replacement for the full valuation reports produced by GBIM which can be requested by contacting your Investment Manager at any time.
Pricing – Prices are quoted as at the close of business on the previous day. If the previous day falls on a non-business day, the prices quoted will be those at the close of business on the last business day. Prices are supplied by Interactive Data Corporation, a global leader in providing market data. Quoted securities are valued at the closing mid-market price on the relevant Stock Exchange. Collective investment schemes that price on the basis of a bid/offer spread are valued at the middle of the prices prevailing on the previous business day. Collective investment schemes that operate on a single price basis are valued at the NAV price prevailing on the previous business day. Please note that prices of certain investment funds are often based on market movements the previous day. In addition we may hold funds in your portfolio which only deal monthly and whose prices are typically only available several weeks after the end of the month. In these cases we have used the fund price at the end of the previous month. This means that where investments are priced infrequently the date of the latest available price may differ significantly from the previous day’s closing price. Where holdings are priced in a currency other than the reporting currency, their value is converted into the reporting currency using exchange rates supplied by Interactive Data Corporation as at the close of business on the previous day. If the previous day falls on a non-business day, the rates quoted will be those at the close of business on the last business day. Yield and income figures are shown on a gross basis. These figures are indicative only and should not be relied upon. For most types of asset these estimates are based on historical income payments which may differ significantly from the income actually received. In addition the income received will be impacted by any changes made to the portfolio. Where yields are unavailable the yield is shown as 0%. During the ex-coupon period a gilt holding is sold at a discount to valuation price because the buyer will not receive the next interest payment. The value of any gilt holdings may therefore be marginally overstated during the ex-coupon period due to the interest calculation methodology used. Please note that where data is shown rounded, unrounded figures are used to produce any subtotals displayed. Holdings are typically classified according to the underlying core investment theme rather than a technical classification of the asset.
Performance – The calculation of the portfolio’s performance is carried out on a daily time-weighted basis. A time weighted return is a method of measuring compound growth in a portfolio. It effectively measures performance as if there had been no cash flows i.e. additions or withdrawals, made to a portfolio over the period. The performance of the portfolio and the benchmark are shown on a total return basis (i.e. they are calculated assuming both capital gains and losses, and the reinvestment of all interest, dividends and distributions). The gain / loss figure is calculated using the average book cost of the holding after aggregating all acquisitions and disposals. This figure is a guide only and should not be used for taxation purposes. Accurate gain / loss positions and disposals will be shown in your annual tax report.
Information about the Financial Services Compensation Scheme (FSCS) – Pershing Securities Limited Pershing places deposits with banks on a pooled basis in Pershing’s own name, segregated as client money. Pershing has received guidance from the FSCS that, in the unlikely event of a default of one of these banks, the compensation scheme for deposits with banks would apply as if the deposits were held on a non-pooled basis in the names of the investors. It should be noted that this is guidance only and the FSCS reserves the right to determine eligibility for each case, applying eligibility criteria to any investor claims. The current limit on FSCS compensation for bank deposits is £85,000 per investor. For further information about the compensation provided by the FSCS, refer to FSCS website at www.fscs.org.uk .
Charges – In addition to the charges outlined, charges may also apply to any underlying funds or other products held within the portfolio. These charges are variable and relate to the cost of managing and holding the fund. All such charges will be taken directly by the fund provider and will be reflected as a net fund price (after charges) within the valuation report.
Accuracy – Every effort has been made to ensure that this Investment Report is accurate. If there is any matter that you do not understand or with which you do not agree, please let us know.
GBIM, Gore Browne and Gore Browne Investment Management are trading styles of GBIM Limited which is authorised and regulated by the Financial Conduct Authority (FCA number 593265) and is a limited company registered in England (07746731). Registered and Head Office at Chequers Court, 37 Brown Street, Salisbury, Wiltshire, SP1 2AS