PENSION FUND PERFORMANCE. April royallondon.com. Investments

Transcription

1 PENSION FUND PERFORMANCE Investments April 2018 royallondon.com

2 PENSION FUND PERFORMANCE VS. BENCHMARK The following tables show the performance of the Royal London Unit Linked Pension fund range. Each fund s performance is shown against its benchmark: a gauge against which the performance of the fund can be measured. The benchmark is usually an index; for example, the FTSE All Share Index, which tracks the performance of UK shares. A fund may also be benchmarked against the sector average: the average performance of all pension funds within a sector. Where a fund invests in a number of different geographical areas or asset types, a composite benchmark may be used. This is when a mixture of indices has been used as a performance gauge. The mix between these indices will usually reflect the actual asset allocation of the fund. Further information on any of the benchmarks used can be found on our fund factsheets at royallondon.com/pensioninvestments 2

3 Past performance is not a guide to the future. Prices can fall as well as rise meaning you may not get back the value of your original investment. Investment returns may fluctuate and are not guaranteed. Deposit Details Percentage Change Compound Annual Growth Rate (%) Name RLP Deposit 1.00% 1.00% Active LIBID GBP 7 days Index Difference Government & Corporate Bonds Details Percentage Change Compound Annual Growth Rate (%) Name RLP Annuity 1.00% 1.00% Active N/A N/A N/A N/A N/A N/A N/A N/A Composite Benchmark N/A N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A N/A RLP Corporate Bond 1.00% 1.00% Active Markit iboxx Sterling Non Gilts Overall Index Difference RLP Ethical Bond 1.00% 1.00% Active N/A N/A Markit iboxx Sterling Non Gilts N/A N/A Overall Index Difference N/A N/A RLP Fixed Interest 1.00% 1.00% Active FTSE Actuaries UK Conventional Gilts All Stocks Index Difference RLP Global High Yield Bond 1.00% 1.00% Active N/A N/A BofA Merrill Lynch Global Non-Financial N/A N/A High Yield Constrained Index Difference N/A N/A RLP Global Index Linked 1.00% 1.00% Active N/A N/A Barclays Capital World Govt Inflation N/A N/A Link Index Difference N/A N/A RLP Index Linked 1.00% 1.00% Active FTSE Actuaries Gov Sec UK Index Linked Index Difference RLP International Government Bond 1.00% 1.00% Active N/A N/A ABI Global Fixed Interest Index N/A N/A Difference N/A N/A RLP Long (1yr+) Corporate Bond 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Long (1yr+) Gilt 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Long (1yr+) Index Linked 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Medium (yr) Corporate Bond 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Medium (yr) Gilt 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Medium (yr) Index Linked 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Short (yr) Corporate Bond 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A

4 Government & Corporate Bonds (continued) Details Percentage Change Compound Annual Growth Rate (%) Name RLP Short (yr) Gilt 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Short (yr) Index Linked 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Short Duration Global High Yield 1.00% 1.00% Active N/A N/A LIBOR GBP Months Index N/A N/A Difference N/A N/A RLP Sterling Extra Yield Bond 1.00% 1.00% Active N/A N/A Composite Benchmark N/A N/A Difference N/A N/A RLP UK Government Bond 1.00% 1.00% Active N/A N/A FTSE Actuaries UK Conventional Gilts N/A N/A All Stocks Index Difference N/A N/A RLP/Baillie Gifford High Yield Bond 1.0% 1.2% Active N/A N/A BofA Merrill Lynch European Currency N/A N/A High Yield Index Difference N/A N/A RLP/BlackRock Aquila Long Gilt Index 1.00% 1.00% Tracker N/A FTSE Actuaries UK Conventional Gilts N/A Over 1 Index Difference N/A RLP/BlackRock Aquila Over 1.00% 1.00% Tracker N/A N/A Index Linked Gilt Index FTSE Actuaries UK Index-Linked Gilts N/A N/A Over Index Difference N/A N/A RLP/BlackRock Aquila UK All Stocks 1.00% 1.00% Tracker N/A Corporate Bond Index Markit iboxx Sterling Non Gilts N/A Overall Index Difference N/A RLP/Fidelity Moneybuilder Income 1.2% 1.44% Active N/A N/A BofA Merrill Lynch Euro-Sterling Index N/A N/A Difference N/A N/A RLP/Fidelity Strategic Bond 1.% 1.4% Active N/A N/A BofA Merrill Lynch Sterling Large Cap N/A N/A Index Difference N/A N/A RLP/Invesco Perpetual Corporate Bond 1.4% 1.61% Active N/A N/A IA Corporate Bond N/A N/A Difference N/A N/A RLP/Invesco Perpetual Global Bond 1.4% 1.62% Active N/A N/A IA Global Bonds N/A N/A Difference N/A N/A RLP/Invesco Perpetual Monthly 1.8% 1.67% Active N/A N/A Income Plus IA Strategic Bond N/A N/A Difference N/A N/A RLP/Investec Emerging Markets Local Currency Debt 1.70% 1.86% Active N/A N/A JPM GBI-EM Global Diversified Index Performance figures unavailable Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A RLP/M&G Corporate Bond 1.4% 1.61% Active N/A N/A IA Corporate Bond N/A N/A Difference N/A N/A RLP/M&G Global High Yield Bond 1.8% 1.74% Active N/A N/A IA High Yield N/A N/A Difference N/A N/A RLP/M&G Optimal Income 1.8% 1.74% Active N/A N/A IA Strategic Bond N/A N/A Difference N/A N/A RLP/M&G Strategic Corporate Bond 1.4% 1.61% Active N/A N/A IA Corporate Bond N/A N/A Difference N/A N/A 4

5 Property Details Percentage Change Compound Annual Growth Rate (%) Name RLP Property 1.00% 1.00% Active ABI UK Direct Property Difference RLP/Schroder Global Cities Real 1.70% 1.88% Active N/A N/A Estate FTSE EPRA/NAREIT N/A N/A Difference N/A N/A Mixed Asset Details Percentage Change Compound Annual Growth Rate (%) Name RLP Adventurous Managed 1.00% 1.00% Active N/A Composite Benchmark N/A Difference N/A RLP Defensive Managed 1.00% 1.00% Active Composite Benchmark Difference RLP Managed 1.00% 1.00% Active Composite Benchmark Difference RLP Sustainable Diversified Trust 1.4% 1.47% Active N/A N/A N/A N/A N/A N/A N/A N/A IA Mixed Investment (20-60% Shares) N/A N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A N/A RLP/7IM AAP Adventurous 1.4% 1.8% Active N/A N/A IA Flexible Investment N/A N/A Difference N/A N/A RLP/7IM AAP Balanced 1.4% 1.% Active N/A N/A IA Mixed Investment (20-60% Shares) N/A N/A Difference N/A N/A RLP/7IM AAP Moderately 1.4% 1.% Active N/A N/A Adventurous IA Mixed Investment (40-8% Shares) N/A N/A Difference N/A N/A RLP/7IM AAP Moderately Cautious 1.4% 1.9% Active N/A N/A IA Mixed Investment (0-% Shares) N/A N/A Difference N/A N/A RLP/BlackRock Aquila Consensus 1.00% 1.00% Tracker ABI Mixed Investment (40-8% Shares) Difference RLP/BMF Balanced 1.4% 2.4% Active N/A N/A IA Mixed Investment (40-8% Shares) N/A N/A Difference N/A N/A RLP/BMF Cautious Growth 1.4% 2.22% Active N/A N/A IA Mixed Investment (20-60% Shares) N/A N/A Difference N/A N/A RLP/BMF Defensive Income 1.4% 2.0% Active N/A N/A IA Mixed Investment (0-% Shares) N/A N/A Difference N/A N/A RLP/Invesco Perpetual Distribution 1.64% 1.77% Active N/A N/A IA Mixed Investment (20-60% Shares) N/A N/A Difference N/A N/A RLP/Investec Cautious Managed 1.8% 1.67% Active N/A N/A UK Consumer Price Index N/A N/A Difference N/A N/A RLP/Jupiter Merlin Balanced 1.70% 2.8% Active N/A N/A Portfolio IA Mixed Investment (40-8% Shares) N/A N/A Difference N/A N/A

6 Mixed Asset (continued) Details Percentage Change Compound Annual Growth Rate (%) Name RLP/Jupiter Merlin Growth Portfolio 1.70% 2.64% Active N/A N/A IA Flexible Investment N/A N/A Difference N/A N/A RLP/Jupiter Merlin Income Portfolio 1.70% 2.47% Active N/A N/A IA Mixed Investment (20-60% Shares) N/A N/A Difference N/A N/A RLP/Man GLG Balanced Managed 1.4% 1.60% Active IA Mixed Investment (40-8% Shares) Difference RLP/Man GLG Stockmarket 1.4% 1.60% Active Managed IA Flexible Investment Difference RLP/Neptune Balanced 1.70% 1.79% Active N/A N/A IA Mixed Investment (40-8% Shares) N/A N/A Difference N/A N/A RLP/Neptune Global Alpha 1.9% 2.06% Active N/A N/A MSCI World Index N/A N/A Difference N/A N/A RLP/Newton Multi-Asset Balanced 1.4% 1.6% Active N/A IA Mixed Investment (40-8% Shares) N/A Difference N/A RLP/Newton Multi-Asset Growth 1.4% 1.7% Active N/A IA Flexible Investment N/A Difference N/A RLP/Rathbone Enhanced Growth 1.4% 2.2% Active N/A N/A Composite Benchmark N/A N/A Difference N/A N/A RLP/Rathbone Strategic Growth 1.4% 2.29% Active N/A N/A UK Consumer Price Index + % N/A N/A Difference N/A N/A RLP/Rathbone Total Return 1.4% 2.14% Active N/A N/A LIBOR GBP 6 Months + 2% Index N/A N/A Difference N/A N/A RLP/Schroder Managed Balanced 1.% 1.4% Active IA Mixed Investment (40-8% Shares) Difference RLP/Schroder MM Diversity 1.% 2.12% Active N/A N/A UK Consumer Price Index N/A N/A Difference N/A N/A RLP/Schroder MM Diversity 1.% 2.16% Active N/A N/A Balanced IA Mixed Investment (40-8% Shares) N/A N/A Difference N/A N/A RLP/Schroder MM Diversity Tactical 1.% 2.18% Active N/A N/A Composite Benchmark N/A N/A Difference N/A N/A RLP/UBS Global Allocation 1.40% 1.47% Active N/A IA Mixed Investment (40-8% Shares) N/A Difference N/A 6

7 UK Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP Equity Income 1.00% 1.00% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP Sustainable Leaders 1.00% 1.00% Active FTSE All Share Index Difference RLP UK Equity 1.00% 1.00% Active FTSE All Share Index Difference RLP UK Mid Cap 1.00% 1.00% Active FTSE 20 Mid Index Difference RLP UK Opportunities 1.00% 1.00% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP UK Smaller Companies 1.00% 1.00% Active N/A N/A FTSE Small Cap (ex Inv Trusts) Index N/A N/A Difference N/A N/A RLP/Baillie Gifford UK Equity 1.0% 1.0% Active N/A FTSE All Share Index N/A Difference N/A RLP/BlackRock Aquila UK Equity 1.00% 1.00% Tracker Index FTSE All Share Index Difference RLP/BlackRock UK Equity 1.% 1.7% Active N/A FTSE All Share Index N/A Difference N/A RLP/Dimensional UK Core Equity 1.12% 1.20% Tracker N/A N/A.82 N/A N/A N/A FTSE All-Share Index N/A N/A 4.68 N/A N/A N/A Difference N/A N/A N/A N/A N/A RLP/Fidelity UK Select 1.70% 1.90% Active FTSE All Share Index Difference RLP/Invesco Perpetual High Income 1.70% 1.87% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP/Investec UK Special Situations 1.70% 1.80% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP/M&G Recovery 1.70% 1.86% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP/Schroder Income Maximiser 1.70% 1.86% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP UK Equity Core Plus 1.70% 1.88% Active N/A (Schroder Core UK Equity) 4 FTSE All Share Index N/A Difference N/A RLP/Schroder MM UK Growth 1.% 2.2% Active N/A N/A FTSE All Share Index N/A N/A Difference N/A N/A RLP UK Equity Core Plus 1.% 1.8% Active (Close Teams UK Equities (1%)) FTSE All Share Index Difference RLP UK Equity Core Plus 1.60% 1.6% Active (Close Teams UK Equities (2%)) FTSE All Share Index Difference RLP UK Equity Core Plus 1.70% 1.87% Active (Schroder UK Equity) FTSE All Share Index Difference

8 UK Equity (continued) Details Percentage Change Compound Annual Growth Rate (%) Name RLP UK Equity Specialist 1.70% 1.76% Active N/A (Artemis UK Special Situations) FTSE All Share Index N/A Difference N/A RLP UK Equity Specialist 1.60% 1.76% Active (Invesco Perpetual UK Growth) FTSE All Share Index Difference RLP UK Equity Specialist 1.70% 1.86% Active N/A (Schroder UK Alpha Plus) FTSE All Share Index N/A Difference N/A RLP UK Income Core Plus 1.70% 1.74% Active N/A (Artemis Income) FTSE 0 Higher Yield Index N/A Difference N/A RLP UK Income Specialist 1.0% 1.47% Active N/A (Fidelity Moneybuilder Dividend) 4 FTSE 0 Higher Yield Index N/A Difference N/A RLP UK Mid Cap Specialist 1.70% 1.77% Active N/A (Franklin UK Mid Cap) 4 FTSE 20 Mid Index N/A Difference N/A RLP UK Small Cap Specialist 1.70% 1.79% Active N/A (Investec UK Smaller Companies) FTSE Small Cap (ex Inv Trusts) Index N/A Difference N/A US Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP American 1.00% 1.00% Tracker FTSE USA Index Difference RLP/BlackRock Aquila US Equity 1.00% 1.00% Tracker Index FTSE USA Index Difference RLP/Legg Mason IF Royce US 1.70% 1.94% Active N/A N/A Smaller Companies Russell 2000 Index N/A N/A Difference N/A N/A RLP/Neptune US Opportunities 1.70% 1.77% Active N/A N/A S&P 00 Index N/A N/A Difference N/A N/A RLP/Schroder US Mid Cap 1.70% 1.86% Active N/A N/A Russell 200 Index N/A N/A Difference N/A N/A RLP US Core Plus (Old Mutual 1.70% 1.90% Active N/A North American Equity) 4 S&P 00 Index N/A Difference N/A RLP US Specialist ( JPMorgan US) 1.70% 1.88% Active N/A S&P 00 Index N/A Difference N/A 8

9 European Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP European 1.00% 1.00% Active FTSE Europe ex UK Index Difference RLP/BlackRock Aquila European 1.00% 1.00% Tracker Equity Index FTSE AW Developed Europe ex UK Difference RLP/Schroder European Opportunities 1.70% 1.87% Active N/A N/A FTSE World Europe Ex UK Index N/A N/A Difference N/A N/A RLP/Jupiter European Special 1.70% 1.98% Active N/A N/A Situations FTSE World Europe ex UK Index N/A N/A Difference N/A N/A RLP Europe Core Plus 1.9% 2.16% Active N/A (Fidelity European Blended) FTSE Europe ex UK Index N/A Difference N/A RLP Europe Specialist (Columbia 1.6% 1.7% Active N/A Threadneedle European Select) 4 FTSE Europe ex UK Index N/A Difference N/A Asian Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP Far East (ex Japan) 1.00% 1.00% Tracker FTSE Asia Pacific (ex Japan) Index Difference RLP Japan 1.00% 1.00% Tracker FTSE Japan Index Difference RLP Pacific 1.00% 1.00% Tracker FTSE Asia Pacific Index Difference RLP/BlackRock Aquila Japanese 1.00% 1.00% Tracker N/A Equity Index FTSE Japan Index N/A Difference N/A RLP/BlackRock Aquila Pacific Rim 1.00% 1.00% Tracker N/A Equity Index FTSE World Asia Pacific (ex Japan) N/A Index Difference N/A RLP/Fidelity Asia 1.70% 1.92% Active N/A N/A MSCI AC Asia Pacific Ex Japan Index N/A N/A Difference N/A N/A RLP Asia Pacific Core Plus (Stewart 1.80% 1.8% Active N/A N/A Investors Asia Pacific Leaders) MSCI AC Asia (ex Japan) Index N/A N/A Difference N/A N/A RLP Asia Pacific Core Plus (Invesco 1.70% 1.90% Active N/A Perpetual Asian) MSCI AC Asia (ex Japan) Index N/A Difference N/A RLP Japan Core Plus (Schroder Tokyo) 1.70% 1.86% Active N/A Topix Index N/A Difference N/A RLP Japan Specialist (Invesco 1.70% 1.88% Active N/A Perpetual Japan) 4 Topix Index N/A Difference N/A 9

10 Global Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP Global Equity 1.00% 1.00% Active Composite Benchmark Difference RLP Global Managed 1.00% 1.00% Active Composite Benchmark Difference RLP Worldwide 1.00% 1.00% Active FTSE World Index Difference RLP/Baillie Gifford Worldwide Equity 1.0% 1.1% Active N/A (60:40) Composite Benchmark N/A Difference N/A RLP/BlackRock Aquila Global Blend 1.00% 1.00% Tracker N/A N/A Composite Benchmark N/A N/A Difference N/A N/A RLP/BlackRock Aquila Global Equity 1.00% 1.00% Tracker N/A Index (0:0) Composite Benchmark N/A Difference N/A RLP/BlackRock Aquila Global Equity 1.00% 1.00% Tracker Index (60:40) Composite Benchmark Difference RLP/BlackRock Aquila World (ex UK) 1.00% 1.00% Tracker N/A Equity Index FTSE AW ex UK (Developed) N/A Difference N/A RLP/Dimensional Global Core 1.2% 1.% Tracker N/A N/A 8.4 N/A N/A N/A Equity MSCI World Index N/A N/A 9.26 N/A N/A N/A Difference N/A N/A N/A N/A N/A RLP/Dimensional Global Targeted 1.4% 1.% Tracker N/A N/A 8.8 N/A N/A N/A Value MSCI World SMID Value Index N/A N/A 9.48 N/A N/A N/A Difference N/A N/A N/A N/A N/A RLP/Fidelity Special Situations 1.70% 1.89% Active N/A Blended Composite Benchmark N/A Difference N/A RLP/First State Global Listed 1.70% 1.78% Active N/A N/A Infrastructure FTSE Global Core Infrastructure 0/ N/A N/A Difference N/A N/A RLP/HSBC Amanah Global Equity 1.00% 1.2% Tracker N/A Index Dow Jones Islamic Titans 0 Index N/A Difference N/A RLP/Jupiter Ecology 1.70% 1.7% Active N/A N/A FTSE World Index N/A N/A Difference N/A N/A RLP/Jupiter Merlin Worldwide 1.70% 2.7% Active N/A N/A Portfolio IA Global N/A N/A Difference N/A N/A RLP/M&G Global Themes 1.70% 1.88% Active N/A N/A MSCI AC World Index N/A N/A Difference N/A N/A RLP/M&G Global Dividend 1.70% 1.87% Active N/A N/A MSCI AC World Index N/A N/A Difference N/A N/A RLP/M&G Global Leaders 1.70% 1.87% Active N/A N/A MSCI AC World Index N/A N/A Difference N/A N/A RLP/Neptune Global Equity 1.70% 1.79% Active N/A N/A MSCI World Index N/A N/A Difference N/A N/A

11 Global Equity (continued) Details Percentage Change Compound Annual Growth Rate (%) Name RLP/Newton Global Income 1.70% 1.81% Active N/A N/A FTSE World Index N/A N/A Difference N/A N/A RLP/Sarasin Food & Agriculture Opportunities 1.70% 1.94% Active N/A N/A Not Available Performance figures unavailable Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A RLP/Schroder MM International 1.% 2.28% Active N/A N/A FTSE All World (ex UK) Index N/A N/A Difference N/A N/A RLP/UBS Global Blend (0:0) 1.60% 1.84% Active N/A Composite Benchmark N/A Difference N/A RLP Global Blend Core Plus 1.4% 2.24% Active (Rathbone Global Alpha) Composite Benchmark Difference RLP Global Managed Equity Specialist 1.60% 1.77% Active (Invesco Perpetual Global Equity) Composite Benchmark Difference RLP Global Managed Equity Specialist 1.70% 1.82% Active N/A (Investec Global Strategic Equity) Composite Benchmark N/A Difference N/A Emerging Market Equity Details Percentage Change Compound Annual Growth Rate (%) Name RLP/BlackRock Emerging Markets 1.1% 1.21% Tracker N/A N/A Tracker FTSE Custom Emerging Net Midday N/A N/A Index Difference N/A N/A RLP/Dimensional Emerging Markets 1.0% 1.64% Tracker N/A N/A 9.64 N/A N/A N/A Core Equity MSCI Emerging Markets Index N/A N/A 9.62 N/A N/A N/A Difference N/A N/A 0.02 N/A N/A N/A RLP/Fidelity Emerging Europe, 1.70% 2.08% Active N/A N/A Middle East and Africa MSCI Emerging EMEA NR Index N/A N/A Difference N/A N/A RLP/Henderson China Opportunities 1.70% 1.9% Active N/A N/A MSCI Zhong Hua Index N/A N/A Difference N/A N/A RLP/JPMorgan Emerging Europe 1.70% 1.88% Active N/A N/A Equity MSCI Emerging Markets Europe Index N/A N/A Difference N/A N/A RLP/Jupiter India 1.70% 2.04% Active N/A N/A MSCI India Index N/A N/A Difference N/A N/A RLP/Columbia Threadneedle Latin 1.70% 1.90% Active N/A N/A America MSCI Emerging Markets Latin America N/A N/A /40 Index Difference N/A N/A RLP Emerging Markets Core Plus 1.70% 1.88% Active N/A N/A ( JPM Emerging Markets) 4 MSCI Emerging Markets Index N/A N/A Difference N/A N/A RLP Emerging Markets Specialist 1.80% 1.87% Active N/A N/A (Stewart Investors Global Emerging Markets Leaders) 6 MSCI Emerging Markets Index N/A N/A Difference N/A N/A 11

12 Specialist Details Percentage Change Compound Annual Growth Rate (%) Name RLP Absolute Return Government 1.00% 1.00% Active N/A N/A N/A N/A N/A N/A N/A N/A Bond Overnight Cash Rate (SONIA) N/A N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A N/A RLP Cash Plus 1.00% 1.00% Active N/A N/A LIBID GBP 7 Days Index N/A N/A Difference N/A N/A RLP Commodity 1.00% 1.00% Tracker N/A -9.6 N/A N/A N/A N/A N/A N/A N/A N/A Bloomberg Commodity Total Return Index (USD) N/A N/A N/A N/A N/A N/A N/A N/A Difference N/A N/A N/A N/A N/A N/A N/A N/A RLP Enhanced Cash Plus 1.00% 1.00% Active N/A -0.1 N/A N/A N/A N/A N/A N/A N/A N/A LIBID GBP 7 Days Index N/A N/A N/A N/A N/A N/A N/A N/A Difference 0. N/A N/A N/A N/A N/A N/A N/A N/A RLP/BlackRock Gold and General 1.8% 2.01% Active N/A N/A FTSE Gold Mines Index N/A N/A Difference N/A N/A RLP/Columbia Threadneedle 1.8% 1.4% Active N/A N/A Absolute Return Bond LIBOR GBP Months Index N/A N/A Difference N/A N/A RLP/Investec Global Energy 1.70% 1.8% Active N/A N/A MSCI World/Energy Index N/A N/A Difference N/A N/A RLP/JPMorgan Global Macro Balanced 1.8% 1.76% Active N/A N/A Composite Benchmark Performance figures unavailable Difference N/A N/A N/A N/A N/A N/A N/A N/A N/A RLP/JPMorgan Natural Resources 1.70% 1.88% Active N/A N/A HSBC Gold Mining & General Index N/A N/A Difference N/A N/A RLP/Jupiter Financial Opportunities 1.70% 1.98% Active N/A N/A MSCI ACWI/Financials N/A N/A Difference N/A N/A RLP/Newton Real Return 1.70% 1.81% Active N/A N/A LIBOR GBP 1 Month Bps Index N/A N/A Difference N/A N/A RLP/Standard Life Global Absolute Return Strategies 1.70% 1.79% Active N/A N/A LIBOR GBP 6 Months Index N/A N/A Difference N/A N/A Source: Lipper, bid to bid, as at , Royal London, as at All performance figures, including the figures shown for the growth in the benchmarks, have been calculated net of the. The Compound Annual Growth Rate (C.A.G.R.) is a measure of the investment returns, on a given fund, over the specified period. It allows for the impact of compounding of investment returns, which is particularly important where returns vary from one year to the next. Past performance is not a guide to the future. Prices can fall as well as rise meaning you may not get back the value of your original investment. Investment returns may fluctuate and are not guaranteed. 1 Total Expense Ratio (TER), covering calendar year The TER is a measure of the overall cost of a fund to the investor. It includes the plus any audit, custodian, registration or compliance fees paid out of the fund s assets. It does not include the costs of buying and selling securities, which would still be paid if investing directly in securities instead of through an investment fund. 2 The Volatility figure shown is the annualised standard deviation of the monthly returns on the fund over a three-year time period to Standard deviation is a measure of the spread of monthly returns around the average (mean) return. A higher volatility figure indicates that the fund has produced a wider range of returns over the three-year period while a fund with a lower volatility figure has been more stable. The performances of the indicated benchmarks have been calculated using prices for the last pricing date previous to that shown (i.e. to compare our fund price movements for the period to we have used benchmark prices to ). This calculation allows a more accurate comparison between the fund and its benchmark, due to a one-day delay in the pricing of the external funds in question. 4 As part of our ongoing review process a change of underlying investment occurred for this fund. Please visit royallondon.com for further information. 12

13 The performances of the indicated benchmarks have been calculated using prices for the last pricing date two days prior to that shown (i.e. to compare our fund price movements for the period to we have used benchmark prices to ). This calculation allows a more accurate comparison between the fund and its benchmark, due to a two-day delay in the pricing of the external funds in question. 6 Please note this fund was closed to new investors and incremental investments on Tracker funds, also known as passive funds, aim to perform in line with a market index such as the FTSE All Share index. They do this by investing in either all (full replication) or a representation (partial replication) of the index constituents. Tracker funds tend to be low cost as this replication is generally done automatically and does not require the same level of research as active management. Actively managed funds aim to outperform the market index by employing fund managers and research teams to make tactical decisions on which stocks or sectors to invest in. They tend to have higher charges than tracker funds in line with the extra resource required to run these funds. It should be remembered that a higher charge does not guarantee better returns. Royal London 1 Thistle Street, Edinburgh EH2 1DG royallondon.com All literature about products that carry the Royal London brand is available in large print format on request to the Marketing Department at Royal London, 1 Thistle Street, Edinburgh EH2 1DG. All of our printed products are produced on stock which is from FSC certified forests. Source: FTSE International Limited ( FTSE ) FTSE FTSE is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE s express written consent. The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number It provides life assurance and pensions. Registered in England and Wales number Registered office: Gracechurch Street, London, ECV 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal London s customers to other insurance companies. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: Gracechurch Street, London, ECV 0RL. Royal London Corporate Pension Services Limited is authorised and regulated by the Financial Conduct Authority and provides pension services. The firm is on the Financial Services Register, registration number Registered in England and Wales number Registered office: Gracechurch Street, London, ECV 0RL. April 2018 IB April 2018/04