Clerical Medical Balanced Fund Of Funds: Asset Allocation And Performance Overview.pdf

# Clerical Medical Balanced Fund of Funds - Pension

## Overview (as of 31/10/2025)
- Fund Aim: Achieve capital growth through a diversified portfolio across various asset classes.
- Launch Date: 08/11/2004
- Size: £22.0m
- Sector: ABI Mixed Investment (20-60% Shares)
- ISIN: GB00B039Q611
- Manager: Steve Waddington, Michael Ford, Jonathan Crone (since 11/2013, 01/2013, 21/09/2015)

## Asset Allocation (as at 30/09/2025)
- UK Equity: 22.7%
- US Equity: 21.3%
- High Yield: 13.3%
- Total Return Strategies: 9.6%
- Other: 8.5%
- Real Assets: 6.8%
- US Government Bonds: 4.9%
- Europe Equity: 4.9%
- Convertibles: 4.0%
- Emerging Market Bonds: 3.9%

## Past Performance
- Discrete Performance (30/09/2024 - 30/09/2025): 5.8%
- Cumulative Performance (31/10/2025 - 31/10/2024): 26.2%
- Quartile Rankings: Consistently outperforming its benchmark and receiving ratings from FE fundinfo and Morningstar (though specific medals/ratings not detailed).

## Fund Manager's Quarterly Review (30/09/2025)
- Positive return over the quarter, net of fees, ahead of its benchmark.
- Strongest contributors: Equities (US & Asia), Emerging Market Equities.
- Moderate performance from: Fixed Income, High Yield, Emerging Market Debt, Convertibles.
- Negative impact: Government Bond Duration due to rising yields.
- Strategies: Upside breakouts, absolute return positions, defensive tilts with quality focus.
- Key Trades: Refining tactical exposures, recycling risk from options, adding duration, new relative value equity trade (Asia vs global peers).

## Disclaimer
- Investment markets and conditions can change rapidly.
- The views expressed in this factsheet are those of the fund manager and should not be relied upon as a guide to future performance.
- Past performance is not indicative of future results.
- Always consult with a financial advisor before making investment decisions.