MANAGERS MONTHLY COMMENTARY

INVESTMENT MANAGERS:
Patrick Toes Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years. David Cowell Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

NOVEMBER 2012
the Bank of Japan to take more aggressive and sustained policy action. Again markets have rallied hard but this time we have decided to sell. Why? We have seen many false dawns from Japan trying to devalue their currency only to find other nations to retaliate with their own action. The currency outcome between developed countries has therefore changed little. We are concerned that if Abe fails, Japanese equities may lurch back into obscurity once more. We consider that mergers and acquisitions will become a growing theme as we move through 2013 and have used the proceeds from the sale of our Japanese holding to take a position in smaller companies. Returning to our outlook, we view Asia in particular very positively and it remains an area we are overweight, as has been the case for several years. We see Asian growth and valuation, from a top-down perspective, as very attractive and subject to fewer issues than in developed markets. For the last couple of years we have had some reservations about China and believe that consensus has - and continues to be - overly bullish at the corporate level. That being said, emerging markets do not only consist of China and we have in mind to add to them, perhaps as markets become more nervous in the months ahead. "A merry Christmas to us all, my dears. God bless us!" Which all the Cratchit family reechoed. "God bless us, every one!" said Tiny Tim A Christmas Carol (Charles Dickens) All of us at Myddleton Croft would like to echo that message to all those who have supported us this year, for all clients and advisers who continue to support us and with a fair wind, those who are about to. We wish you and yours all the best for the festive season.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

A quick prcis of November which was a decent month for equities in performance terms (up 1 2%); gilts and the IMA 20-60% equity sector followed suit rallying 0.8%, whereas the 40-85% equity sector moved higher by 1.1%. Our moderate risk and speculative risk portfolios did modestly better than their benchmarks, IMA 20-60% & 4085% equity sectors, rising 1% and1.3%. We have maintained our slight overweight in equity but positioned in a number of defensive areas. We remain unrepentantly cautious investors and consider that having seen FTSE All Share index return in excess of 11% against a back drop of weakening growth and with several potholes as yet to be navigated, being cautious but not negative is prudent. We said in last months commentary we would review the developing and emerging markets as well as the last of the developed regions, Japan, whose delayed review will become obvious as we progress. Japan, the land of the rising Yen (excuse the pun), has so often been the market which has failed to deliver and has struggled against the currency headwind in recent years. The fundamentals point to a country whose currency should be substantially weaker - a falling trade surplus; interest payments constitute 25% of spending; weakening demographics allied to large deficits, and national debt in excess of 200% of GDP. Moreover, if older domestic investors draw down their capital from the bond market, will foreign investors make up the difference when yields are only 0.6% on ten year paper? We saw the Yen as a potential victim of its weakening internal economy and as such we saw an opportunity to profit from owning quality exporters (with the yen hedged), albeit a very small holding. In the first quarter, with the Yen looking as though it had finally broken that uptrend, the Nikkei was one of the best performing markets in the world; but no, yet again it was a false dawn. The likely next Prime Minister, Abe, has targeted a 3% inflation rate, as well as suggesting changes at

For further information call :

0113 274 7700

Email : sales@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk

IMPORTANT INFORMATION This information has been approved for distribution to professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Balanced Defensive Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

9% 19%

UK Equities International Equities

16% Alternatives Commodities 7% 25% 5% Global Fixed Interest 19% Cash UK Fixed Interest

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Balanced Cautious Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Balanced Moderate Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

***IMPORTANT NOTE : THE ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE PROGRESSIVE PORTFOLIO*** MCIM Balanced Progressive Portfolio
INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

***IMPORTANT NOTE: THE HIGHLY ADVENTUROUS PORTFOLIO HAS BEEN RENAMED THE ADVENTUROUS PORTFOLIO***

MCIM Balanced Adventurous Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Balanced Speculative Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE LAUNCH

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Enhanced Income Portfolio

INVESTMENT MANAGERS INVESTMENT MANAGERS
Investment Director with over 20 years 20 years Investment Director with over experience in fund management. experience in fund management. Previously a a member of Rensburg Previously member of Rensburg Sheppards Asset Allocation and Fund Sheppards Asset Allocation and Fund Selection Committees for over 9 9 years and former Selection Committees for over years.
chairman of those committees at BWD Rensburg, he holds a MSC and is an David Cowell in Investment Analysis Investment Associate Member of the Society of

NOVEMBER 2012

PERFORMANCE SINCE JAN 2008*

Patrick Toes Patrick Toes

Chief Executive, possessing over 40 years Professionals (ASIP).

Chief Executive, possessing over 40 years experience in financial services, with over SALES: 25 years being investment management focussed. David formulates the macro economic position and leads the investment process Julie Jones across the portfolio range. He also has over 10 years Julie business 20 years to small and experience of has over consultancy experience of medium working in investment sales and sized enterprises.

David Cowell focussed.

experience in financial services, with over 25 years being investment management

marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).
Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, Model portfolios include cost of underlying dealing and settlement (equivalent to platform investments and Myddleton Crofts annual charges)

12 MONTH PERFORMANCE

management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call For further information call : :

0113 274 7700 0113 274 7700

Email : info@mcim.co.uk Email : info@mcim.co.uk Or visit us : Or visit us atat : www.myddletoncroft.co.uk www.myddletoncroft.co.uk

IMPORTANT INFORMATION This information has been approved for distribution to IMPORTANT INFORMATION retail and professional investors only. The information This information has been approved for distribution in this document is believed to be correct but cannot only. The beto retail and professional investorsa guide to guaranteed. Past performance is not information in this document is be repeated. The future performance and may notbelieved to be correct but cannot be guaranteed. Past performance not . value of investments and the income from themismay a goguide as well as upperformance and not get back down to future and investors may may not be repeated. The value of investments and the income the amounts originally invested. Before contemplating from them may go should well as your financial any transaction, you down as consult up and investors may This material is amounts originally invested. adviser. not get back thenot intended as an offer or Before contemplating any sale of any you should solicitation for the purchase or transaction, security or consult your without adviser. This material the any other action,financial first seeking advice as tois not intended it an offer or solicitation for the purchase or suitability ofas for your needs. sale of any security or any other action, without *Clients portfolios may differ from model portfolios first seeking on their to the objectives. dependentadvice asspecificsuitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

* The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the performance before that date (presented above) is from the back-tested portfolio and is provided for illustration purposes only.

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

MCIM Tactical Growth Portfolio

INVESTMENT MANAGERS
Patrick Toes
Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years.

NOVEMBER 2012

PERFORMANCE SINCE JAN 2011*

David Cowell
Chief Executive, possessing over 40 years experience in financial services, with over 25 years being investment management focussed.

SALES: Julie Jones

Julie has over 20 years experience of working in investment sales and marketing, previously as Head of UK Retail Sales for BNY Mellon (Newton Investment Management).

2012 PERFORMANCE*

Model portfolios include cost of underlying investments and Myddleton Crofts annual management fees, but not the charges for custodian, dealing and settlement (equivalent to platform charges)

For further information call :

0113 274 7700

Email : info@mcim.co.uk Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This information has been approved for distribution to retail and professional investors only. The information in this document is believed to be correct but cannot be guaranteed. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested. Before contemplating any transaction, you should consult your financial adviser. This material is not intended as an offer or solicitation for the purchase or sale of any security or any other action, without first seeking advice as to the suitability of it for your needs. *Clients portfolios may differ from model portfolios dependent on their specific objectives.

*This has been run as a model portfolio since January 2011

ASSET ALLOCATION

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.