Mark Burgess, CIO; Leigh Harrison, Head of Equities; Jim Cielinski, Head of Fixed Income and Don Jordison, Head of Property

Threadneedle a business that covers all the major asset classes
• A large and credible player in the market
• But small enough to move quickly and react swiftly to change
• 59% of assets in equities, 30% in fixed income, 8% in property and 3% in cash
• Final proof is in the numbers – look at the long-term track record of the group in all asset classes

Three characteristics that define equity team and process
• Teamwork and close working together are vital to bring out the best in fund managers
• It is quality of thinking that is important rather than quantity of information
• Team relies on bottom up fundamental stock research and selection

Characteristics of a typical Threadneedle stock
• Strong franchises and good cashflows
• Strong market positions
• Ability to fund their own expansion
• High returning businesses
• Businesses that are stable across the cycle and are long-term value creators

Threadneedle is not just a domestic investor most of its investments are outside the UK
• Important to have the right sort of people rather than large numbers of staff per se
• Important to have a global perspective when it comes to constructing client portfolios

Group has strong track record in fixed income
• Expertise across high yield, emerging markets, investment grade, macro and commodities
• Vital to be flexible and have this knowledge across the piste in today’s markets
• Risk is as high as it has ever been and new world order is emerging and gap between emerging and developed markets blur
• Fixed income team doesn’t just look at its own market, takes inputs from other asset classes too

UK commercial property team a 50-strong organisation
• Many of team have worked together for 16 years
• Asset class has income and diversification benefits for multi-asset portfolios

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