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B&CE Global Investments
(up to 85% shares) Fund
as at 31 March 2015
EasyBuild Series
This fund forms the core of the ‘Balanced’ investment profile (page 1 of 2)
Fund Aim/Objective
The B&CE Global Investments (up to 85% shares) Fund aims to maintain an asset distribution close
to that of the average Balanced Fund, excluding property, as published in the Combined Actuarial
Performance Services (CAPS) Pooled Pension Fund Update.
The fund is medium risk and aims to combine the long-term growth potential offered through UK and
Overseas equities together with the relative security provided by gilts, bonds and cash.
Fund Manager
Contributions are currently invested on B&CE’s behalf by Legal & General Investment Management
(LGIM) in a series of its index tracker funds.
Annual Management Charges (AMC)
Over £25,000
0.6% of total fund value
£5,000 to £25,000
0.8% of total fund value
Under £5,000
0.95% of total fund value
Fund Performance (% growth rate)
Fund
3 Mths
to
31 Mar
2015
1 Yr
to
31 Mar
2011
1 Yr
to
31 Mar
2012
1 Yr
to
31 Mar
2013
1 Yr
to
31 Mar
2014
1 Yr
to
31 Mar
2015
3 Yrs
to
31 Mar
2015
5 Yrs
to
31 Mar
2015
10 Yrs
to
31 Mar
2015
Since
inception*
to 31 Mar
2015
6.19
7.13
-0.92
13.57
4.47
11.00
31.70
39.79
103.04
104.89
The above fund performance figures are provided after deduction of charges (based on AMC of 0.8%).
* Monies were first invested in this Fund on 25 May 2001.
Fund Facts
Launch Date
April 2001
Fund Size (£m)
853
Fund Type
Unit linked life insurance
Pricing Basis
Single price
Valuation and
Dealing Frequency
Each working day (excludes
weekends and UK bank holidays)
Base Currency
GBP
Domicile
United Kingdom
continued overleaf
Important Notes
This document is provided for the purpose of information only and should not be construed in any way as giving investment advice. Past performance should
not be seen as an indication of future performance as the value of the units may go up or down and any return is not guaranteed. The price of the units can be
monitored on our website at www.bandce.co.uk/resources/daily-unit-prices
Registered in England and Wales No. 3093365. To help us improve our service, we may record your call.
Provider of life assurance, pensions and accident insurance. B&CE Insurance Limited is authorised by
the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority Ref: 177791.
WINNER
2371/0515
B & C E Insurance Limited
Manor Royal, Crawley, West Sussex, RH10 9QP. Tel 0300 2000 555 Fax 01293 586801 www.bandce.co.uk
B&CE Global Investments
(up to 85% shares) Fund
as at 31 March 2015
EasyBuild Series
This fund forms the core of the ‘Balanced’ investment profile (page 2 of 2)
Market Review – LGIM
Market background
Asset Allocation (%) in various LGIM
tracker funds
Oil prices, inflation and central bank activity dominated global
economic news.
35.7UK Equities
Overall results were positive for global equities despite bouts of
volatility and some divergence in major markets.
Gilts //Bonds
13.2
13.2 Gilts
Bonds
UK Equities
35.7
17.1 North
America Equities
17.1
Oil supply surged and prices fell throughout 2014. They stabilised in
the first quarter of 2015 but the effects continued to boost personal
income and reduce global inflation. Europe encountered negative
inflation for the first time in decades. The UK Consumer Prices Index
(CPI) fell to zero. The EU and Chinese central banks used various
mechanisms to stimulate growth.
Europe and Japan outperformed other regions. The US, UK and
Emerging Markets lagged behind.
US equities reached all-time highs in early March, having risen for
nine consecutive quarters. The UK FTSE 100 index exceeded the
previous high set in late 1999.
US corporate bonds also delivered solid positive returns across
the credit spectrum, despite muted equity markets and the end of
quantitative easing by the US Federal Reserve last year. Spreads
narrowed only slightly however, again as US governments also railed
over the quarter after US Federal Reserve signaled that a rate rise
would probably not happen in June.
Euro-denominated bonds lagged US dollar and sterling equivalents
but issuance of euro corporate bonds reached record levels,
particularly from non-euro companies. Borrowers took advantage of
low funding levels.
Subordinated Financials outperformed senior paper. Oil & Gas were
very weak in January but recovered over the remainder of
the quarter. The US investment grade and high yield markets were
particularly affected as Oil & Gas is a larger sector.
Government bonds broadly performed well in spite of volatility owing
to election uncertainty, speculation over central bank actions and the
ongoing Greek crisis.
In January, European Central Bank policymakers announced the start
of a larger broad-based monetary stimulus package than analysts
had predicted, causing Euro government bonds to rally.
Japanese government bonds marginally improved as Japan emerged
from recession in late 2014 albeit with feeble growth and sluggish
business investment. Lower oil prices and muted demand caused
inflation to dip to a 10 month low of 2.2%.
Consensus Index Fund
• The cashflow was applied to adjust the asset allocation towards the
distribution given in the latest CAPS Pooled Pension Fund Survey.
• The UK Equity allocation decreased by 1.1% and the European ex UK
and Japanese Equity allocation both increased by 0.8%. These were
the main changes in the CAPS Pooled Fund Survey.
• Where switches were required to maintain the distribution in line
with the latest survey distribution these were effected at no cost to
the fund wherever possible.
North America Equities
13.1
Europe (exc. UK) Equities
6.6
13.1 Europe
(exc. UK) Equities
Cash
6.6
Japan Equities
6.6Cash
3.6
Emerging Market Equities
Asia Pacific
(exc. Japan) Equities
3.6
6.6 Japan
Equities
0.5
Alternatives
3.6 Emerging Market Equities
3.6 Asia Pacific (exc. Japan) Equities
0.5Alternatives
Sector Breakdown (%)
Fund
Fund
Financials
19.2 Basic Materials
5.0
Consumer Goods
11.8 Technology
4.7
Industrials
9.6 Telecommunications
3.4
Consumer Services
8.7 Utilities
2.7
Health Care
7.9 Other
Oil & Gas
6.7 Non-Equities
0.1
20.2
Total
100.0
Return (%) by fund
% Return over the quarter
Fund name
difference
between Fund
and Index returns
Fund
Index
UK Equity Index
5.5
5.5
0
North America Equity Index
6.1
6.1
0
Europe (ex UK) Equity Index
11.0
11.0
0
Asia Pacific ex Japan Equity
Index
8.4
8.4
0
Japan Equity Index
16.3
16.3
0
World Emerging Markets
Equity Index
7.2
7.2
0
All Stocks Gilts Index
2.0
2.0
0
Overseas Bond Index
3.3
3.2
+0.1
AAA-AA-A Bonds All Stocks
Index
3.2
3.2
0
GBP Corporate Bonds 6A
(Pass)
4.5
4.3
+0.2
Important Notes
This document is provided for the purpose of information only and should not be construed in any way as giving investment advice. Past performance should
not be seen as an indication of future performance as the value of the units may go up or down and any return is not guaranteed. The price of the units can be
monitored on our website at www.bandce.co.uk/resources/daily-unit-prices
Registered in England and Wales No. 3093365. To help us improve our service, we may record your call.
Provider of life assurance, pensions and accident insurance. B&CE Insurance Limited is authorised by
the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential
Regulation Authority Ref: 177791.
WINNER
2371/0515
B & C E Insurance Limited
Manor Royal, Crawley, West Sussex, RH10 9QP. Tel 0300 2000 555 Fax 01293 586801 www.bandce.co.uk