Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
The AIC Flexible Investment sector is, like a discounted haggis, a simple casing which can house myriad ingredients. In fact, the constituent meats are so exotic that we typically caution it is not a good comparator when discussing relative performance. The individual trusts that make up the sector often aim to accomplish very different things. Meanwhile the flexible mandates of some of them mean the composition of individual portfolios can vary drastically over time. Below, we have looked at the sector and tried to subdivide it schematically, breaking it down into some broad categories, looking at what each aims to achieve and discussing how this might fit into a broader investment portfolio. It might give some ideas on how to better benchmark or compare the performance of the individual trusts. If not, at least there will be parabolic curved trend lines – what more could you ask for? (I asked the same of my other half last Valentine’s Day. She tells me you CAN ask for more, so my apologies in advance).
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