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IM Thoroughbred Core Alpha

Fund Facts

Fund Manager Assistant Fund Manager Fund Currency Inception Date Benchmark Sector Launch Price Units Pricing Basis Minimum investment lump sum Minimum monthly savings Initial charge in % Annual management charge Total expense ratio (TER) Fund size Simon Gibson Dale Inman GBP 02/03/2009 APCIMS Stock Market Balanced Portfolio Index IMA Balanced Managed 100p Acc Forward ­ pricing at 7.00am A (retail) - £3,000

May 2010

Fund Aim

The aim is to achieve long-term capital growth by the active management of a global multi-asset portfolio.

Managers Profile

Simon Gibson has 24 years investing experience, the last 20 of these in advisory/discretionary portfolios for private clients. IMC qualified, he is a director of Atkinson Bolton Consulting (ABC), heading the asset allocation team, and is assisted in this fund by Dale Inman, both being key members of the ABC Investment Committee.

Investment Philosophy


£100 collecting 10 each month A ­ 4% A - 1.50% tbc A ­£1,249.15

This is the first sub-fund under the IM Thoroughbred Funds ICVC banner, and builds on nine years of very successful asset allocated portfolios run by the team, using a global, multi-asset approach. The aim of achieving long-term growth is paired with a desire to manage volatility so that, other than on very short-term measures, Alpha returns come with a lower beta than the benchmark. The key performance attributes that should enable us to best meet client requirements are strong investment disciplines, adherence to our aims and robust risk controls.

Awards Top 10 Holdings

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Invesco Perpetual High Income Standard Life UK Equity High Income Neptune US Opportunities Standard Life Property Trust JP Morgan Private Equity 2015 ZDP Schroders US Smaller Companies Standard Life Higher Income Invesco Perpetual Corporate Bond Neptune European Opportunities JPM Indian Investment Trust

Logos to go in here!

Fund Composition



Fund Manager Commentary

Market Review Despite amazing optimism during April, the month ended with Greece again playing large, and Europe generally in the spotlight. In the UK, BPs travails haven't helped the market, and an Election that increasingly looks to be heading for a most unsatisfactory (market wise) hung Parliament gathers much attention. If risk comes off the table in May, expect that to, once again, be a global issue. Fund Review Last month I started by saying "I have very carefully reviewed my central (cautious) thesis this last month or so, and am happier than ever that it is the right approach". The positive performance in the month, combined with clear signs of global risk aversion suggest to me that we could have a sustained period of outperformance. It also suggests, as I indicate below, that my cautious stance is nearer to being changed to bullish, when values and macro-issues allow. Activity I brought UK equity income up to the asset allocation target levels in April, and sold off some of the Zero and our cautious BlackRock holding, the latter to establish a fighting fund for buying into the expected weakness short-term. The main purchase was a very exciting one, as I took part in the placing for the new JPM Brazilian Investment Trust, which is investing to take advantage of the burgeoning domestic consumer story in one of my favoured markets. Outlook and Positioning In a market where I expect increased volatility, my central aim of delivering Alpha whilst keeping volatility tight is never more important. The cash referred to above is important, as I expect opportunities this month and maybe next, though I do wonder of that old adage "Sell in May th ..." might look good come 10 September 2010.

This document is issued by IM Thoroughbred Funds and should be read in conjunction with the Fund's Simplified Prospectus which will exclusively form the basis of any application. Past performance is not a guide to future performance. The price of shares and the income from them can go down as well as up. Investors may not get back the full amount originally invested. A comprehensive list of risk factors is detailed in the Simplified Prospectus and an investment should not be contemplated until the risks are considered fully. Current tax levels and relief are liable to change and their value will depend on individual investors circumstances. If you are unsure about any information contained within this document you should take independent advice. IM Thoroughbred Funds is authorised and regulated by the Financial Services Authority. IFDS Managers Limited acts as Authorised Corporate Director of the Fund. IFDS Managers Limited is authorised and regulated by the Financial Services Authority. Company registered office: IFDS Managers Limited, St Nicholas Lane, Basildon, Essex, SS15 5FS.


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