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NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 September 2013. Background. Fund Information. 3 months to 30 - 09-13 3 Years Annualised. Fund Performance . Aim

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NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 September 2013


Fund Information

3 months to 30 -09-13 3 Years Annualised

Fund Performance


The primary objective of the Fund is to achieve an annual income return of 20% more than the benchmark yield and thereafter long-term capital growth in real terms.



To achieve an annual income return of 20% more than the benchmark yield.

Long-term Total Return (Gross)

Key Details

Risk Factors

The portfolio is being managed with a medium risk approach.

The value of any investment may go down as well as up, as can the income generated from it.

Perspective Shareholders may wish to seek independent advice before investing in this Fund.


NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 September 2013

Fund Manager

Ethical Restriction: No direct investment permitted

In tobacco stocks

Sector Allocation as a % of Total Market Value

NICIFC Fund Composition

Newton Investment Management Limited, Queen Victoria Street, London.

Newton is a global thematic stock picking company. This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur.

Newton were first appointed by the Department as managers of the Fund in August 2004 and then reappointed in February 2009, following a successful retendering exercise.

Historic Fund Information

Source: Newton Investment Management, as at 30 September 2013

Market Commentary

Monetary policymakers have largely failed to address the debt burdens and imbalances that characterise large swathes of the global economy. Indeed, much of the causes of the financial crisis of five years ago (low interest rates and a ballooning of credit) is currently seen as the cure for its aftermath, even if much of the debt involved now resides on the balance sheets of the public sector rather than on those of the private sector. Policymaking has thus resembled more ‘evolution ‘ than ‘revolution’.

Successive waves of quantitative easing are of doubtful value in stirring the improvements in economic activity for which they have chiefly been discharged. Western economies benefited from the initial bursts of stimulus in the wake of the financial crisis, and developing economies were undoubtedly given a major boost by the actions of authorities around the world: but the former remain fragile despite unparalleled policy support, and growth in the latter appears now to be slowing.

In the meantime, policymaking has had a significant impact in financial markets, entailing marked distortions in asset prices, capital misallocation, and the ‘financialisation’ of the economy, by which trading in claims on economic activity has grown in prominence compared with the underlying activity itself.

With the policymaking on which investors are so focused linked explicitly now to economic variables such as rates of employment, financial markets may will be volatile. The monthly release of the US non-farm payrolls (employment) report, for example, has assumed an ever-greater status in the minds of investors, given its overt linkage to Federal Reserve policy. Perversely, it may thus be ‘bad’ news rather than ‘good’ that most ignites asset markets, given the necessity it would imply for further intervention by authorities.

In this challenging setting, we continue to emphasise the importance of long-perspective, and to believe that understanding the trends

shaping the investment landscape should be given precedence over the near-term ‘noise’ which can drown out an understanding of financial-market opportunities and risks.


NI Central Investment Fund for Charities, c/o Department for Social Development, The Lighthouse Building, 4th Floor, 1 Cromac Place, Gasworks Business Park, Ormeau Road, Belfast BT7 2JB. Tel.: 02890 829 508 E-mail: [email protected]

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