11Saturday 14 February 2009 | The Scotsman Special report | IFA OF THE YEAR
DAVID THOMSON VWM Wealth Management
150
200
250
300
350
JANUARY 2008 JANUARY 2009
22.6%
JANUARY 2008 �
Aegon American Equity �6,000
Aegon European Equity �15,000
Artemis European Growth �18,000
Artemis UK Special Situations �30,000
Martin Currie Asia Pacific �30,000
Martin Currie North American �12,000
Resolution Argonaut European Income �24,000
Resolution Cartesian UK Opportunities �27,000
SWIP Sterling Index Linked Bond �24,000
SWIP Absolute Return Bond �33,000
Standard Life Inv Select Property �18,000
Standard Life Inv Global Index Linked Bond �12,000
Jupiter Financial Opportunities �21,000
JPM Natural Resources �15,000
Schroder Income Maximiser �15,000
�300,000
JANUARY 2009 �
Aegon American Equity �9,120
Aegon UK Opportunities A �4,330
Artemis Strategic Bond Q �4,470
Artemis Global Growth �6,520
Martin Currie Japan Alpha �13,530
Martin Currie North American Alpha �36,920
Ignis Argonaut European Alpha �9,570
Ignis Cartesian UK Opportunities �10,050
SWIP Sterling Index Linked Bond �12,720
SWIP UK Opportunities A �44,010
Standard Life UK Gilt R �25,490
Standard Life Inv Global Index Linked Bond �12,080
Schroder Income Maximiser �43,450
�232,260
DAVIDTHOMSON
Aegoncomment
"We favoured the US
and Japan which has
served the portfolio
well as sterling
has been weak"
Tough year has been a balancing act
Thomson maintained a broad
spread of assets through 2008
I
THASbeenaparticularlydifficult
year for markets with the impact
of the credit crunch being felt in
many areas. Of the main market
sectors only gilts beat cash and even
thentheirrallywasonlyfromJuly.
SincetheinceptionofAngus'sSipp,
theportfoliohasfallen24.97percent
againsta19.9percentdropintheABI
Balanced Managed sector, against
whichthepensionisbenchmarked.
We maintained a broad spread of
assets throughout 2008 consistent
with the balanced attitude to invest-
ment risk which will be required to
meet Angus's long-term objectives.
However, it is disappointing to note
the underperformance which can be
attributed mainly to our selection of
relativelyaggressivefundscapableof
outperformance during a very
volatile period. We have certainly re-
viewed and actively managed the
portfolio. For example, from the start
wesoldthepropertyholdingsbutnot
before they had suffered in the Jan-
uary market fall. Then as markets ral-
liedinthespring,wereducedsomeof
our more defensive holdings in
favour of commodities. This initially
served the portfolio well, although
wewerealittleslowinexitingascom-
moditiesfellsharplyfromJuly.
We were also a little too hasty in
buying back into equities in general
following their sharp fall in Septem-
ber as the decline persisted through
muchofOctoberaswell.Throughout
much of 2008 we also held the Black-
rockUKAbsoluteAlphafundasaddi-
tionaldiversificationtoreduceriskas
the fund is designed to provide
steady, if unspectacular, returns.
Whilethisfundwasdisappointing,as
it declined for much of the time we
held it, the decline was significantly
lessthanmarketsingeneral.Recently
we have switched this to a more
conventional fund at what we again
perceivetobeamarketlow-point.
On a positive note, our fund selec-
tions and currency calls have proven
beneficial. For most of last year we
heldabiasawayfromtheUKtowards
theUSandJapanwhichhasservedthe
portfolio well as sterling has been
weak.Wehaveplayedtothestrengths
of the various fund management
groups and also reduced exposure to
those groups whose management
style is less well suited to the prevail-
ingbearishmarketconditions.
DAVIDTHOMSON
WE expect another challenging and
volatile market in 2009 with more
negative economic and corporate
news to come. Bottom up earnings
expectations for 2009 have
reduced over the past few months
but still remain too optimistic and
we expect more material
downgrades in the first half of the
year.Despitetheongoingeconomic
and financial challenges, bear
marketsdocreateopportunitiesfor
stockpickers. We expect increased
corporate equity issuance during
the year and will selectively look to
take advantage of stock specific
opportunities. Therefore, stock
selection will be all important
during 2009 and we continue to
seek attractive buying
opportunities for the UK
Opportunities Fund.
For those with a long-term
investment horizon, we believe now
is an excellent time to consider
corporate bonds.
David Roberts, fund manager of
Sterling corporate bond fund and
Audrey Ryan, fund manager of UK
Opportunities Fund

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