Investments

understanding
A guide to understanding the
balance between risk and reward
including the St. James’s Place individual funds,
fund of funds and portfolios
2 | A guide to understanding the balance between risk and reward

Introduction

At St. James’s Place, our approach to We believe these are the key things
investment advice is based around you should consider when deciding
the following key principles: how to invest and when making
changes to how your money is
invested:
cash easily available to meet your
short-term needs, including an What are the risks of investing?
allowance for emergencies.
How do you choose investments
Taking a clear view of the timeframe that are suitable for you?
for which you’re able to invest
What types of investments can you
your money.
choose?
Not overlooking the impact that
Why should you diversify your
investments?
power of your money.

Spreading your investments across

a number of different asset
classes and investment managers,
to reduce the danger of all your
investments falling in value at the
same time.

investment goals.
 A guide to understanding the balance between risk and reward | 3

What are the risks of investing?

Your investments could The value of your investments may

fall in value
Almost all types of investment carry Lower risk investments offer lower potential
the risk that their value could fall, returns but also carry little or no risk of
particularly in the short term. For
example, this could be due to stock term these types of investments have

interest rates.

Risk
You may not be able to afford a You may not be able to access your
fall in value money when you need it
It is important you hold cash for your
potential short-term needs and only
invest money that you can afford to
not be able to access your money when
you need to be comfortable that you
could withstand any losses if you were risk when you buy the investment but may
forced to sell after a fall in value. become an issue when you come to sell.

Choosing not to invest your money which could be reversed by longer

term gains. In contrast, short-term,
spending power of money over time. stable growth may be undermined by
The key to successful investment is
not to avoid risk entirely, but instead which leads to erosion of the real value
of an investment.
and reward to help you meet your
investment objectives.

Risks should be considered over the

period you’re looking to invest. Some
investments may pose a higher risk in
the short term, leading to initial losses
4 | A guide to understanding the balance between risk and reward

What else should you consider when choosing to invest?

Investing for the future could make low-risk investments. National Savings
and Investments (NS&I) are an example
wellbeing, and as such the choice of of a very low-risk option. You should,
where to invest is an important decision. however, be aware that the real value
It’s important to bear in mind: of your investment is likely to be eroded

1. Your readiness and capacity to term.

withstand loss
2. The time horizon for your
You need to be prepared to consider
investment
investments which may fall in value, in
return for the possibility of better growth When assessing which funds and
over the longer term. investments may best meet your needs,
it is important that you consider the
You and your Partner need to agree how
effect that your time horizon has on the
much risk you can accept without having
amount of risk you’re willing to take.
a major impact on your day-to-day life.
This means ensuring adequate cash Typically, when investing for the longer
reserves are set aside before investing, term you can afford to take more risks as
and assessing whether, if the worst any losses will have time to recover.
were to happen and you lost a large
Combining these two points can help
proportion or all of your investment, it
you understand the level of risk you
would have a detrimental impact on your
could take. For example, if you have a
standard of living either now or in the
medium capacity to withstand loss,
future.
but a relatively short time horizon, this
will scale back the extent to which you
to withstand any fall in the value of your will be willing to accept risk within your
investment, or are simply not prepared to investments.
accept the risk, you should consider very
 A guide to understanding the balance between risk and reward | 5

How do you choose investments that are suitable for you?

potential gain is likely to vary over time and may be different for each investment
you make. There are a broad range of options from low risk to high risk. The level
of risk will also be determined by the mix of investments and this can be discussed
and agreed with your Partner.

You’re looking for the potential to achieve exceptional returns but you accept that
this will be at a high risk to your money. You have considerable experience of making

range of asset classes that may be highly concentrated, contain high risk and specialist
investments. You accept that there may be sharp falls in the value of your investments.

You want your money to offer the potential for higher returns and you’re willing to invest
Upper-
bonds, property and global equities. You understand the additional risks of investing in
medium overseas markets, including less developed economies, and are comfortable with some
risk of your money being invested in these markets. You recognise that you may experience

Medium want the potential to achieve better long-term returns and are comfortable with your
risk money being invested in a range of assets, including bonds, property and global equities.

Lower-
medium growth in the longer term. You’re comfortable investing your money across a range of
risk assets, including bonds and equities which may fall in value. You accept it is possible
you may lose some of what you have invested.

of your money. You may be unable to commit to leaving your money invested for at least
Low risk

What about riskier investments? that riskier investments do not always

provide greater returns, and you could
If you’re a very experienced investor
lose some or all of your money. Some
looking for the highest possible returns
riskier investments are structured as
over the long term, you may be willing
hedge funds or unregulated collective
investment schemes, which are
loss of capital. If this describes your risk
typically only suitable for clients with
attitude, you may prefer to invest in
direct professional experience in this
other types of investment. Remember
area.
6 | A guide to understanding the balance between risk and reward

What types of investments can you choose?

Each asset class has different characteristics and levels of risk and they tend to
respond differently to changing economic conditions. As a general guide, the four
main asset classes have different levels of risk: cash is typically lower risk, while
equities are generally higher risk.

CASH BONDS PROPERTY EQUITIES

Please note: This is a general guide

Most types of investment can be categorised into one of the classes described
on the following pages. For each class we have included a graph illustrating the
variability of annual returns in the recent past, although this should only be taken
as an indication of how returns may vary rather than the likely returns or the
maximum possible loss in a year. To assist with comparing the variability of returns
between the classes of investment, we have used the same scaling for each graph.
 A guide to understanding the balance between risk and reward | 7

Cash
This includes bank and building society cover the charges that are deducted
deposits. Other investments, such as from the investments.
money market instruments, are also
The chart below shows an example of
often included within this asset class.
the variation in annual returns for cash
Although the risk of a fall in value is
investments, based on average returns
typically low, interest rates can fall
on deposit accounts for investments of
and returns on cash investments are
£10,000 or more (Moneyfacts 90 Days’
Notice £10,000 Index) over the last 10
the longer term. In times of low interest
calendar years:

Source: Financial Express. 40%

Past performance is
not indicative of future 30%

performance. Returns
20%
over other periods will
differ and may be lower or 10%
higher than those shown
0%
above.
#Please note that this is -10%
to the 14 May 2024 as this
-20%
is the most up-to-date 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
information available at
time of publication.

Bonds
This includes government and the government or company borrowing
corporate bonds. Typically, these the money. For example, an increase in

various terms and are used by will usually cause the current market
governments and companies to borrow value of bonds to fall, although it will not
money from investors. The capital usually affect the maturity value. Bonds
invested is usually returned in full at the with shorter terms are typically less
end of the term of the bond. However, sensitive to these changes than bonds
the capital value and level of income with longer terms.
provided by bonds are directly linked
Gilts (UK government bonds) are
normally the lowest-risk bonds, as
of the organisation involved. Bonds
the risk that the UK government will
tend to provide higher levels of income
default on its obligations to pay interest
or repay capital is very low. Indeed,
more. They are sensitive to changes
the UK government could, if it wanted
to, simply print money to meet its
investors’ views about the security of
obligations to investors.
8 | A guide to understanding the balance between risk and reward

For corporate bonds, there is a greater their commitment to pay the income
chance that some of the companies or repay the capital when the bond
that issue the bonds will fail to make matures. The income generated by high
interest or capital payments in future. yield bonds is therefore typically greater
This would reduce the value of your than that generated by investment
investments, either due to the company grade corporate bonds, which, in turn,
missing payments, or because the is typically greater than that generated
value of the bond has fallen when by gilts.
investors believe the security of the
By investing in a range of companies,
company has reduced. ‘High yield’
you’re able to dilute the risk of any one
bonds carry a higher level of risk than
company defaulting.
bonds classed as ‘investment grade’,
which have been issued by more The chart below shows an example
of the variation in annual returns for
corporate bonds, based on the returns
In general, companies which are
of the Bloomberg Global Aggregate

investors more by way of an income

do not take into account any fees, have
to compensate for the extra risk that
been calculated with income reinvested
they may, in future, not be able to meet
over the last 10 calendar years:

Source: Financial Express.

40%
Past performance is
not indicative of future 30%
performance. Returns
over other periods will 20%

differ, and may be lower

10%
or higher than those
shown above. 0%
#Please note that this is
-10%
to the 14 May 2024 as this
is the most up-to-date -20%
information available at 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

time of publication.

Property
The chart on the next page shows
of commercial property will tend to an example of the variation in
annual returns for investments in a
in equities, but can still fall sharply from combination of 80% in the MSCI UK
time to time. The value of property Quarterly Property Index and 20% in the
is generally a matter of a valuer’s
opinion until the property is sold. Also,
commercial property cannot always be
readily sold, so investors may not be able term average cash weighting of daily
to access their capital quickly.
which do not take into account any
Property tends to generate a higher
fees, have been calculated with
level of income than cash, making it
income reinvested over the last
an attractive investment over the long
10 calendar years:
term for investors seeking income.
 A guide to understanding the balance between risk and reward | 9

Source: Financial Express.

Past performance is 40%

not indicative of future

30%
performance. Returns
over other periods will 20%
differ and may be lower
10%
or higher than those
shown above. 0%

#Please note that this is -10%

to the 14 May 2024 as this -20%
is the most up-to-date 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
information available at
time of publication. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability
whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used

or produced by MSCI. None of the MSCI data is intended to constitute investment advice or a recommendation to
make (or refrain from making) any kind of investment decision and may not be relied on as such.

Equities
These are shares in the ownership example, shares in companies in less
of companies, with the value of a developed economies, often called
company’s shares being directly linked
value more than shares in companies
value of investments in equities will in developed economies, such as the
United Kingdom.
of investments in bonds, but historically
The chart below shows an example
equities have provided higher returns
of the variation in annual returns for
over the medium to long term. However,
UK equity investments, based on the
it is important to remember that these
returns of the FTSE All-Share Index*. The
returns are not guaranteed and there
have been periods when equities have
any fees, have been calculated with
income reinvested over the last 10
of equities are riskier than others. For
calendar years:
Source: Financial Express.
40%
Past performance is
not indicative of future 30%
performance. Returns
over other periods will 20%

differ and may be lower

10%
or higher than those
shown above. 0%
#Please note that this is
-10%
to the 14 May 2024 as this
is the most up-to-date -20%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
information available at
time of publication.
*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”) ©
LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE Russell®” is
a trademark of the relevant LSE Group companies and is used by any other LSE Group company under
licence. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the
index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the
indexes or data and no party may rely on any indexes or data contained in this communication. No further
distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express
written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
10 | A guide to understanding the balance between risk and reward

Alternative investments
Assets which do not fall into any of the Derivatives can be used either to
previous categories are often referred increase a fund’s exposure to certain
to as ‘alternative investments’. These assets or with the aim of reducing the
include commodities such as gold, volatility of returns. Derivatives carry
oil and timber. For most investors, the risk that the institution from which a
such assets would form only a small derivative has been bought might fail to
proportion of their overall investments. meet its obligations when they are due,
which would impact the value of the
Some funds also invest in derivatives.
investment.
These are contracts, issued by
investment banks, whose values
change depending on the value of
underlying assets such as equities,
bonds, commodities or currencies.

Why should you diversify your investments?

no guarantee that this strategy will work
your investments across different all the time as the effect of changing
asset classes so the potential losses economic conditions is complex and
in one asset class could be offset by the performance of one asset class can
gains in another. Overall, this could impact on another.
help reduce the combined risk of your
If you do choose your own selection of
investments, even though the risks
funds, you should discuss this carefully
with your Partner.
remain unchanged. There is, however,
 A guide to understanding the balance between risk and reward | 11

How can we help you choose your investments?

To help choose an appropriate investment solution to match your individual needs, objectives and risk

There are three ways we structure our investment options:

Individual funds

They can be managed by one or multiple managers

to achieve this goal. Investing wholly in a single fund
creates a higher level of risk than a portfolio of funds.
By mixing a selection of individual funds, you can
diversify and mitigate some of the risk. We use some
of these funds as ‘building blocks’ to construct our
ready-made solutions.

Fund-of-funds solutions

This is a single fund created by combining a selection

investment styles. The investment is made into the

single fund, and not each of the underlying funds.
Therefore, they can’t be individually tailored. Each
Fund-of-funds
solution’s risk level is determined by its asset allocation.
solutions
The fund-of-funds are automatically rebalanced to
make sure the allocations stay true to the original
investment objective. Both our Polaris and InRetirement
ranges are structured as fund-of-funds solutions.

Portfolios

A portfolio is created by combining a selection of the

regions and investment styles. The investment is

made directly into each underlying fund, which can be
changed at any time. Portfolios are not automatically
rebalanced and therefore, overtime, the asset
allocations will change. This means your investment
may not stay in line with your original objective or
our most up-to-date view unless you speak to your
SJP Partner to facilitate this. Our Growth Portfolios are
structured in this way and are ready-made solutions to

Any combination of our individual funds, fund-of-funds solutions and Portfolios can be used to create a
12 | A guide to understanding the balance between risk and reward

We provide you with options to spread your investments across asset types and regions. You can also
choose fund managers with different styles.

Our ready-made solutions include our Polaris, Growth Portfolios and InRetirement ranges.

What are the differences between Polaris, Growth Portfolios and

InRetirement?

The Polaris range is suitable if you’re looking to grow your

investments over the long term. There are four fund-of-funds
solutions which aim to maximise returns at each level of risk.
These fund of funds are automatically rebalanced to make sure
the allocations stay true to the original investment objective.

Growth Portfolios

The Growth Portfolios are designed as a long-term option for

maximise returns at each level of risk. We regularly review and

adjust the allocations at the ‘model’ level shown on page 16,
so clients can invest in our most up-to-date view. Our Growth
Portfolios aren’t automatically rebalanced, meaning once
you are invested in a Growth Portfolio, your allocations won’t
automatically move in line with the future adjustments we
make at ‘model’ level. Should you wish to move in line with our
changes, speak to your Partner who can facilitate this.

Our InRetirement range is designed for when you’re considering

funds solutions, designed to support regular withdrawals.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds
selected and may fall as well as rise. You may get back less than the amount invested.
 A guide to understanding the balance between risk and reward | 13

Are these solutions appropriate for everyone?

These solutions are designed as the starting point for discussions with your Partner, to help you to
choose the right investment strategy. These may not be right for everyone but depending on your
attitude to risk, you can tailor your investment choices by choosing individual funds or assets to meet
your objectives.

If your preferences are most closely aligned to the ‘High Risk’ investment approach, a full list of our
individual funds can be found later in our list on page 21.

The table below shows where these options are positioned on the risk spectrum.

(Fund-of-funds solution) (Fund-of-funds solution)

UPPER-MEDIUM Polaris 4 Adventurous

Polaris 3 Strategic Growth Growth InRetirement

MEDIUM Managed Funds

Polaris 2 Balance InRetirement
Balanced

Polaris 1
LOWER-MEDIUM Conservative Prudence InRetirement

LOW

We provide a breakdown of each of the 12 options available within the Polaris, Growth Portfolios and
InRetirement ranges on the following pages.
14 | A guide to understanding the balance between risk and reward

Polaris Range
Each of the four solutions is structured as a fund-of-funds, meaning they invest in other funds rather than
directly in equities and bonds. Polaris invests primarily in SJP funds but can also invest in funds from other
providers. Units are bought in the overarching Polaris solution rather than the underlying funds themselves.

Lower-medium risk
Asset allocation

Equity range: 20% to 60% Bonds 60.0%

The investment objective of the fund International Equity 38.5%

is to achieve capital growth over a UK Equity 1.5%

The fund uses multiple investment

approaches to seek a diverse
combination of investment
opportunities across asset classes,
predominantly focused on equity and

Medium risk
Asset allocation

Equity range: 40% to 80% International Equity 57.7%

The investment objective of the fund Bonds 40.0%
is to achieve capital growth over a UK Equity 2.3%

The fund uses multiple investment

approaches to seek a diverse
combination of investment
opportunities across asset classes,
predominantly focused on equity and
 A guide to understanding the balance between risk and reward | 15

Medium risk
Asset allocation

Equity range: 60% to 100% International Equity 76.9%

The investment objective of the fund Bonds 20.0%

is to achieve capital growth over a UK Equity 3.1%

The fund uses multiple investment

approaches to seek a diverse
combination of investment
opportunities across asset classes,
predominantly focused on equity and

Upper-medium risk
Asset allocation

Equity range: 80% to 100% International Equity 96.1%

The investment objective of the fund UK Equity 3.9%

is to achieve capital growth over a

The fund uses multiple investment

approaches to seek a diverse
combination of investment
opportunities across asset classes,
predominantly invests in global
equities, including emerging
economies
16 | A guide to understanding the balance between risk and reward

Growth Portfolios

your money over time. Each portfolio targets a different level of equity risk, meeting the needs of a broad range
of clients with differing investment objectives, investment risk, and capacity for loss.

Lower-medium risk
Portfolio asset mix Fund mix

Aims to provide steady growth for Investment Grade Corporate

20%
Bond
Global Government Bond 19%
Global Absolute Return 15%
in value will occur Global Value 8%

Predominantly invests in bonds, 6%

equities and alternative assets Global Growth 6%
Global Quality 6%

6%
Linked Bond
5%
Global Equity 4%
Global High Yield Bond 3%
Bonds 54.0% Alternatives 20.0%
Emerging Markets Equity 2%
International Equity 25.0% UK Equity 1.0%

Medium risk

Portfolio asset mix Fund mix

Investment Grade Corporate

Aims to provide growth for 17%
Bond
Global Value 16%
Global Growth 11%
Global Quality 11%
Global Absolute Return 11%
Wide variety of assets, Global Equity 9%
including some holdings in Global Government Bond 7%
emerging economies
6%
5%
Global High Yield Bond 3%

2%
Linked Bond
International Equity 47.0% Alternatives 17.0%
Emerging Markets Equity 2%
Bonds 34.0% UK Equity 2.0%
 A guide to understanding the balance between risk and reward | 17

Medium risk
Portfolio asset mix Fund mix

Global Value 15%

Aims to provide capital growth for
Global Quality 10%
Balanced Managed 10%

different investment styles Global Absolute Return 10%

Managed Growth 10%
Fluctuations in value may be
Global Growth 10%
Global Equity 9%
that of the Balanced Portfolio Investment Grade Corporate
9%
Bond
Invests in global equities, including
5%
in emerging economies, and bonds
5%
Emerging Markets Equity 3%
Global High Yield Bond 2%
Global Government Bond 2%

International Equity 59.1% Alternatives 15.0%

Bonds 24.0% UK Equity 1.9%

Medium risk
Portfolio asset mix Fund mix

Global Value 19%

Aims to provide capital growth for
Global Growth 14%
Global Quality 14%
Fluctuations in value may be
Global Equity 10%
Emerging Markets Equity 10%
more than that of the Managed International Equity 9%
Funds Portfolio Investment Grade
6%
Corporate Bond

different geographic regions 5%

Global Absolute Return 5%
Exposure to bonds to reduce
4%
short-term equity market volatility
Global Government Bond 2%
Global High Yield Bond 2%
International Equity 73.2% Alternatives 10.0%
Bonds 14.0% UK Equity 2.8%
18 | A guide to understanding the balance between risk and reward

Upper-medium risk

Portfolio asset mix Fund mix

Global Value 20%

Aims to provide higher levels of
capital growth for investments Global Growth 15%
Global Quality 15%

The value of the Portfolio may Emerging Markets Equity 15%

go up and down sharply International Equity 11%
Global Equity 11%
Predominantly invests in
global equities, including North American 10%
in emerging economies UK 3%

International Equity 93.9%

UK Equity 6.1%

adjust their investment exposure.

Where fund names differ for bond, unit trust & ISA Portfolios, these names are shown in italics. The Property fund
is not included in the offshore versions of the Portfolios and where different this is indicated. For each of the
portfolios, the fund mix shown is that at the time your investment is made.

Some funds within your portfolio will perform better than others, so over time those funds will make up a larger
proportion of your investments. Your Partner will regularly help you review your investments to make sure that
the balance of risks remains appropriate to your objectives.
 A guide to understanding the balance between risk and reward | 19

InRetirement Range
Each of the three solutions is structured as a fund of funds, meaning it invests in other funds rather than
directly in equities and bonds. InRetirement invests primarily in SJP funds but can also invest in funds from
other providers. Units are bought in the overarching InRetirement solution rather than the underlying funds
themselves.

Lower-medium risk
Asset allocation

Bonds 62.5%
split across sovereign, high yield and International Equity 36.0%
investment grade bonds.
UK Equity 1.5%
The fund additionally invests in

generally allocated to global equities

Fixed income and alternatives range

from 40% to 80%

occur

Medium risk
Asset allocation

International Equity 55.3%

comprised generally by global equities. Bonds 42.5%
The fund additionally invests in a UK Equity 2.2%

split across sovereign, high yield and

investment grade bonds

typically to a greater extent than

Prudence InRetirement
20 | A guide to understanding the balance between risk and reward

Medium risk
Asset allocation

Invests predominantly in equities, International Equity 74.5%

comprised generally by global equities. Bonds 22.5%

UK Equity 3.0%
income, generally to high yield and
investment grade bonds

Fluctuations in value may be

Balance InRetirement
22 | A guide to understanding the balance between risk and reward

Key risks
The list of key risks below highlights the risks which are currently materially relevant to each fund.

The particular risks of each fund or solution depends on the type of assets in which it invests.

This fund invests in equities. The value of equities can rise and fall quite sharply at times.

B – Currency risk
The fund holds assets denominated in other currencies, the value of which may rise and fall due to movements
in exchange rates.

C – Low interest rates: risk to income

This fund invests in deposits and money market instruments. The return on these assets will be low in periods
when interest rates are low.

D – Bond risk
This fund invests in bonds. The price of a fund that predominantly invests in bonds will typically move by less
than that of a fund that invests mainly in company shares.

E – Credit risk
There is a risk the issuer of the fund’s investments will fail to make interest or capital payments. The value of
these securities will be affected by a change in the issuer’s ability to make payments, or the perceived credit
quality of the issuer.

F – Interest rate risk: risk of fall in value

The fund’s investments are sensitive to changes in interest rates. For example, an increase in interest rates will
usually cause a fall in the value of the fund’s investments.

an adverse impact on the trading price and can decrease the value of the fund.

This fund may invest in a focused portfolio and is typically exposed to fewer than 50 issuers. Its value is likely to

I – Commodities

This fund holds investments in less developed economies and invests in less mature stock markets, so its value

K – Smaller companies

larger companies based on their market capitalisation. Market conditions, such as a decrease in market
liquidity, may mean it is not easy to buy or sell the companies.
 A guide to understanding the balance between risk and reward | 23

L – Derivatives
This fund may use derivatives for investment purposes, or invest in Collective Investment Schemes that may use
derivatives for investment purposes. A derivative is a contract whose value changes depending on the value

its obligations when they fall due, this would impact the value of the fund. Leverage risk occurs when the use
of derivatives means that the fund could be exposed to a greater loss than the initial investment. In addition,

fall due, this could impact the value of the fund. This is known as ‘counterparty’ risk.

M – Private assets
The fund invests in private market asset classes. The performance of these assets may not be correlated with

may therefore need to rely on non-public sources of information or estimates when pricing the fund.

N – Redemptions
There is a possibility that if the fund experiences large redemptions or the asset classes in which it is invested in

O – Money market

guaranteed. Our range of money market funds do not rely on external support to guarantee liquidity or stabilise

managers only invest in highly rated money market funds and money market instruments that carry the highest

assets that are independently rated as having a high level of strength and security to maintain capital stability
and to limit potential exposure to loss of capital. The St. James’s Place Money Market Unit Trust is structured as a
short-term ‘variable net asset value’ (VNAV) money market fund.

P – Property

may not be able to sell or switch out of this fund when you want to. We may have to delay acting on your
instructions. The value of property can fall as well as rise and is generally a matter of a valuer’s opinion until the
property is sold.

Q – Collective investment schemes

As this fund invests in Collective Investment Schemes, it will bear, along with the other investors, its portion of the

fees. These fees will be in addition to the management fees and other expenses which the fund bears directly
with its own operation.

High yield bonds (normally rated below investment grade or unrated as measured by S&P or equivalent credit
rating agencies) generally carry greater market, credit and liquidity risk, meaning greater uncertainty of returns
and higher probability of default.
24 | A guide to understanding the balance between risk and reward

List of all our funds

The full range of St. James’s Place funds is set out below and colour coded to show how they align with the risk

currently materially relevant to each fund.

Emerging Markets Equity A B J K

High

Global Emerging Markets A B J K

Global Smaller Companies A B K

A B H J
Upper-medium

Continental European A B
Japan A B K
North American A B H
Greater European Progressive Unit Trust A B J
Sustainable & Responsible Equity A B H
Global Growth A B
Global Equity A B
Global Quality A B
Global Value A B
Worldwide Income A B H
A B H
Medium

International Equity A B
UK Equity Income A K
UK A K
Balanced Managed A B D E F J L
Managed Growth A B D E F
Strategic Managed A B D E F R
Diversified Assets (FAIF) 1
D E F G M N Q
Property 1, 2
C G N P
Strategic Income A D E F J L R
Global Absolute Return A B C D E F I J L
Corporate Bond D E F R
Lower-medium

D E F L R
Global High Yield Bond D E F J R
Investment Grade Corporate Bond D E F
D E F
Global Government Bond D E F
Money Market (dollar and euro, offshore only) B C O
Low

Money Market (sterling) C O

costs, or to generate additional capital or income at a low level of risk.

The value of an investment with St. James’s Place will be directly linked to the funds selected and may fall as well
as rise. You may get back less than the amount invested.
 A guide to understanding the balance between risk and reward | 25

List of our fund-of-funds solutions

The full range of our fund-of-funds solutions is set out below and colour coded to show how they align with the
risk descriptors given on page 5.

each fund.

Polaris Range

Upper-medium Polaris 4 A B J L Q

Medium Polaris 3 A B D E F J L Q

Medium Polaris 2 A B D E F L Q

Lower-medium Polaris 1 A B D E F L Q

InRetirement Range

Medium Balance InRetirement A B D E F L Q

Medium Growth InRetirement A B D E F J L Q

Lower-medium Prudence InRetirement A B D E F L Q

The value of an investment with St. James’s Place will be directly linked to the funds selected and may fall as
well as rise. You may get back less than the amount invested.

You may decide to invest outside our core investment funds. Other investments we offer include Enterprise
Investment Schemes and Venture Capital Trusts. These typically lie towards the higher end of the risk spectrum.
Further information about these funds and investments is available from your St. James’s Place Partner.
26 | A guide to understanding the balance between risk and reward

Your next steps

Now you know all about
our investment solutions and
the potential risks, we hope you’ll

that’s right for you.

We understand that you might want to talk to someone,
though. In which case, we’re here.

Give your Partner a call.

The value of an investment with St. James’s Place will be directly linked to the
performance of the funds you select and the value can therefore go down as
well as up. You may get back less than you invested.
 www.sjp.co.uk

The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the
St. James’s Place Partnership in the UK represent St. James’s Place Wealth Management plc, which is authorised and regulated by the Financial Conduct Authority.

Registered in England Number 04113955.