Investment Report Standard Life Corporate Investment Proposition Passive Plus Funds Report - Q2 2021 - standard Life Workplace
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Investment Report Standard Life Corporate Investment Proposition Passive Plus Funds Report Q2 2021
Corporate Investment
Proposition
Our Corporate Investment Proposition is made Choice of Investment Style
up of a family of carefully constructed risk-based
Standard Life Passive Plus Funds –a lower cost
fund of fund portfolios, which offer clients
option investing mainly in tracker funds.
a choice of active and passive investment
strategies across five risk levels. Designed to offer a lower-cost investment
solution, the Passive Plus funds invest in a
They are designed to help clients achieve carefully-selected portfolio that is mainly made
the right balance between risk and reward by up of tracker funds from Vanguard. For more
offering sufficient choice to meet different levels specialist areas, we have included actively
of risk appetite; and providing a risk based managed commercial property and high yield
QWPS default solution. bond funds.
Standard Life Active Plus Funds - an actively-
Generally, higher risk equates to a greater
managed and competitively priced option
potential return, whilst lower risk equates to
that invests in funds managed by Aberdeen
a lower potential return. The strategic asset
Standard Investments. Designed to offer
allocation is set using a 10 year view so the
a competitively priced actively managed
proportion of assets (for example equities or
investment solution, the Active Plus funds are
bonds) within each fund is not expected to
diversified, multi-asset portfolios investing in a
significantly change in the short term.
range of funds actively managed by Aberdeen
Standard Investments, one of Europe’s leading
The funds are designed to help employers and
investment managers, including commercial
their advisers demonstrate adherence to the
property and high yield bond funds. The
IGG investment governance principles for DC
investment process for the funds’ strategic
schemes as shown below:
asset allocations is the same as for the Passive
Plus range however has the additional benefit
Clear roles and responsibilities - Solutions
of Tactical Asset Allocation, which aims to
provided and governed by Standard Life and
take advantage of shorter-term investment
Aberdeen Standard Investments
opportunities. Tactical Asset Allocation is
carried out by Multi-Asset Solutions.
Effective decision making - Robust strategic
asset allocation, tactical asset allocation and Aberdeen Standard Investments MyFolio
fund selection processes Managed Funds – an actively-managed, higher
alpha option that invests mainly in funds
Appropriate investment options - Range of risk managed by Aberdeen Standard Investments.
based options and investment styles to suit Standard Life MyFolio Managed Funds mainly
different risk attitudes invest in Aberdeen Standard Investments
funds, with the manager having the ability to
Appropriate default strategy - Risk based select alternative investments from the rest of
lifestyle options the market. The MyFolio Managed Fund suite
includes allocations to diversifying funds which
Effective performance assessment - offer a different expected return profile to
Performance reporting with clear investment traditional asset classes and as such provide
objectives with ongoing review and governance further diversification benefits to the Funds.
at a fund and solution level 5% of the growth and 20% of defensive assets
within each Fund have been replaced with these
Clear and relevant communication - Factsheets diversifying funds. The funds also benefit from
(including performance) and customer fund Tactical Asset Allocation carried out by Multi-
guides Asset Solutions.
You can find out more about our Corporate
Investment Proposition, including our fund
governance processes, at
www.standardlifeworkplace.co.ukContents 1 Environment and Activity 3 Risk 4 Risk and Return Characteristics 6 Performance 7 Standard Life Passive Plus I Pension Fund 8 Standard Life Passive Plus II Pension Fund 9 Standard Life Passive Plus III Pension Fund 10 Standard Life Passive Plus IV Pension Fund 11 Standard Life Passive Plus V Pension Fund
Corporate Investment Proposition
Passive Plus Funds Report
Environment and Activity
Environment declining and the sector returning 0.3%, the
weakest over the period. The impact of future
Global equities gained over the second remote and hybrid working is yet to come
quarter, with most major world indices rising. through in office values.
US equities were particularly strong, driven by
technology stocks. However, Japanese equities Activity
underperformed most major world indices, amid
Strategic Asset Allocation
fears over rising coronavirus infections and the
slow domestic vaccination programme. Positive In 2017 Global REITs were introduced as a
economic figures from the US and China, ongoing stand-alone asset class within the portfolios.
fiscal policy measures and reassuring comments We have now concluded that it would be
from global central banks supported sentiment. beneficial to combine the direct and indirect
Investor optimism also improved on the back property exposures into one classification which
of largely successful Covid-19 vaccine rollouts. will afford the fund managers more flexibility in
These offset fears over the delta variant that their approach to Property as an asset class in
was responsible for an alarming rise in Covid-19 totality.
cases in India in April and that is quickly
spreading to other countries across the world. The SAA will maintain the overall property
From mid-May, investor focus shifted to corporate weighting (UK Real Estate + REITs) in the relevant
earnings announcements, which were generally funds which will allow fund managers to keep a
better than expected. While some travel-related constant overall exposure to property within the
areas remain challenged, worldwide vaccine funds, but adjust the allocation between UK Real
rollouts continue to accelerate. This has allowed Estate and REITs based on our assessment of the
businesses to reopen and the recovery to opportunity set and liquidity considerations.
broaden out.
Following a challenging first quarter for bonds,
they stabilised in the second quarter, with the
sell-off in government bonds pausing early in
the period. Government bonds generally rose
as investors continued to seek out returns in a
low-yield environment. In particular, investors
favoured emerging market debt and inflation-
linked securities. UK gilts were among the
best performers, alongside US Treasuries and
Japanese government bonds, while European
bonds lagged. Corporate bond returns were also
positive, despite the Federal Reserve announcing
it would begin offloading corporate bonds
bought through its pandemic support plan. Once
again, sectors and issues that have been most
affected by the pandemic continued to do well,
as optimism around a global economic recovery
increased. As a result, high-yield debt generally
outperformed investment-grade issues, although
all sectors and issuers posted positive returns.
UK commercial real estate gained 3.1% over the
three months to the end of May (the latest data
available), according to the MSCI UK monthly
index. Alongside continued growth in industrials,
with the sector rising 6.8%, stabilisation in
the retail warehouse sector boosted returns.
However, the effect of remote working on offices
continued to be felt, with capital values steadily
1 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Changes to underlying funds
No changes were made to the underlying funds
over the quarter.
Corporate Investment Proposition Passive Plus Funds Report 2Corporate Investment Proposition
Passive Plus Funds Report
Risk
Unlike traditional managed funds, which aim to The chart below shows the volatility (standard
outperform the peer group, the risk based funds deviation) of each of the five funds within the
do not have a specific performance comparator. Passive Plus range since their launch in March
Instead the strategic asset allocations aim to 2012. The volatility of the FTSE* All Share Index
provide the maximum expected return for a has been provided for reference only, this is not
given level of risk over the 10 year time horizon. the comparator for any of the funds.
To ensure the funds continue to perform in
line with customer expectations, we feel it is
important to report on both the risk and return
characteristics of the funds; not just for each
fund in isolation, but as a range.
Passive Plus Funds
Fund volatility as at 30 June 2021
FTSE All Share
Passive Plus V
Passive Plus IV
Passive Plus III
Passive Plus II
Passive Plus I
0 2 4 6 8 10 12 14
%
Source: Financial Express.
All figures shown have been annualised using monthly data from March 2012 to June 2021.
Fund volatility figures are calculated using pension fund prices (net of charges) on a bid-bid basis, in pounds sterling (£),
with income reinvested.
*“FTSE®” is a trade mark jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International
Limited (“FTSE”) under licence. The FTSE All Share Index is calculated solely by FTSE. FTSE does not sponsor, endorse or promote this product
and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading. All copyright in the index
values and constituent list vests in FTSE. FTSE All Share Index is a trade mark of FTSE.
3 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Risk and Return Characteristics
This section illustrates the risk and return allocation to government bonds (teal dot; 50:50
characteristics of the Passive Plus range from split between global and UK government bonds)
launch (March 2012) to end June 2021. at the other, and all the possible combinations
in between.
The graph below compares the difference
between the risk and return of the Passive It is widely recognised that over the longer
Plus funds to a range of simple portfolios term, investment in equities should achieve
constructed from four assets that would be a better return than a portfolio of bonds but
traditionally used by UK investors; UK equities, this comes with a higher level of risk. In this
global equities, UK government bonds and example we can see that over the period under
global government bonds. These portfolios are review, equities have outperformed bonds but
represented by the blue line on the chart below. with increased volatility and that the various
combinations of the four assets delivered
The blue line displays the historic risk and
different risk/return outcomes.
return characteristics of over 100 sample
portfolios, ranging from a 100% allocation to
equities (split evenly 50:50 between global and
UK equities) at one end (purple dot) to a 100%
Passive Plus Funds
Risk vs Return
10
9
8 100% Equities
Passive Plus V
7
% Annualised Return
Passive Plus IV
6
Passive Plus III
5
Passive Plus II
4
Passive Plus I
3
2 100% Government Bonds
1
0
0 1 2 3 4 5 6 7 8 9 10 11 12
% Annualised Risk (Standard Deviation)
Source Aberdeen Standard Investments using data covering the period 1 March 2012 to 30 June 2021.
An implied fee of 0.75% p.a. has been incorporated into the Frontier to allow for a meaningful comparison of performance.
Corporate Investment Proposition Passive Plus Funds Report 4Corporate Investment Proposition
Passive Plus Funds Report
Risk and Return Characteristics (continued)
What does this mean?
By applying our robust investment process, For a number of years the range of funds
we aim to deliver outperformance on a risk- outperformed the efficient frontier, however
adjusted basis, i.e. the portfolios appearing due to an extreme upwards movement during
to the left and above the theoretical efficient Q2 and Q3 2016, this resulted in a number of
frontier. This frontier is constructed using funds falling below the efficient frontier. Since
a combination of equity/bond allocations that period the funds have not been able to
ranging from 100% equities at one extreme close this gap, however we remain confident in
to 100% bonds at the other. Within both our ability to deliver outperformance on a risk-
the equity and bond allocations the split is adjusted basis over the longer term.
50/50 between UK and non-UK. It is worth
highlighting that we recently changed the
non-UK component of government bonds from
unhedged to hedged, so as to mitigate large
movements in Sterling. While the change deals
with the sterling movement the change also
better reflects the types of bond exposures
uses in our solutions. It is worth highlighting
that our funds include more asset classes
(and regional variations) than simply
equities and bonds and therefore given the
relevant strength of these two asset classes
(specifically global equities) it is not surprising
to see the range of funds sit below the Frontier
for periods of time.
5 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Performance
The commentary below represents UK commercial real estate gained 3.1% over
performance across the range of Passive the three months to the end of May (the latest
Plus funds (ratings I - V). As these funds data available), according to the MSCI UK
are predominantly managed passively, the monthly index. Alongside continued growth
commentary refers to the active components in industrials, with the sector rising 6.8%,
of each fund, namely commercial property and stabilisation in the retail warehouse sector
high-yield bonds. boosted returns. However, the effect of remote
working on offices continued to be felt, with
Global equities gained over the second
capital values steadily declining and the sector
quarter, with most major world indices rising.
returning 0.3%, the weakest over the period.
US equities were particularly strong, driven
The impact of future remote and hybrid working
by technology stocks. However, Japanese
is yet to come through in office values.
equities underperformed most major world
indices, amid fears over rising coronavirus The passive components of the Passive
infections and the slow domestic vaccination Plus funds use tracker funds predominantly
programme. Positive economic figures from the managed by Vanguard Asset Management.
US and China, ongoing fiscal policy measures When analysing the individual performance of
and reassuring comments from global central each component, it is worth bearing in mind
banks supported sentiment. Investor optimism that differences between the fund performance
also improved on the back of largely successful and the underlying index can occur because
Covid-19 vaccine rollouts. These offset fears of timing differences and the inherent process
over the delta variant that was responsible of pricing external funds. Over short periods,
for an alarming rise in Covid-19 cases in India this can lead to what looks like increased
in April and that is quickly spreading to other tracking errors (the degree to which the funds
countries across the world. From mid-May, deviate from their benchmark indices) but,
investor focus shifted to corporate earnings over the medium term, these differences will
announcements, which were generally better even out. Another aspect which can lead to
than expected. While some travel-related areas underperformance of the overall Passive Plus
remain challenged, worldwide vaccine rollouts Funds is the construction process of the custom
continue to accelerate. This has allowed composite benchmark which can sometimes
businesses to reopen and the recovery to differ from the construction process of the
broaden out. Passive Plus funds themselves. This has led to
greater underperformance over recent periods,
Following a challenging first quarter for bonds,
most notably in the first quarter of 2020.
they stabilised in the second quarter, with the
sell-off in government bonds pausing early in The global high-yield portfolio outperformed
the period. Government bonds generally rose its benchmark over the quarter. An overweight
as investors continued to seek out returns to B rated credits was beneficial. Due to
in a low-yield environment. In particular, concern about a further rise in interest rates,
investors favoured emerging market debt the portfolio was significantly underweight
and inflation-linked securities. UK gilts were the more Treasury-sensitive BB portion of the
among the best performers, alongside US market. That underweight exposure detracted
Treasuries and Japanese government bonds, from performance. The positioning in CCC rated
while European bonds lagged. Corporate bond bonds also detracted. The bonds of UK energy
returns were also positive, despite the Federal producer Enquest performed well on the back of
Reserve announcing it would begin offloading the rising oil price. An underweight to Chinese
corporate bonds bought through its pandemic homebuilder Evergrande was beneficial; the
support plan. Once again, sectors and issues group suffered adverse publicity from headlines
that have been most affected by the pandemic that the Chinese government was investigating
continued to do well, as optimism around some transactions that the company had made.
a global economic recovery increased. As a In contrast, the underweight to longer, higher-
result, high-yield debt generally outperformed quality bonds, such as those of KraftHeinz
investment-grade issues, although all sectors and Charter Communications, detracted from
and issuers posted positive returns. performance as a rally in US Treasuries lifted
these bonds as well.
Corporate Investment Proposition Passive Plus Funds Report 6Corporate Investment Proposition
Passive Plus Funds Report
Within the UK commercial property component,
the portfolio delivered a positive return
over the quarter. Returns were driven by the
alternatives, South-East industrial and retail
warehouse portfolios, which produced total
returns of 13.8%, 7.5% and 6.5%, respectively.
The main contributor to returns was the
development in St Marks, Lincoln, where
the portfolio placed the sale of one of three
phases of long-let student accommodation
under offer. There was fierce bidding from a
number of investors and the price achieved
was significantly ahead of valuation. The
overweight to South-East industrials continued
its strong run amid high investor demand
and market activity. Further improvements in
rental values at certain assets pushed values
forward. Increased investor demand for retail
warehousing over the quarter, particularly
for resilient income, resulted in capital
growth. The portfolio’s shopping centres and
South-East offices were the biggest drag on
performance, with capital values declining
by just over 5%. Reduced rental values and
additional leasing provisions were the main
reasons for the declines.
7 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Standard Life Passive Plus I Pension Fund
Performance Comparison as at 30 June 2021
Figures quoted are calculated, net of fees basis over periods to 30 June 2021, with gross income
reinvested. The Comparative Index shown makes no allowance for charges.
8
6 5.53
4.75 4.76
4.49
3.89
4 3.53 3.40 3.27
2.22
2.00
2
0.53 0.76
0
-1.33 -1.17
-2
Q3 2020 Q4 2020 Q1 2021 Q2 2021 1 Year 3 Years 5 Years
p.a. p.a.
Fund Comparative Index
Source: Aberdeen Standard Investments for fund information, Financial Express & Standard Life for benchmark data. All returns shown are cumulative
performance with gross income reinvested unless otherwise stated. Fund returns are net of charges and are based on prices to the 1st of the month.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Composition by Fund Exposure
Fund %*
SL Vanguard UK Short-Term Investment Grade Bond Index Pension Fund 22.30
SL Vanguard UK Investment Grade Bond Index Pension Fund 21.60
Defensive SL Vanguard Global Corporate Bond Index Pension Fund 19.30
Assets SL Vanguard Global Short-Term Corporate Bond Index Pension Fund 6.40
SL Vanguard UK Government Bond Index Pension Fund 3.00
Standard Life Money Market Pension Fund 1.00
SL Vanguard FTSE UK All Share Index Pension Fund 10.20
SL Vanguard US Equity Pension Fund 2.90
Standard Life Property Pension Fund 2.80
SL ASI Emerging Markets Local Currency Bond Tracker Pension Fund 2.60
Growth SL Vanguard Japan Stock Index Pension Fund 2.50
Assets SL Vanguard Pacific ex Japan Stock Index Pension Fund 1.20
SL Vanguard Emerging Markets Stock Index Pension Fund 1.20
SL Vanguard FTSE Developed Europe ex UK Pension Fund 1.00
SL SLI Global High Yield Bond Pension Fund 1.00
SL Global Property Securities Asset Fund 1.00
* The data is rounded up and therefore small variances to totals may occur.
FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote these funds. All copyright in the index values and constituent list
vests in FTSE. Standard Life group has obtained a licence from FTSE to use such copyright in the creation of this fund. “FTSE®” is a trade mark
jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.
Corporate Investment Proposition Passive Plus Funds Report 8Corporate Investment Proposition
Passive Plus Funds Report
Standard Life Passive Plus II Pension Fund
Performance Comparison as at 30 June 2021
Figures quoted are calculated, net of fees basis over periods to 30 June 2021, with gross income
reinvested. The Comparative Index shown makes no allowance for charges.
10
8.81
8.04
8
6 5.31 5.56
5.00 5.10
4.45
3.89
4
3.02
2.82
2
0.59
0.21
0
-0.13 -0.04
-2
Q3 2020 Q4 2020 Q1 2021 Q2 2021 1 Year 3 Years 5 Years
p.a. p.a.
Fund Comparative Index
Source: Aberdeen Standard Investments for fund information, Financial Express & Standard Life for benchmark data. All returns shown are cumulative
performance with gross income reinvested unless otherwise stated. Fund returns are net of charges and are based on prices to the 1st of the month.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Composition by Fund Exposure
Fund *
SL Vanguard Global Corporate Bond Index Pension Fund 19.30
SL Vanguard UK Short-Term Investment Grade Bond Index Pension Fund 13.10
Defensive
SL Vanguard UK Investment Grade Bond Index Pension Fund 13.00
Assets
SL Vanguard Global Short-Term Corporate Bond Index Pension Fund 7.00
Standard Life Money Market Pension Fund 1.00
SL Vanguard FTSE UK All Share Index Pension Fund 17.80
Standard Life Property Pension Fund 5.20
SL Vanguard US Equity Pension Fund 5.10
SL ASI Emerging Markets Local Currency Bond Tracker Pension Fund 4.70
Growth SL Vanguard Japan Stock Index Pension Fund 3.60
Assets SL Vanguard Pacific ex Japan Stock Index Pension Fund 2.60
SL Vanguard Emerging Markets Stock Index Pension Fund 2.60
SL Vanguard FTSE Developed Europe ex UK Pension Fund 2.10
SL Global Property Securities Asset Fund 1.70
SL SLI Global High Yield Bond Pension Fund 1.20
* The data is rounded up and therefore small variances to totals may occur.
FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote these funds. All copyright in the index values and constituent list
vests in FTSE. Standard Life group has obtained a licence from FTSE to use such copyright in the creation of this fund. “FTSE®” is a trade mark
jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.
9 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Standard Life Passive Plus III Pension Fund
Performance Comparison as at 30 June 2021
Figures quoted are calculated, net of fees basis over periods to 30 June 2021, with gross income
reinvested. The Comparative Index shown makes no allowance for charges.
14
11.93
12 11.27
10
8
6.79
6.30 6.56
6.00
6 5.56
4.54
3.66 3.87
4
2 0.96
0.91
0.07 0.52
0
-2
Q3 2020 Q4 2020 Q1 2021 Q2 2021 1 Year 3 Years 5 Years
p.a. p.a.
Fund Comparative Index
Source: Aberdeen Standard Investments for fund information, Financial Express & Standard Life for benchmark data. All returns shown are cumulative
performance with gross income reinvested unless otherwise stated. Fund returns are net of charges and are based on prices to the 1st of the month.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Composition by Fund Exposure
Fund %*
SL Vanguard Global Corporate Bond Index Pension Fund 10.40
SL Vanguard UK Short-Term Investment Grade Bond Index Pension Fund 8.20
Defensive
SL Vanguard UK Investment Grade Bond Index Pension Fund 8.10
Assets
SL Vanguard Global Short-Term Corporate Bond Index Pension Fund 4.40
Standard Life Money Market Pension Fund 1.00
SL Vanguard FTSE UK All Share Index Pension Fund 21.30
SL Vanguard US Equity Pension Fund 9.00
Standard Life Property Pension Fund 7.60
SL ASI Emerging Markets Local Currency Bond Tracker Pension Fund 6.70
Growth SL Vanguard FTSE Developed Europe ex UK Pension Fund 6.10
Assets SL Vanguard Japan Stock Index Pension Fund 5.20
SL Vanguard Pacific ex Japan Stock Index Pension Fund 3.90
SL Vanguard Emerging Markets Stock Index Pension Fund 3.90
SL Global Property Securities Asset Fund 2.50
SL SLI Global High Yield Bond Pension Fund 1.70
* The data is rounded up and therefore small variances to totals may occur.
FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote these funds. All copyright in the index values and constituent list
vests in FTSE. Standard Life group has obtained a licence from FTSE to use such copyright in the creation of this fund. “FTSE®” is a trade mark
jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.
Corporate Investment Proposition Passive Plus Funds Report 10Corporate Investment Proposition
Passive Plus Funds Report
Standard Life Passive Plus IV Pension Fund
Performance Comparison as at 30 June 2021
Figures quoted are calculated, net of fees basis over periods to 30 June 2021, with gross income
reinvested. The Comparative Index shown makes no allowance for charges.
20
18
15.56
16 15.04
14
12
10
7.66 7.92 7.94
8 6.80
6.59
6 5.28
4.49 4.73
4
2.21 2.17
2
0.58
0.05
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 1 Year 3 Years 5 Years
p.a. p.a.
Fund Comparative Index
Source: Aberdeen Standard Investments for fund information, Financial Express & Standard Life for benchmark data. All returns shown are cumulative
performance with gross income reinvested unless otherwise stated. Fund returns are net of charges and are based on prices to the 1st of the month.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Composition by Fund Exposure
Fund %*
SL Vanguard UK Investment Grade Bond Index Pension Fund 4.00
SL Vanguard UK Short-Term Investment Grade Bond Index Pension Fund 3.90
Defensive
SL Vanguard Global Corporate Bond Index Pension Fund 1.80
Assets
SL Vanguard Global Short-Term Corporate Bond Index Pension Fund 1.50
Standard Life Money Market Pension Fund 1.00
SL Vanguard FTSE UK All Share Index Pension Fund 25.90
SL Vanguard US Equity Pension Fund 15.00
Standard Life Property Pension Fund 8.80
SL Vanguard FTSE Developed Europe ex UK Pension Fund 8.00
Growth SL Vanguard Japan Stock Index Pension Fund 7.20
Assets SL ASI Emerging Markets Local Currency Bond Tracker Pension Fund 6.80
SL Vanguard Pacific ex Japan Stock Index Pension Fund 5.30
SL Vanguard Emerging Markets Stock Index Pension Fund 5.30
SL Global Property Securities Asset Fund 3.30
SL SLI Global High Yield Bond Pension Fund 2.20
* The data is rounded up and therefore small variances to totals may occur.
FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote these funds. All copyright in the index values and constituent list
vests in FTSE. Standard Life group has obtained a licence from FTSE to use such copyright in the creation of this fund. “FTSE®” is a trade mark
jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.
11 Corporate Investment Proposition Passive Plus Funds ReportCorporate Investment Proposition
Passive Plus Funds Report
Standard Life Passive Plus V Pension Fund
Performance Comparison as at 30 June 2021
Figures quoted are calculated, net of fees basis over periods to 30 June 2021, with gross income
reinvested. The Comparative Index shown makes no allowance for charges.
24
22 21.01
20.24
20
18
16
14
12
9.43 9.99 9.57
10
8.15 8.23
8
6.57
6 5.36 5.73
3.97 3.86
4
2 0.95
0.30
0
Q3 2020 Q4 2020 Q1 2021 Q2 2021 1 Year 3 Years 5 Years
p.a. p.a.
Fund Comparative Index
Source: Aberdeen Standard Investments for fund information, Financial Express & Standard Life for benchmark data. All returns shown are cumulative
performance with gross income reinvested unless otherwise stated. Fund returns are net of charges and are based on prices to the 1st of the month.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Composition by Fund Exposure
Fund %*
Defensive SL Vanguard UK Short-Term Investment Grade Bond Index Pension Fund 2.00
Assets Standard Life Money Market Pension Fund 1.00
SL Vanguard FTSE UK All Share Index Pension Fund 35.00
SL Vanguard US Equity Pension Fund 22.40
SL Vanguard Japan Stock Index Pension Fund 9.80
Growth SL Vanguard FTSE Developed Europe ex UK Pension Fund 9.40
Assets SL Vanguard Pacific ex Japan Stock Index Pension Fund 7.30
SL Vanguard Emerging Markets Stock Index Pension Fund 7.10
SL Global Property Securities Asset Fund 5.00
SL ASI Emerging Markets Local Currency Bond Tracker Pension Fund 1.00
* The data is rounded up and therefore small variances to totals may occur.
FTSE International Limited (“FTSE”) does not sponsor, endorse, or promote these funds. All copyright in the index values and constituent list
vests in FTSE. Standard Life group has obtained a licence from FTSE to use such copyright in the creation of this fund. “FTSE®” is a trade mark
jointly owned by the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under licence.
Corporate Investment Proposition Passive Plus Funds Report 12Disclaimers
To create ‘like for like’ comparisons, benchmark returns are based on month end prices, incorporate historic changes,
and may be adjusted by up to two days to align valuation points. Index benchmarks are not subject to charges but sector
comparisons are. Where an official benchmark for a fund is unavailable, a suitable alternative has been used in its place.
Any data contained herein which is attributed to a third party (“Third Party Data”) is the property of (a) third party supplier(s)
(the “Owner”) and is licensed for use by Standard Life**. Third Party Data may not be copied or distributed. Third Party Data
is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none
of the Owner, Standard Life** or any other third party (including any third party involved in providing and/or compiling
Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no
guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product
to which Third Party Data relates.
** Standard Life means the relevant member of the Standard Life group, being Standard Life plc together with its
subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time.
The methodology used for calculating blended benchmarks may differ from that used elsewhere.
This can result in differences in benchmark performance from that shown by underlying managers and/or other data sources.
Find out more
For more information speak to your usual Standard Life contact.
www.standardlifeworkplace.co.uk
Standard Life Assurance Limited is registered in Scotland (SC286833) at Standard Life House, 30 Lothian Road,
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