The Northern Ireland Central Investment Fund for Charities (NICIFC) was set up in 1965 through the Charities Act (Northern
Ireland) 1964, with the aim of providing Charities with the opportunity to invest all or part of their assets in a centrally pooled fund, administered by the Department for Social Development. The Fund is managed by recognised fund managers, with its investment policy and performance reviewed on a quarterly basis by a locally based Advisory Committee, appointed by the Department.
The NICIFC operates as a Discretionary Managed Fund, with participating Charities allocated a proportionate number of shares based on the size of their investment and the most recent valuation (share price). The Fund invests in Fixed-interest securities, UK
& Foreign Equities and selected Unitised Funds. The allocation between these asset classes is reviewed and adjusted periodically, in line with the Fund’s investment policy.
Aim
The primary objective of the Fund is to generate income and thereafter longterm capital growth in real terms.
Income
To achieve an annual income return in excess of the benchmark yield .
Benchmark
FTA Govt All Stocks
FTSE All Share
FTSE World ex UK
LIBID 7 Day
25%
50%
20%
5%
st
NICIFC
Composite Benchmark
3 months
2.2%
2.9%
3 Years Annualised
11.0%
9.7%
Dividend Yield (Fund)
Dividend Yield (Target)
4.0%
2.9%
Portfolio and benchmark returns for the quarter to 31/12/14 are preliminary estimates provided by Standard Life Wealth and have not been verified externally. They could, therefore, be liable to subsequent adjustment.
Launch Date
Fund Size
Share Price
Dividend Payment Dates
Year End
Currency
Annual Management Fee
Currency
1965
£34.27m
1133.10p
Jun & Dec
30 Sept
Sterling
0.35%
Sterling
Long-term Total Return (Gross)
Fund Benchmark
0
-5
-10
-15
-20
Year
20
15
10
5
2006 2007 2008 2009 2010 2011 2012 2013 2014
Based on the definitions of risk determined by Standard Life Wealth, the portfolio is categorised as being managed with a higher Medium risk approach.
The value of any investment may go down as well as up, as can the income generated from it.
Prospective Shareholders may wish to seek independent advice before investing in this Fund.
NICIF
Benchmark
11.1
10.7
4.7
5.7
-17.8
20.1
-16.5
19.3
Northern Ireland Central Investment Fund for Charities is a registered charity with HMRC
This is a financial promotion and is not intended as investment advice.
12.6
12.9
-0.7
1.2
10.7
9.3
15.6
13.6
7.0
6.4

The current Fund Manager is
Standard Life Wealth. 1 George
Street, Edinburgh EH2 2LL.
Standard Life Wealth are regulated by the Financial
Conduct Authority.
Standard Life Wealth applies a global thematic stock picking strategy.
This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur.
Historic Fund Information
2010
2011
2012
2013
2014
As at
30
Sept
2008
2009
Share
Price (p)
856.11
881.43
942.75
893.25
973.84
1057.62
1116.58
Annual
Dividend
(p)
44.00
39.00
39.00
40.00
40.00
40.00
40.00
Yield (%)
5.14
4.42
4.14
4.48
4.11
3.78
3.48
Shares in issue as at 31/12/2014 3,024,381
Ethical Restriction: No direct investment permitted
In tobacco stocks
Sector Allocation as a % of Total Market Value
3.93%
2.34%
3.44%
12.97%
2.45%
1.73%
10.38%
3.95%
9.39%
7.22%
British Government Bonds
10.38
Overseas Govt Index Linked
Bonds 3.95
GBP Bonds 9.39
Oil & Gas 7.22
Chemicals 3.44
Basic Materials 2.18
Industrials 6.51
Food & Beverages 3.89
Health Care 10.99
Retail 1.55
Media 2.84
5.49%
5.33%
1.55%
2.84%
10.99% 3.89%
3.44%
2.18%
6.51%
Telecommunications 5.33
Utilities 5.49
Financials 12.97
Technology 3.44
Source: Standard Life Wealth 31 st December 2014
Unitised Investments Equities
2.34
Alternative 3.93
Property & Alternative 1.73
Cash 2.45
The final quarter of the year has been dominated by the dramatic fall in the price of oil with the WTI (West Texas Intermediate)
Index price ending some 42% lower over the year, representing the second worst annual performance since 1900. Combining this important market dynamic with a strengthening dollar , which has put pressure on emerging markets, and the continuing travails in the Eurozone , it is not surprising to see that Q4 was a challenging time for many major equity indices. In contrast, there has been a continued rally in western bond markets as the above factors together with concerns over (the potential for) slower global growth have encouraged a demand for safe(r) haven assets such as government bonds .
Looking forward, in the short term there are conflicting signs from the equity and bond markets. Both suggest that interest rates and inflation will remain low but equity analysts believe this provides a positive “blue-sky” scenario, providing the kicker for economic growth and for corporates to boost profits. Meanwhile, the bond market suggests economic growth will remain patchy and that the safety of fixed interest is preferable to equity risk. The dichotomy between expectations for equity returns and the nervousness shown by recent moves in commodity and bond markets, leads one to believe that uncertainty continues to be a significant driver of investor sentiment. Just as the final quarter of 2014 was dominated by oil, the coming months may be just as chaotic.
There is always the potential for unforeseen events to unsettle markets, but prudent management teams are aware of the risks facing their businesses. Standard Life Wealth continue to consider the investment implications of a variety of macroeconomic scenarios across asset classes and individual securities. Key to their investment approach remains a thematic framework, which they believe, will lead to investments in quality companies that have the ability top weather short term macroeconomic turbulence.
NI Central Investment Fund for Charities. c/o Department for Social Development, The Lighthouse Building, 4 th Floor, 1 Cromac
Place, Gasworks Business Park, Ormeau Road, Belfast BT7 2JB. Tel: (028) 90829240 or email colin.alderdice@dsdni.gov.uk
or susan.calwell@dsdni.gov.uk
.
Issued by Northern Ireland Central Investment Fund for Charities (NICIFC). NI CIFC is managed by the Department for Social Development through recognised fund managers, and its investment policy is guided by a locally based Advisory Committee appointed by the Department.
All information (excluding Historic Fund Performance) is sourced from Standard Life Wealth Ltd.
All data as at 31 December 2014