This is for financial adviser use only and shouldn’t be relied upon by any other person.
GOVERNED RETIREMENT INCOME PORTFOLIO 4
ANNUAL REVIEW
Introduction
This document provides a rolling annual review of the Governed Retirement Income Portfolio 4 and is designed to
assist you in preparing your client reports. The information is provided on a sample basis only and you should ensure
that your own final version satisfies your compliance requirements. For more information about our Governed
Retirement Income Portfolios please visit adviser.royallondon.com/investment.
Investment objective
This portfolio aims to deliver growth above inflation to support regular income withdrawals, whilst taking a level of
risk consistent with a risk rating 4 risk attitude.
Ongoing governance
Governed Retirement Income Portfolio 4 is reviewed quarterly by Royal London’s Investment Advisory Committee
(IAC) to make sure it’s performing in line with its objective. The portfolio is invested in a mix of assets shown under
current asset allocation. Performance of the portfolio is measured against a benchmark asset allocation, also shown
below, which reflects the risk profile of the portfolio. If our experts decide that the mix of assets needs to be adjusted, it
happens automatically on your behalf, you don't need to do anything. What's more, this service comes at no extra cost.
Current Asset Allocation
Benchmark Asset Allocation
 35.0% Equities
 41.67% RLP Global Managed
 26.00% RLP Sterling Extra Yield Bond
 10.00% RLP Property
 21.25% RLP Medium (10yr) Corporate Bond
 1.08% RLP Medium (10yr) Gilt
 25.0% High Yield Bonds
 10.0% Property
 30.0% Medium (10yr) Corporate Bonds
Tactical position as at 14/01/2016.
Performance at 30/09/15
Past performance is not a guide to the future. Prices can fall as well as rise meaning you may not get back the value of
your original investment. Investment returns may fluctuate and are not guaranteed.
Percentage Change
Compound Annual
Growth Rate (%)
Since
launch
30/09/2014
30/09/2013
30/09/2012
30/09/2011
30/09/2010
30/09/2015
30/09/2014
30/09/2013
30/09/2012
30/09/2011
%Chg
%Chg
%Chg
%Chg
%Chg
3 years
5 years
% Chg*
GRIP 4
2.38
10.35
11.92
N/A
N/A
8.14
N/A
27.90
Composite Benchmark
2.22
8.80
8.99
N/A
N/A
6.62
N/A
22.25
Difference
0.16
1.55
2.93
N/A
N/A
1.52
N/A
5.65
Portfolio Name
*Governed Retirement Income Portfolio 4 launched on 28 August 2012.
Source: Lipper, bid to bid, as at 30.09.15, Royal London, as at 30.09.15. All performance figures, including the figures shown for
the growth in the benchmark, have been calculated net of the annual management charge applicable to each fund. Please note
that the Governed Retirement Income Portfolios and their benchmarks are rebalanced on a monthly basis.
This is for financial adviser use only and shouldn’t be relied upon by any other person.
Performance at 31/12/15
Past performance is not a guide to the future. Prices can fall as well as rise meaning you may not get back the value of
your original investment. Investment returns may fluctuate and are not guaranteed.
Percentage Change
31/12/2014
Portfolio Name
31/12/2013
31/12/2012
31/12/2011
31/12/2010
Compound Annual
Since
Growth Rate (%)
launch
31/12/2015
31/12/2014
31/12/2013
31/12/2012
31/12/2011
%Chg
%Chg
%Chg
%Chg
%Chg
3 years
5 years
% Chg*
GRIP 4
2.58
9.80
12.05
N/A
N/A
8.07
N/A
31.72
Composite Benchmark
1.25
9.91
8.60
N/A
N/A
6.52
N/A
25.22
Difference
1.33
-0.11
3.45
N/A
N/A
1.55
N/A
6.50
*Governed Retirement Income Portfolio 4 launched on 28 August 2012.
Source: Lipper, bid to bid, as at 31.12.2015, Royal London, as at 31.12.15. All performance figures, including the figures shown for
the growth in the benchmark, have been calculated net of the annual management charge applicable to each fund. Please note
that the Governed Retirement Income Portfolios and their benchmarks are rebalanced on a monthly basis.
Annual Review Log
Date
Details
14/01/2016
We have increased the exposure to equity (2.00%) and reduced exposure to 10 year corporate bonds
(-1.00%) and 10 year government bonds (-1.00%).
Overall the asset allocation is now overweight in equity, government bonds and high yield bonds and
underweight in corporate bonds.
Each Governed Retirement Income Portfolio continues to be appropriate for its risk profile and
investment objective.
We have increased the exposure to 10 year government bonds (0.08%) and decreased the exposure
to equity (-0.08%). Overall the asset allocation is now overweight in equity, government bonds and
high yield bonds and underweight in corporate bonds and index-linked bonds.
We have increased exposure to 10 year government bonds (1.0%) and decreased the exposure to
equity (-1.0%). Overall the asset allocation is now overweight in equity, government bonds and high
yield bonds and underweight in corporate bonds.
We have increased the exposure to equity (1.75%), and decreased the exposure to 10 year corporate
bonds (-1.75%). Overall the asset allocation is now overweight in equity and sterling extra yield
bonds, and underweight in corporate bonds.
Each Governed Retirement Income Portfolio continues to be appropriate for its risk profile and
investment objective.
We have increased the exposure to equity (1.75%), and decreased the exposure to corporate bonds (1.75%). Overall the asset allocation is now overweight in equity and sterling extra yield bonds, and
underweight in corporate bonds.
We have increased the allocations to equities (+2.0%), high yield bonds (+1.5%) and property
(+1.0%), and decreased the exposure to corporate bonds (-4.5%). Overall the asset allocation is now
overweight in equity and high yield bonds, underweight in corporate bonds and index-linked bonds,
and neutral in property.
Each Governed Retirement Income Portfolio continues to be appropriate for its risk profile and
investment objective.
Each Governed Retirement Income Portfolio continues to be appropriate for its risk profile and
investment objective.
IAC Meeting 01/12/2015
19/11/2015
08/10/2015
10/09/2015
IAC Meeting 25/08/2015
09/07/2015
18/06/2015
IAC Meeting 02/06/2015
IAC Meeting 24/02/2015
The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct
Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street,
London, EC3V 0RL. Royal London Marketing Limited is authorised and regulated by the Financial Conduct Authority and introduces Royal
London’s customers to other insurance companies. The firm is on the Financial Services Register, registration number 302391. Registered in
England and Wales number 4414137. Registered office: 55 Gracechurch Street, London, EC3V 0RL. Royal London Corporate Pension Services
Limited is authorised and regulated by the Financial Conduct Authority and provides pension services. The firm is on the Financial Services
Register, registration number 460304. Registered in England and Wales number 5817049. Registered office: 55 Gracechurch Street, London, EC3V
0RL.
January 2016
5LT0466/8