Charities - Fixed Interest Fund

Since its launch in 1990, the COIF Charities Fixed Interest Fund has been compared with the WM Universe (UK bonds) benchmark. We are keen to improve our client reporting by making it timelier and more frequent, and unfortunately the WM Universe results are only published quarterly and many weeks after the end of the quarter.

The COIF Board have therefore decided to change the Fund's benchmark to a customised benchmark based on market indices with effect from 1 April 2010. The new benchmark is a weighted average of the Barclays Capital UK Government (Gilt) Index (80%) and the Barclays Capital Sterling Aggregate 100MM Bond Index (20%), or equivalents. The performance of this customised benchmark is available daily.

The long term historic performance of the new benchmark is very similar to that of the WM Universe and therefore in keeping with client expectations. In particular, during the 18 years from 1991 to 2008 the customised benchmark achieved an annualised total return of 8.72%, compared with 8.64% for the current benchmark.