C A S T L E F I E L D
Castlefield
INSIGHTS Spring 2021 Issue 2
SPRING INTO NEW BEGINNINGS Springtime is a favourite season for many people, as it signifies new beginnings, warmer weather and a sign of brighter days to come. Since our last Insights newsletter it’s fair to say that many new beginnings have started to become apparent. Britain entered into a new agreement with Europe, as the transition period came to a close at the end of 2020. The UK went into another national lockdown as a new strain struck and we saw the mass rollout of the coronavirus vaccine. Newly elected US president Joe Biden also launched one of the boldest climate plans in US history “carbon-free electricity by 2035” as he re-signed the Paris Climate Agreement. You can read more about how these global forces have affected investment markets
in our latest Investment Monthly Reports, available on our website. You can also test your own carbon footprint knowledge, with the chance to win a prize, as Carbon Literacy expert Helen Tandy launches our first quiz on pg.8. It was Benjamin Franklin who once said that “nothing was certain except death and taxes”. To claim that these are celebrated at this time of year may be a slight overstatement, but Easter and the end of the tax year both broadly cover these. Partner Olivia Bowen offers a few tax tips as she explores ten ways to reduce your tax bill on p.3. Make sure you check out our website shortly for our thematic review on palm oil - often a confectioner's favourite ingredient within Easter eggs. It’s worth
observing too, that March is FREE wills month, as many law firms offer to draft free wills to mortals who don’t want to rely on resurrection as a way of ensuring their assets are passed on according to their wishes. As we plan for brighter days ahead, you may be interested to hear that our charity news for this issue is the announcement of the newly formed ‘Give Back Group’. A team of co-owner volunteers who will focus on organising charitable fundraising events and goodwill initiatives for the upcoming year, featured on pg. 4. We’re delighted that environmental, social and governance (ESG) investing is growing in popularity, with many new funds launched in recent months, but we (continued on next page)
CARBON LITERACY QUIZ
FREE WILLS MONTH
EXCLUSIVE OFFER
Think you know your stuff when it comes to carbon literacy? Take our quiz to be entered into a PRIZE DRAW for a chance to win a year's subscription to Ethical Consumer magazine. -p.8
March is 'Free Wills Month' and to help promote this excellent initiative we've released an article full of useful tools to help you plan your will. -p.3
Have you seen E-LIFE the documentary? No? We're offering our clients free viewing codes! We're also hosting a Q&A with the director so we can ask him your questions. -p.5
Castlefield Newsletter
Spring, 2021
A WORD FROM OUR MANAGING PARTNER ARE WE THERE YET? Is it just me, or has it been a long winter? In my view, January and February are always difficult months with their long, dark nights and less than ideal weather. Add to that this year’s recent ‘stay at home/ stay safe/oh and educate the kids please’ message and it’s almost been too much. Yet, it’s very hard to complain about the challenges of dealing with the Covid pandemic (my fellow co-owners and I having been working safely from home for approaching 12 months now) when so many other parts of the economy have found it a massive strain. I say it’s ‘almost’ been too much because I’m generally an upbeat sort of chap, looking for the positives, even if I don’t completely ignore what could still go wrong. I was recounting a little of the history of the present day Castlefield in our last newsletter. How we can trace our roots back to the early days of what was known then simply as ‘ethical investing’. Skip forward more than 30 years since our genesis and one can’t move for firms claiming a bright and shiny ‘ESG’ badge. That’s good, surely? Yes, sort of. Simon Holman, one of my partners in our investment management team, likes to describe the present day ethical investing scene as an ‘alphabet soup’ of acronyms and initials. ESG, Social, Responsible, Green, Impact…the list continues to develop. Tricky if you’re new to it all. Many are, as evidenced by our inbox each week. If only one person’s
‘responsible’ wasn’t another person’s 'impact’. Not easy to understand what’s actually in the tin, even if you think you start from understanding what it says on the tin! How to cope? I’m pleased to say, demand for our sort of advice and guidance through this green(ish) maze has never been higher. That said, I suspect that we need to up our game even now, to make sure that our own authentic message can break through the media noise created by much greater marketing budgets than ours. One small step in that direction was this year’s ‘Winners & Spinners’ report. We were delighted when it was picked up and promoted by one of the UK’s largest investment platforms. If you haven’t read this popular periodical report, highlighting those making a positive contribution to the responsible and sustainable investment debate, in contrast to those whose execution needs, shall we say, slightly better focus, please get in touch and we’d be pleased to send you your own copy. Failing that, you’ll find it on our web site. Back to being positive. It’s hard not to feel enthusiastic and a great deal of admiration for those involved in the roll out of the vaccination programme. To the volunteer who apologised to me for my own first jab being two minutes behind schedule – I salute you! There is light at the end of the tunnel and yes, we are nearly there…
(continued) think we’re a bit different to the norm. Rory Hammerson describes how Castlefield’s approach to thoughtful investing differs from others in his article on pg.6. We're also very excited to tell you we've received a couple of accolades and been shortlisted for some industry awards. There's a summary of these from co-owner Anthony Kiantos on p.7 You may already be aware that Castlefield proudly provided the seed grant for E-LIFE – an environmental documentary uncovering the growing global problem of electronic waste. We are offering 50 free access codes to view the movie online. Plus, we’ll be hosting a virtual Q&A with the film’s director, Ed Scott-Clarke on 31st March. Find out more about these events on pg.5. Finally, as an employee-owned business, we are always looking to improve, and as co-owners we are all actively engaged to deliver our best. We’d be delighted to hear If you have any feedback, comments or suggestions on how we can make our Insights newsletter better. By Nathan Cameron, Manager, Marketing Communications
ARE YOU AFFECTED BY CHANGES IN THIS YEAR’S BUDGET? For people who don't meet with a financial adviser regularly each year, keeping up-todate with significant shifts in the tax system and the wider world of personal finance can be a difficult task. Read our blog to learn about some of the changes introduced, how these affect tax allowances and some potential opportunities. Find out more here: https://www.castlefield.com/news-media/ blog/are-you-affected-by-changes-in-thisyear-s-budget/
John Eckersley, Managing Partner
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Castlefield Newsletter
Spring, 2021
THE IMPORTANCE OF HAVING A WILL AND THE TOOLS TO HELP YOU It’s sensible to write a will, regardless of age, to ensure your estate is distributed in line with your wishes. Writing a will can also save your loved ones time and money, and ensure your estate can be dealt with efficiently, at what will be a difficult time. In this blog article, Castlefield Partner Olivia Bowen explains the importance of making a will and outlines planning tools to consider for an organised and efficient estate. You can read the full article here: https://www.castlefield.com/news-media/blog/the-importance-of-writing-a-will-and-thetools-to-help/
NEW MEMBER ON CASTLEFIELD EXTERNAL ADVISORY COMMITTEE Since the last issue of Insights, Castlefield has welcomed a new member onto its external advisory committee. We are delighted to welcome Dr Ilma Nur Chowdhury to the independent committee, where her experience on social and supply chain issues will complement the expertise of existing members. Read about it here: https://www.castlefield.com/news-media/ company-news/new-member-oncastlefield-external-advisory-committee/
10 WAYS TO MINIMISE YOUR TAX BILL There aren’t many people who would choose to give more money to HMRC than they needed to if given the choice. In this article, Olivia Bowen explains some of the tax allowances you may be entitled to and introduces some practical top tips that could help reduce the amount of tax you pay. Follow the link to find out more: https://www.castlefield.com/news-media/ blog/10-ways-to-minimise-your-tax-bill/
TOP TIPS FOR STAYING SAFE AND SECURE ONLINE The increase in online shopping and remote working over the last twelve months has seen a rise in hacking attempts by cyber criminals. With more places storing your personal details, how can you protect your digital accounts and stay safe online? This article outlines some simple ways to protect your online accounts against scammers and could help you to avoid identity theft. Read it here: https://www.castlefield.com/news-media/ blog/top-tips-for-staying-safe-and-secureonline/
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Castlefield Newsletter
Spring, 2021
GIVE BACK GROUP INTRODUCING THE CASTLEFIELD GIVE BACK GROUP Recently we announced that the Give Back Group was established by six of our co-owners. The purpose of this group will be to help structure our plans for the year in terms of both external fundraising and charity activities, as well as organising some internal events to promote the wellbeing of our co-owners and/or the local community by way of ‘focus months’. Read about it here: https://www.castlefield.com/news-media/charity-work/introducing-our-new-give-back-group/
CASTLEFIELD CHARITY CHAMPION ALISON NEWALL Next up in our Charity Champion series is Alison Newall, a co-owner who we greatly admire for her work with The Samaritans and Dogs Trust. Alison shows us a prime example of how acting on a need to do more can flourish into something truly fulfilling. https://www.castlefield.com/news-media/ charity-work/castlefield-charity-championalison-newall/
MY FIRST MONTH AT CASTLEFIELD BARNEY TIMSON Learn more about the investment team's most recent team member, as Barney reflects on how a university project prompted him to discover thoughtful investing: https://www.castlefield.com/news-media/ our-core/my-first-month-at-castlefieldbarney-timson/
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CO-OWNER CLOSE UP, MATT RALPH Matt Ralph received our Core Award this quarter, based on nominations from colleagues. We nominate not just for the quality of their work, but for the little things they do every day that make a difference to us all and keep our positive culture alive. Matt has written some reflections on his time at Castlefield here: https://www.castlefield.com/news-media/ our-core/co-owner-close-up-matt-ralph/
CASTLEFIELD ANNOUNCES SENIOR CLIENT ENGAGEMENT APPOINTMENT We're pleased to welcome John Alexander to lead Castlefield's client engagement team. John joins with over 35 years' experience within financial services, most recently as a director at Tilney. One of his main focuses will be on developing the firm's relationships with financial advisers, charities and professional services firms. For the full press release click here: https://www.castlefield.com/news-media/ company-news/castlefield-announcessenior-client-engagement-appointment/
Castlefield Newsletter
Spring, 2021
EXCLUSIVE OFFER!
WATCH ONLINE AND ATTEND OUR Q&A WITH THE DIRECTOR REGISTER NOW FOR YOUR FREE TICKET TO WATCH E-LIFE THE HARD-HITTING DOCUMENTARY AND A CHANCE TO ASK THE DIRECTOR YOUR QUESTIONS. You may already be aware that Castlefield were proud to provide the seed grant for E-LIFE – an environmental documentary uncovering the growing global problem of electronic waste. Following its initial launch, E-LIFE has now been made available to a wider audience. We have managed to secure 50 free access codes to watch E-LIFE online, which will be available to the first 50 respondents. On 31st March 2021, we will also be hosting an online Q&A with the film’s director, Ed ScottClarke. Ed will discuss how the film delves into the muddled and poorly regulated industry of E-waste exportation, along with his time filming in the Agbogbloshie scrapyard in Ghana.
If you haven’t seen the film, E-LIFE explores what happens when we throw our electrical goods away, and uncovers the shocking phenomenon of the shipment of hazardous waste from Europe and America to developing countries. The film captures how local Ghanaians are left unprepared to deal with tonnes of hazardous waste and the workers risking fatal illnesses exposed to shocking levels of contamination. E-LIFE offers an alternative to the traditional "take, make, dispose" economic model, and encourages us to be more thoughtful about our choices.
KEY INFORMATION Please register at: events@castlefield.com and we will issue you with an access code. You will also receive an invitation to our online Q&A with Ed Scott-Clarke on 31st March @ 7pm – 7:30pm. Having watched the film, please send your questions for Ed to: events@castlefield.com by 22nd March 2021. E-LIFE is available on Amazon (free to Prime members) and Vimeo – and will be on other streaming platforms soon. 5
Castlefield Newsletter
Spring, 2021
EUROPEAN STOCK STORY OF THE MONTH – LOGITECH Fund manager Rory Hammerson introduces the stock story for this edition - Innovative Swiss technology firm Logitech, best known by many for its consumer-products but with a sustainable and responsible ethos that may be less familiar. Follow the link to find out how: https://www.castlefield.com/news-media/ blog/european-stock-story-of-the-monthlogitech/
COMING SOON: THEMATIC REVIEW Be sure to check out our website shortly for our upcoming thematic review on palm oil. The report examines the social and environmental concerns about this widely used ingredient. It also provides an overview of initiatives to make palm oil sourcing more sustainable. Watch this space: https://www.castlefield.com/news-media/blog/
CASTLEFIELD’S APPROACH TO ESG What is it that separates Castlefield’s approach to ESG versus the mainstream bustle where the capital market’s obsession with turning an extra buck has seen an ESG industry mushroom in growth over the past three years. In this piece, fund manager Rory Hammerson explains Castlefield’s innovative approach to ESG. Follow the link to read on: https://www.castlefield.com/news-media/ blog/castlefield-s-approach-to-esg/
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CASTLEFIELD BECOMES A CDP SIGNATORY TO SUPPORT TRANSPARENT ENVIRONMENTAL DATA DISCLOSURE We are pleased to announce that we have become a signatory to the Carbon Disclosure Project’s disclosure request, furthering our commitment to drive corporate environmental transparency. https://www.castlefield.com/news-media/ company-news/castlefield-becomescdp-signatories-to-support-transparentenvironmental-data-disclosure/
FINANCIAL ADVICE INVESTMENT MANAGEMENT INVESTMENT FUNDS To learn more about Castlefield's range of services, please visit our website www.castlefield.com
Castlefield Newsletter
Spring, 2021
ENGAGEMENT UPDATE - COMPASS OUR LATEST ACHIEVEMENTS (AWARDS) It’s been a rewarding first few months of 2021 with a number of accolades being received. Consumer finance specialist Good With Money, listed Castlefield in their top ethical financial advisers in the UK, while Citywire recognised us as one of the Top 20 advice firms for the North. Castlefield funds were also shortlisted for the Professional Adviser awards in their inaugural 'best multi asset fund/group for ESG' category - a new addition to this year‘s awards recognising excellence in environmental, social and governance investing. Two Castlefield funds also secured a top quartile ranking in the latest FE fundinfo Crown Ratings, receiving a 4-crown award in the January ratings. You can read all about these and others, by following this link to our Awards & Recognition section.
Part of our responsibility as ESG investors includes looking out for any connected, underlying or subsidiary firms to our investee companies. When we read allegations in the press about inadequate school meal packages being distributed by 'Chartwells', we recognised that this was a company in which Sarasin's Food and Opportunities Fund, held in our CFP Castlefield B.E.S.T. Sustainable Portfolio Growth Fund, holds a stake. Our engagement team were ready to speak with Sarasin to find out more and ask what they were doing to address any problems. Read about it here: https://www.castlefield.com/news-media/ blog/engagement-update-compass/
Follow the link to read on: https://www.castlefield.com/news-media/awardsrecognition/
REAL ESTATE AND CLIMATE CHANGE: HOW DO OUR INVESTMENTS MEASURE UP? The first in a series of articles exploring topics related to climate change. Here we look at the role of energy efficiency within the commercial property market. Read more here: https://www.castlefield.com/news-media/ blog/real-estate-and-climate-change-howdo-our-investments-measure-up/
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Castlefield Newsletter
Spring, 2021
TAKE PART IN OUR CARBON LITERACY QUIZ FOR THE CHANCE TO WIN A PRIZE! Helen Tandy, resident carbon literacy expert and Castlefield partner, has put together a short quiz to gauge the level of understanding around the environmental impact of your everyday decisions. Test your carbon literacy skills and be in with the chance to win a year’s subscription to Ethical Consumer magazine here. You can also learn more about Castlefield’s work to reduce carbon with our invested firms, through our role as signatories to CDP (formerly the Carbon Disclosure Project) disclosure scheme on pg.6.
OUR VIEWS ON THOUGHTFUL INVESTMENT DON’T STOP HERE! Now that you’ve read our newsletter, keep up to date by reading our blog on our website which is updated regularly. Contact us to discuss your finances and make plans for 2021: Call us on:
0161 233 4550 Visit our contact page here:
www.castlefield.com/contact-us/ Email us:
webmail@castlefield.com
This document is intended for information purposes only and it does not constitute a personal recommendation, investment advice or an inducement to invest. It is based on information obtained from sources which we believe to be accurate but the accuracy of which we cannot warrant and may be subject to change at short notice, therefore we cannot be held responsible for the implications of relying on this information. The contents of this document are not intended to be construed as legal, accounting, or tax advice. With any investment your capital is at risk. You should seek independent financial advice if you are unsure whether an investment product is suitable for your personal financial circumstances and appetite for risk. This information is based on our understanding of current taxation, legislation and HM Revenue & Customs practice as at the time of publishing, all of which may be subject to change. Unless otherwise stated the information in this document is accurate as at 26.02.2021. No part of this document may be reproduced in any manner without prior permission. Castlefield is a trading name, registered trade mark and the property of Castlefield Partners Limited. Registered in England and Wales No. 06942320. Registered Office, 111 Piccadilly, Manchester, M1 2HY. Part of the Castlefield employee-owned group. Member of the Employee Ownership Association. STINSIGHTNC/260221