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Protect and survive

Friends Provident’s new protected investment portfolio bond allows investors to invest in a range of 14 of its funds. On death, it pays out a guaranteed minimum of 101 per cent of the bond value or the original investment, depending on which is higher.

This bond is an ideal investment for cautious investors, particularly where either husband or wife does not agree with the other on investing in equities because they do not want to risk losing the capital on the death of the other. This situation is quite often the case and it means that families often miss out on equity growth because of ultra caution.

I particularly like the link to the stewardship managed fund, which has given an above-average return over the last three years of around 38 per cent to October 1, 2006. This fund should do well in view of all political parties encouraging environmentally-concerned companies.

The fund has an excellent fund manager in Paul Niven. He invests around 53 per cent in UK equities, 28 per cent in oversees equities, 12 per cent in UK fixed interest and around 6 per cent in cash deposits.

The fund is widely spread, with the biggest holdings being Cairn Energy, Vodafone, Tesco, BG Group, Capita Group, Scottish & Southern, Workspace Group, Inchcape, Informa and the National Grid. The only constraints are that there is a minimum investment of 5,000 and the maximum age at which money can be invested in the bond is 74.

For more cautious investors, there is also a property fund, a fixed-interest fund and an index-linked fund.

The protected investment portfolio bond fills a gap for all cautious investors who want to protect their capital for their heirs.


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