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Cash interest explained

You will receive interest on balances in your platform cash account at the prevailing rate.

Embark Investment Services Limited acts as the custodian for investments on the Willis Owen platform and is one of our strategic partners that provides our Willis Owen ISA, GIA, Junior ISA and SIPP.

Embark places cash with a number of banking partners for safekeeping and to provide the potential for you to earn interest on money in your platform cash account. By managing cash in this way, it aims to provide better protection and a higher overall level of interest than if all funds were placed with a single bank.

The rates of interest paid by banks will vary. Embark retains a portion of the interest earned to cover its costs in managing platform cash.

Current Interest Rate

The table below shows the current customer interest rate payable on cash balances along with the amount of interest retained by Embark. The customer interest rate shown is that after accounting for interest retained by Embark:

Date From Customer Interest Rate Interest retained by Embark
25th November 2024 2.3% 1.75% - 2.00%

Embark can change the rate of interest at any time and it reviews the position at least quarterly. Interest is calculated and accrued daily and is credited to your account on the first of each month. If you transfer out, accrued interest is applied at the point of transfer. We will inform you if and when the interest rate changes as soon as is practicable.

Interest retained

The table below shows the yearly equivalent rates of interest Embark expects to pay based on a range of possible yearly interest rates it may earn.

Interest Embark expects to earn Customer Interest Rate Interest retained by Embark
0-1% 0 – 0.46% 0 – 0.54%
1-2% 0.46% – 0.94% 0.54% – 1.06%
2-3% 0.94% – 1.46% 1.06% – 1.54%
3-4% 1.46% – 2.02% 1.54% – 1.98%
4-5% 2.02% – 2.61% 1.98% – 2.39%
5%+ 2.61%+ 2.39%+

Historic Interest Rates

To see details of historic customer interest rates, along with the amount of interest retained by Embark, click here.

Equity Styles Explained

Market capitalisation is an indication of the size of the companies being invested in. It is calculated by multiplying the number of shares issued by the company by the current share price. Market capitalisation is divided into ‘large’, ‘medium’ or ‘small’ according to the below:

Large – Companies that have a market capitalisation greater than $10 billion.

Medium – Companies that have a market capitalisation between $2 billion and $10 billion.

Small – Companies that have a market capitalisation below $2 billion.

Companies can be categorised as ‘value’, ‘blend’ or ‘growth’ as defined below:

Value – Companies that are considered to be trading at a share price below what their fundamentals would suggest.

Blend – Companies that do not exhibit solely value or growth characteristics.

Growth – Typically well-established companies which are considered to have above average prospects for long-term growth.

Equity Regions Explained

Equity region indicates in which countries the underlying shares within your portfolio are listed.

USA – Companies listed on a stock market in the USA.

Canada – Companies listed on a stock market in Canada.

Latin America – Companies listed on stock markets in the Caribbean, Central America and South America, such as Mexico, Brazil and Argentina.

United Kingdom – Companies listed on a stock market in the United Kingdom, Guernsey, Isle of Man and Jersey.

Eurozone – Companies listed on stock markets in countries which have the Euro as their official currency, such as France, Germany and Spain.

Europe ex Eurozone – Companies listed on stock markets in western European countries which do not have the Euro as their official currency, such as Denmark, Sweden and Switzerland.

Europe Emerging – Companies listed on stock markets in European emerging markets, such as Poland, Russia and Turkey.

Africa – Companies listed on stock markets in African countries, such as Egypt, Nigeria and South Africa.

Middle East – Companies listed on stock markets in Middle Eastern countries, such as Israel, Qatar and Saudi Arabia.

Japan – Companies listed on a stock market in Japan.

Australasia – Companies listed on stock markets in Australia and New Zealand.

Asia Developed – Companies listed on stock markets in developed Asian countries, such as Hong Kong, Singapore and Taiwan.

Asia Emerging – Companies listed on stock markets in emerging Asian countries, such as China, India and Thailand.

Equity Sectors Explained

Cyclical – Companies which operate in industries that are considered to be significantly affected by economic shifts. When the economy is prosperous, these industries tend to expand and when the economy is in a downturn they tend to shrink.

Basic Materials - Companies that manufacture chemicals, building materials and paper products. This sector also includes companies engaged in commodities exploration and processing.

Consumer Cyclical - This sector includes retail stores, auto and auto-parts manufacturers, restaurants, lodging facilities, specialty retail and travel companies.

Financial Services - Companies that provide financial services include banks, savings and loans, asset management companies, credit services, investment brokerage firms and insurance companies.

Real Estate - This sector includes companies that develop, acquire, manage and operate real estate properties.

Sensitive – Companies that operate in industries that ebb and flow with the overall economy, but not severely. Sensitive industries fall between defensive and cyclical, as they are not immune to a poor economy, but they also may not be as severely affected as cyclicals.

Communication Services - Companies that provide communication services using fixed-line networks or those that provide wireless access and services. Also includes companies that provide advertising & marketing services, entertainment content and services, as well as interactive media and content provider over internet or through software.

Energy - Companies that produce or refine oil and gas, oilfield-services and equipment companies and pipeline operators. This sector also includes companies that mine thermal coal and Uranium.

Industrials - Companies that manufacture machinery, hand-held tools and industrial products. This sector also includes aerospace and defence firms as well as companies engaged in transportation services.

Technology - Companies engaged in the design, development and support of computer operating systems and applications. This sector also includes companies that make computer equipment, data storage products, networking products, semiconductors and components.

Defensive – Companies which operate in industries that are relatively immune from economic shifts. These industries provide services that consumers require in both good and bad times.

Consumer Defensive – Companies that manufacture food, beverages, household and personal products, packaging, or tobacco. Also includes companies that provide services such as education and training services.

Healthcare – This sector includes biotechnology, pharmaceuticals, research services, home healthcare, hospitals, long-term-care facilities and medical equipment and supplies. Also includes pharmaceutical retailers and companies which provide health information services.

Utilities - Electric, gas and water utilities.

Product Involvement Explained

Product Involvement metrics measure the percentage of a portfolio's assets exposed to a range of business areas and activities. For example, if a fund's involvement in Animal Testing is 20%, that means 20% of the fund's assets are invested in companies involved in Animal Testing.

Exposure percentages are calculated by summing the weights of a portfolio’s holdings in the companies involved in each area. In most cases a company is considered ‘involved’ in a certain area if it's revenue from that area exceeds a certain minimum threshold. In other areas, for example animal testing, abortion, contraceptives and human embryonic stem cell research, there is no revenue threshold such that if the company has any involvement at all in these areas, it will be considered involved. If a company is considered involved in an area, the entire weight of that company in a portfolio is counted when determining the overall percentages shown.

ESG Pillars Explained

Morningstar's ESG Pillar Scores help investors understand how a fund is performing in three key areas: Environmental (E), Social (S), and Governance (G). These scores break down the overall sustainability risk of a portfolio into these specific categories.

Each score reflects how much environmental, social, and governance factors contribute to the overall risk of companies in the fund. The scores are averaged based on the size of each company in the portfolio. Lower scores mean lower risk.

To receive these scores, at least 67% of the fund’s assets must be rated for their ESG risk. This provides investors with a clearer view of a fund’s exposure to sustainability risks in different areas.

Asset Allocation Explained

Equity – Often referred to as shares. Shares are units of ownership in a company which entitle the holder to certain rights for example to exercise voting rights or to participate in the company’s profits.

Fixed Income – Often referred to as fixed interest or bonds. When you invest in bonds, you are typically lending money to a company or a government in return for a defined series of interest payments and the promise that a defined value (called the ‘face’ or ‘par’ value) will be returned at a certain point in time

Property – Investments in property include residential, offices, warehouses and shopping centres.

Cash – Money held in cash or cash-like instruments, often to ensure there are sufficient liquid assets within a portfolio.

Other – Contains other investments such as commodities, preferred stock and derivatives.

Multi-asset investing

What is multi-asset investing?

Multi-asset investing is an approach involving the blending together of different asset classes with a view to improving performance and managing risk. Rather than buying individual funds which focus on a specific asset class, region or sector, you can buy individual multi-asset funds containing an appropriate blend of different types of assets. Multi-asset fund's objectives can be risk oriented and some fund providers will have a series of funds with different risk levels. In these funds, the lower risk options will have greater exposure to lower risk assets such as cash and bonds and funds on the higher risk scale will have greater exposure to assets such as equities.

Multi-asset funds can be a good entry point to investing for less experienced investors for the following reasons:

  • Simplicity – they can offer a one-stop investment solution so you don't need to build your own portfolio
  • Time savings – no need to research individual assets as the asset allocation is decided for you based on the fund's objectives
  • Exposure to a range of assets – spreads the investment risk as different assets may perform differently based on the economic environment
  • Ongoing management by a professional - the fund manager will rebalance the assets to ensure the fund remains in line with its objectives and any risk parameters
Whilst multi-asset funds take a lot of the research and decision making process away from you, it is still important to regularly review your investments to ensure they remain right for your own goals and tolerance and capacity for risk.

What is a multi-manager fund?

A multi-manager fund is a type of multi-asset fund which invests in other funds rather than individual assets. Professional managers hand pick a variety of funds that they believe are the 'best in market'. Their aim is to select strategies from leading managers across the fund management industry on the basis of their assessment of the fund manager’s ability to do well in the prevailing investment environment. They would also bear in mind how each fund would complement each other within the portfolio.

There are two types of multi-manager funds; those that invest in a range of other funds managed by different fund managers, which are called Funds of Funds (FoF), and those that appoint external managers with specific expertise to invest separate tranches of the portfolio; these are called Manager of Managers (MoM) Funds. Due to these additional resources, these funds may have higher fund management charges.

The aim of these funds is to add an extra layer of diversification either through holding funds that have already gone through a process of diversification themselves, or by segmenting a portfolio and outsourcing its management to individuals who have been identified as having proven experience in a particular area.

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