fund structureThe client's asset portfolio consists of bonds, equity funds, ETFs and shares invested by the London Stock Exchange. First of all, according to the Mary's main risk preference, 30% of assets are invested in bonds. The 30% bond investment percentile is generally considered a preferable long-term investment for a risk-averse investor as the annual return on bonds has already been set and the risk of default on bonds is relatively low. Among all types of bonds, the risk of Treasury bonds is the lowest. Therefore, we have chosen two British government bonds with different maturities in our portfolio. The coupon values ​​of these two bonds are 8.75% and 8% respectively. Meanwhile, we invested in two corporate bonds, raised by Lloyds Bank Group and its subsidiary. Since the credit rating of these bonds assigned by Standard & Poor and Moody's is higher than A. In other words, the default risks of these bonds are low. Furthermore, the flat yield of these bonds is much higher than that of UK gilts, which reach 7.46% and 8.428% respectively. Secondly, 20% of Mary's assets had been invested in funds. In this part we have invested most of the assets in insurance funds and pension funds; only a small portion, around £1,000, had been invested in ETFs. Specifically, we invested 10% of the assets in 2 insurance funds with excellent performance, Skandia Fleming Mid Cap Investment TST and MetLife Schroder UK MID 250 GBP ACC NAV, which obtained five stars according to the Morningstar rating system. In the meantime, the remaining 10% of the assets were invested in pension funds. Based on historical data analysis, we selected Skandia Fleming Mid Cap Pens and Aviva Invesco Perptual UK Aggressive S6. The annual return of these... in the middle of the document... can influence the performance of our portfolio, for example the specific needs of our client, the profit allocation policy and the general performance of the macroeconomy, etc. To be more specific, since portfolio management is a task of organizing and implementing a series of investments based on the client's expected return (Geoff, 2006), changes in client needs can lead to different portfolio performance. Furthermore, adjusting the profit allocation policy can influence the capital structure and future profits. Our current profit allocation policy is to reinvest profits in the stock market, while we can adapt this policy according to Mary's needs. Meanwhile, the macroeconomic situation also has an impact on the portfolio performance, as we expect the UK macroeconomy to do well in the future, we may invest a larger portion in the stock market and other risky investment markets..