Approach
Discretion and opacity are not the same thing.
Most firms in this business describe a philosophy and show one chart. We publish the mandates themselves. What each one holds, the terms it runs on, what it charges, and what it returned. Every figure carries the date it was measured.
It is a slower way to win a client and a harder one to fake. After twenty-eight years it is still the only version of this business we want to run.
Ten years to 31 March 2026, net annualised
Global Equity
MSCI World Index, net total return, in sterling
Fixed Income and Credit
70% ICE BofA Sterling Corporate, 30% ICE BofA Global High Yield hedged to sterling
Multi-Asset
60% MSCI World in sterling, 40% FTSE Actuaries UK Conventional Gilts All Stocks
11.2%
All mandates, asset-weighted
All three mandates blended and weighted by assets under management.
I sign the statement. If a number is wrong, it is my name on it, not a spreadsheet.
James Okonkwo, Chief Operating Officer
Mandates
Three mandates, open since 1998.
Each one is open to new capital, reported quarterly, and priced the same way for every client.
Figures as at 31 March 2026. Net returns annualised over ten years.
01
Global Equity
Listed companies in developed markets, bought to hold for a decade or more.
Mandate details
→
Size
GBP 1.1bn
Net, ten years
15.4%
Benchmark 13.6%
Minimum
GBP 5m
02
Fixed Income and Credit
Investment-grade and selected high-yield credit, held to maturity where we can.
Mandate details
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Size
GBP 780m
Net, ten years
6.4%
Benchmark 4.7%
Minimum
GBP 5m
03
Multi-Asset
A single balanced portfolio for clients who want one decision, not three.
Mandate details
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Size
GBP 520m
Net, ten years
9.5%
Benchmark 7.8%
Minimum
GBP 10m
People
The people who run the money.
Four partners. Each one runs a mandate or the firm, and each is named on the reports they produce.
Eleanor Vance
Chief Investment Officer
Runs Global Equity. Twelve holdings, one change since 2019.
Marcus Thorne
Head of Credit
Runs Fixed Income and Credit. Reads every covenant himself.
Priya Raghunathan
Head of Multi-Asset
Rebalances on a printed calendar, never on news.
James Okonkwo
Chief Operating Officer
Signs every client statement. Has done since 2004.
Insights
What we published most recently.
Quarterly reports and occasional notes. Nothing is gated and nothing is deleted.
All insights
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14 February 2026
·
Note
Why we still hold the same twelve companies
Eleven of the twelve Global Equity holdings have been in the portfolio since 2014. The case for each, with the date it was bought.
9 January 2026
·
Note
Fee schedule, unchanged for eleven years
The fee on each mandate and the date it last changed. None has moved since 2015, and the note says why.
Ask for the most recent quarterly report.
We will send it the same day. There is no call to sit through first.
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