Quarterly report: first quarter 2026

Assets under management stood at GBP 2.4bn at 31 March 2026, against GBP 2.3bn at 31 December 2025. The increase is market movement. No new money was accepted during the quarter and none was returned.

No holding changed in any mandate. Global Equity owns the same twelve companies it owned at the start of the quarter. Fixed Income and Credit held 118 bonds from 71 issuers at the quarter end, with duration at 5.1 years. Multi-Asset was not rebalanced, which is what the calendar says: the dates are April and October, and nothing in the quarter overrode them.

The ten-year net annualised return to 31 March 2026 is 11.2%, after all fees. That figure is the three mandates blended and weighted by assets. Each mandate also publishes its own ten-year number, and all three sit beside their benchmark on the track record.

Two clients asked whether the concentration in Global Equity should come down. The answer we gave both has not changed. Twelve is the number of businesses four people can follow properly. A thirteenth would be paid for out of the attention given to the other twelve.