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30 September 2025
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Report
Quarterly report: third quarter 2025
Assets GBP 2.3bn. Multi-Asset unchanged since the April rebalance. Fixed Income and Credit added two issuers.
Assets under management stood at GBP 2.3bn at 30 September 2025. Multi-Asset was unchanged since the April rebalance, which is the calendar working as intended.
Fixed Income and Credit added two issuers during the quarter, both investment grade, and the book stood in the high sixties at the quarter end. No issuer exceeded 3% of the portfolio at any point.
Global Equity did not trade. The twelve holdings were the same at 30 September as at 30 June.
The quarter included the first drawdown of more than 5% since 2022. It has been added to the drawdown list sent with each mandate summary, with its start date, its trough and its recovery.
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31 March 2026
Quarterly report: first quarter 2026
Assets GBP 2.4bn. Ten-year net annualised 11.2%. No holding changed in any mandate during the quarter.
14 February 2026
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
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.
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