Three mandates
What each one holds, and who it is for.
Halbrook has run three mandates since 1998. None has been closed or renamed. Each is described below in the same terms, including who it does not suit. Figures are at 31 March 2026 and net of fees.
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
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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
Global Equity
Listed companies in developed markets, bought to hold for a decade or more.
Opened
1998
Size
GBP 1.1bn
Net annualised, 10 years
15.4%
Minimum
GBP 5m
Holdings
12
Typical holding period
11 years
The mandate holds twelve companies listed in developed markets, most of them in North America and Europe. Each was bought on the expectation of owning it for at least ten years. The median holding has been in the portfolio for eleven years. The oldest was bought in 1999.
Eleanor Vance has run the mandate since 2010. It has had two negative calendar years since then, 2018 and 2022. Positions are sized between 4% and 12% of the portfolio. Cash is held only between selling one holding and buying the next, and has not exceeded 4% at any month end since 2012. Currency is not hedged.
For
Institutions with a horizon of ten years or more, which can sit through a year like 2022 without needing to sell.
Not for
Anyone who may need the capital within five years, or who will judge the mandate against its index every quarter. It will lag the index in some years and we will not trade to catch up.
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Fixed Income and Credit
Investment-grade and selected high-yield credit, held to maturity where we can.
Opened
1998
Size
GBP 780m
Net annualised, 10 years
6.4%
Minimum
GBP 5m
Holdings
118 bonds, 71 issuers
Typical holding period
6 years, to maturity
The mandate holds 118 bonds from 71 issuers. Most are sterling and euro investment-grade corporates; 22% by value is high-yield debt from issuers the team has followed for years. Bonds are bought to be held to maturity. A bond is sold early when the issuer’s balance sheet changes. Price alone is not a reason.
Marcus Thorne has run the mandate since 2013. Duration is kept between three and seven years and stood at 5.1 years at 31 March 2026. No issuer exceeds 3% of the portfolio. Bonds in other currencies are hedged back to sterling with forward contracts, the only derivative the firm uses.
For
Institutions that need income they can forecast and can wait for a bond to mature.
Not for
Anyone who wants a bond portfolio that rises when equities fall. In 2022 this one did not. Nor anyone who needs gilt-like liquidity on every line; some high-yield holdings take days to sell.
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Multi-Asset
A single balanced portfolio for clients who want one decision, not three.
Opened
1998
Size
GBP 520m
Net annualised, 10 years
9.5%
Minimum
GBP 10m
Holdings
84
Typical holding period
7 years
The mandate holds 84 securities. At 31 March 2026 the split was 51% developed-market equities, 24% investment-grade credit, 18% gilts and index-linked gilts, 6% listed infrastructure and 1% cash. There are no funds inside it and no fund of funds. Every line can be priced on any working day.
Priya Raghunathan has run the mandate since 2015. The equity and credit holdings are drawn from the other two mandates; the gilt holdings are hers. The portfolio is rebalanced to target weights in April and October. Since 2023 the duration of the gilt holdings has been capped at six years. Before 2023 it was eleven.
For
Charities and smaller pension schemes that want one portfolio and one statement, and accept that it may return less than the specialist mandates.
Not for
Anyone who expects a balanced portfolio never to have a bad year. This one lost 11.3% in 2022. Nor institutions large enough to set their own asset allocation; they should hold the specialist mandates directly.
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The full summary for any mandate is sent within two working days.
It carries the fee scale and the current verification report.
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