Every period, every year
The record, in full.
Every return on this page is net of our fee and calculated to a stated date. The mandate composites are verified each year by a firm we pay for nothing else. The benchmark beat us in seven of the twenty-one mandate-years shown.
Figures as at 31 March 2026
Annualised returns to 31 March 2026
Global Equity
9.2
13.6
15.4
12.1
Benchmark, MSCI World
10.1
12.4
13.6
8.4
Fixed Income and Credit
4.1
3.2
6.4
5.8
Benchmark, 70/30 composite
3.6
1.9
4.7
5.1
Multi-Asset
6.8
7.9
9.5
8.3
Benchmark, 60/40 composite
6.1
5.5
7.8
6.6
All mandates, asset-weighted
7.0
9.0
11.2
9.2
All figures are percentages, net of fees, in sterling. The firm-wide row weights each mandate by its assets at 31 March 2026 and is shown for reference. The verified figures are the three mandate rows.
Calendar-year returns
Global Equity
24.6
16.8
23.1
-8.9
24.2
20.5
12.7
Benchmark, MSCI World
22.7
12.3
22.9
-7.8
16.8
20.8
14.3
Fixed Income and Credit
12.4
8.2
3.1
-8.2
9.6
6.9
7.1
Benchmark, 70/30 composite
13.2
6.9
0.8
-12.6
10.4
4.2
5.8
Multi-Asset
17.2
10.6
11.2
-11.3
15.6
12.8
9.9
Benchmark, 60/40 composite
16.2
10.5
11.6
-13.9
11.5
11.1
10.1
Years in which a mandate trailed its benchmark. Global Equity: 2022, 2024 and 2025. Fixed Income and Credit: 2019 and 2023. Multi-Asset: 2021 and 2025.
2022
Multi-Asset lost 11.3%
Its gilts were held to fall less than equities in a bad year. In September 2022 long-dated gilts fell further in three weeks than the equity holdings had all year. The holdings meant to steady the portfolio did most of the damage. The benchmark lost 13.9%. That was no comfort.
The error was duration. A gilt with twenty years to run is a bet on interest rates, whatever it is held for. Priya Raghunathan cut the gilt book duration from eleven years to under six in early 2023. The six-year cap is written into the mandate and the figure appears on every monthly statement.
The other two mandates
Global Equity trailed its index by 1.1 points the same year. It held no oil and gas producers, because none had passed the ten-year test, and energy was the year’s best sector. We reviewed the decision in 2023 and kept it.
Fixed Income and Credit lost 8.2% and beat its benchmark by 4.4 points, because its duration was shorter. A client who lost 8.2% is not consoled by the second number. We report both.
Methodology
How the figures are built
Returns are time-weighted and stated in sterling.
They are net of the management fee, dealing costs and irrecoverable withholding tax. They are gross of custody charges, which would reduce them by about 0.02% a year.
Each mandate figure is the asset-weighted return of every discretionary fee-paying portfolio managed to that mandate, including portfolios since closed, up to the date of closure. No portfolio is left out.
Annualised figures run to 31 March 2026. Calendar-year figures run to 31 December. Since 1998 means from 1 October 1998, the date all three mandates opened.
Benchmarks. 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.
Halbrook claims compliance with the Global Investment Performance Standards. Composites have been verified each year since 2008 by an independent firm, most recently for the year to 31 December 2025.
Risk warning
Required disclosure
Past performance is not a reliable indicator of future results. The value of investments and the income from them can fall as well as rise, and a client may get back less than was invested. Movements in exchange rates may affect the value of overseas holdings.
Returns are for composites of portfolios managed to each mandate. No single portfolio will have matched them exactly. This page is directed at professional clients and eligible counterparties. It is not intended for retail clients and does not constitute advice or an offer to manage assets.
Halbrook Asset Management LLP is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales, OC418872.
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