Capital at risk

Investment strategy

Sustainable Multi Asset

We look to generate attractive returns over cash with low volatility, investing within a tight carbon budget in line with the Paris Agreement.  

Our wide opportunity set and diverse asset mix allow us to create flexible portfolios prepared for different economic conditions.  

Jungrau mountain peak during alpen glow at sunset. View from First, Grindelwald, Switzerland.

Limiting carbon, not growth

We offer a breadth of opportunity across a diverse range of asset classes, aiming to deliver attractive returns with lower volatility than equity markets and within a decreasing carbon budget.

Emphasising diversification

We seek to provide a diverse, actively managed portfolio with three equally weighted objectives of return, climate and risk.  

We take a broad opportunity set and turn it into a single fund with sustainable qualities. This offers clients an effective way to achieve diversification at lower volatility levels than equity markets. 

Our objectives: 

  • a return of 3.5 per cent more than UK base rate over rolling five-year periods and a positive return over rolling three-year periods 
  • a carbon footprint maintained below a budget which declines at 7 per cent per annum 
  • volatility of returns below 10 per cent over rolling five-year periods  
The performance target is aspirational and is not guaranteed. We don’t use it to compile the portfolio and returns will vary. A single performance target may not be appropriate across all vehicles and jurisdictions. We may not meet our investment objectives if, for example, our growth investment style is out of favour or we misjudge the long-term earnings growth of our holdings.

Looking to the future, not the past

We’ve been investing in multi-asset portfolios since 2009. We combine our macro views with themes that will drive markets in the long term to find the best opportunities.  

We also ask, "is this investment compatible with a sustainable economy?" and apply our expertise to construct a portfolio that incorporates:  

  • macroeconomic views 
  • long-term return expectations 
  • risk and near-term scenario analysis 
  • environmental, social and governance (ESG) factors

The result is a sustainable, research-led portfolio that seeks to generate value for clients throughout economic cycles.  

 

 

Change brings opportunities. Short-term changes can be as unpredictable as a river’s meander, but by focusing on long-term trends we think it’s possible to figure out the likely destination.
James Squires

Meet the managers

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Strategy portfolio holdings

A list of the top 10 holdings that the representative portfolio invests in.

All figures up to: 30 June 2024

#Holding% of portfolio
1Australia 4.25% (Green Bond) 21/06/20347.5%
2Citi/BG EM Equity ETN (c)4.9%
3Plutus CLO Fund3.7%
4Baillie Gifford Responsible Global Equity Income Fund3.6%
5Galene Fund3.5%
6Leadenhall UCITS ILS Fund3.3%
7Baillie Gifford Investment Grade Bond Fund3.1%
8Aegon ABS Opportunity Fund Acc2.9%
9Citi/BG Value Equity ETN (c)2.0%
10Barclays Modified CSI 500 +7% ETN (c)1.8%

Strategy holdings by asset allocation

All figures up to: 30 June 2024

1Listed Equities15.20%
2Infrastructure13.50%
3Structured Finance13.50%
4Emerging Market Bonds13.00%
5Insurance Linked10.10%
6Government Bonds9.80%
7Property9.30%
8High Yield Credit6.50%
9Commodities4.10%
10Investment Grade Bonds3.10%
11Cash and Equivalents1.80%
12Active Rates and Currency-6.50%
Total 93%

Strategy holdings by asset allocation

All figures up to: 30 June 2024

Total: 93%

Please note

The information contained on this page is intended as a guide only and should not be relied upon when making investment decisions. All holdings information is unaudited. Source Baillie Gifford & Co. Please note that totals may not add due to rounding.

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Curious to learn more about our products and what we can offer you? Please get in touch.

Insights

Key articles, videos and podcasts relating to the strategy:

Filters

Insights

Viewing 16 of 16
  1. Multi Asset Q2 update

    The Multi Asset Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video12 minutes
  2. The case for UK water investments

    Uncover the resilient UK water companies showcasing their growth prospects in the face of regulatory and environmental hurdles.
    July 2024
    Video10 minutes
  3. Japan: the land of the rising yield

    How Japan's changing economy is reshaping the Multi Asset investment landscape.
    May 2024
    Article4 minutes
  4. Multi Asset investment update

    An update on performance, portfolio developments and where we see new opportunities.
    April 2024
    Video32 minutes
  5. Where are the opportunities?

    The Multi Asset Team’s forecast for growth, bonds, equities and other assets over the decade.
    March 2024
    Article7 minutes
  6. Multi Asset investment update

    An update on the portfolio, market environment and outlook for the year ahead.
    January 2024
    Video30 minutes
  7. Multi Asset: Investment process evolution

    Focusing on the central pillars of our multi-asset investment process has sparked an evolution.
    November 2023
    Article
  8. Multi Asset Q3 investment update

    How is the portfolio adapting to risks and opportunities? Scott Lothian explains.
    October 2023
    Video32 minutes
  9. Multi Asset quarterly update

    James Squires reflects on the current environment influencing Multi Asset portfolios.
    July 2023
    Video32 minutes
  10. Why now for multi-asset investing

    Who benefits from the new macro environment? Why multi-asset investing remains a viable option.
    June 2023
    Article
  11. Multi Asset quarterly update

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  12. Productivity’s slowdown unravelled

    Casting fresh light on why productivity growth lost steam and why it might be about to pick up.
    February 2023
    Article
  13. Why excess global savings matter

    The savings surplus affects companies that want to issue financial assets to fund investment.
    January 2023
    Article
  14. The robots are coming

    Robots won’t take all our jobs, but they will affect labour markets and, with them, inflation.
    January 2023
    Article
  15. The inflation debate

    A temporary blip or a structural shift? The Multi Asset Team debates inflation’s ups and downs.
    January 2023
    Article
  16. The productivity surge of the 2020s

    Are the days of productivity growth over? The Multi Asset Team does not think so.
    January 2023
    Article

Where are the opportunities?

The Multi Asset Team’s forecast for growth, bonds, equities and other assets over the decade.
March 2024
Article

  1. Multi Asset Q2 update

    The Multi Asset Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video12 minutes
  2. The case for UK water investments

    Uncover the resilient UK water companies showcasing their growth prospects in the face of regulatory and environmental hurdles.
    July 2024
    Video10 minutes
  3. Japan: the land of the rising yield

    How Japan's changing economy is reshaping the Multi Asset investment landscape.
    May 2024
    Article4 minutes
  4. Multi Asset investment update

    An update on performance, portfolio developments and where we see new opportunities.
    April 2024
    Video32 minutes
  5. Where are the opportunities?

    The Multi Asset Team’s forecast for growth, bonds, equities and other assets over the decade.
    March 2024
    Article
  6. Multi Asset investment update

    An update on the portfolio, market environment and outlook for the year ahead.
    January 2024
    Video30 minutes
  7. Multi Asset: Investment process evolution

    Focusing on the central pillars of our multi-asset investment process has sparked an evolution.
    November 2023
    Article
  8. Multi Asset Q3 investment update

    How is the portfolio adapting to risks and opportunities? Scott Lothian explains.
    October 2023
    Video32 minutes
  9. Multi Asset quarterly update

    James Squires reflects on the current environment influencing Multi Asset portfolios.
    July 2023
    Video32 minutes
  10. Why now for multi-asset investing

    Who benefits from the new macro environment? Why multi-asset investing remains a viable option.
    June 2023
    Article
  11. Multi Asset quarterly update

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  12. Productivity’s slowdown unravelled

    Casting fresh light on why productivity growth lost steam and why it might be about to pick up.
    February 2023
    Article
  13. Why excess global savings matter

    The savings surplus affects companies that want to issue financial assets to fund investment.
    January 2023
    Article
  14. The robots are coming

    Robots won’t take all our jobs, but they will affect labour markets and, with them, inflation.
    January 2023
    Article
  15. The inflation debate

    A temporary blip or a structural shift? The Multi Asset Team debates inflation’s ups and downs.
    January 2023
    Article
  16. The productivity surge of the 2020s

    Are the days of productivity growth over? The Multi Asset Team does not think so.
    January 2023
    Article

Explore further

Curious to learn more about our products and what we can offer you? Please get in touch.

Important information

Please remember that all investment strategies have the potential for profit and loss and your or your clients’ capital may be at risk.
The information on this website is intended for institutional investors (as defined in the Securities and Futures Act, Chapter 289 of Singapore, as amended) and consultants in Singapore only. It is not intended for use by any other persons including members of the general public or investors from other jurisdictions.
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