Capital at risk

Investment strategy

Diversified Growth

We’ve been investing in multi-asset portfolios since 2009. Our edge is our wide opportunity set and asset allocation mix, which allow us to create nimble portfolios prepared for different economic conditions.  

Our strategy is actively managed and diversified – an important approach when seeking attractive long-term returns at lower volatility than equity markets.   

An aerial view of a large lake inside a valley at sunset.

A breadth of opportunity

Our mission is simple – we take advantage of a breadth of opportunity across a diverse range of asset classes, aiming to deliver attractive returns with lower volatility than equity markets.

Multi Asset Q2 update

The Multi Asset Team reflects on recent performance, portfolio changes and market developments over the last quarter.

High variation, low volatility

We seek to provide a diverse portfolio of asset classes that has dual objectives with an equal focus on return and risk.  

We take a broad opportunity set and turn it into a single fund. We know this offers our clients a simple and effective way to achieve diversification at lower volatility levels than equity markets.  

Our objectives: 

  • A return that is at least 3.5 per cent more than the UK base rate over rolling five-year periods 
  • A positive return over rolling three-year periods 
  • 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.

Investing with the future in mind

Our portfolios avoid complexity and are positioned to achieve returns with low volatility.  

We identify the major drivers of markets and apply our expertise to construct a portfolio that invests across asset classes, incorporating:  

  • Macroeconomic views 
  • Long-term return expectations 
  • Risk and near-term scenario analysis 

The result is a top-down, macroeconomic and research-led portfolio, which seeks to generate value for our clients throughout economic cycles.  

Change brings opportunities. Short-term changes can be as unpredictable as the meander of a river, but by focusing on long-term trends, we think it’s possible to figure out the 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: 31 August 2024

#Holding% of portfolio
1Baillie Gifford Emerging Markets Leading Companies Fund5.3%
2UK T Bill 18/11/20245.3%
3Leadenhall UCITS ILS Fund3.9%
4Baillie Gifford Global Income Growth Fund2.9%
5Plutus CLO Fund2.5%
6Galene Fund2.3%
7Baillie Gifford Long Term Global Growth Investment Fund2.2%
8Terna2.2%
9Dimensional Global Value Fund2.1%
10Aegon ABS Opportunity Fund Acc1.9%

Asset Allocation - Exposure

As at: 31 August 2024

1Infrastructure23.90%
2Emerging Market Bonds14.10%
3Listed Equities14.10%
4Insurance Linked9.90%
5Structured Finance9.00%
6Property8.90%
7Cash and Equivalents8.30%
8Commodities5.40%
9Government Bonds4.10%
10High Yield Credit2.60%
11Special Opportunities1.50%
12Active Rates and Currency-34.50%
Total 67%

Asset Allocation - Exposure

All figures up to: 31 August 2024

Total: 67%

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.

Explore further

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 21 of 21
  1. The Climate Scenarios Project: part 2

    The impact of Disorderly Transition scenarios on macro indicators and market outcomes.
    September 2024
    Document
  2. Multi Asset Q2 update

    The Multi Asset Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video12 minutes
  3. 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
  4. Japan: the land of the rising yield

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

    An update on performance, portfolio developments and where we see new opportunities.
    April 2024
    Video32 minutes
  6. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  7. Where are the opportunities?

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

    An update on the portfolio, market environment and outlook for the year ahead.
    January 2024
    Video30 minutes
  9. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  10. Multi Asset: Investment process evolution

    Focusing on the central pillars of our multi-asset investment process has sparked an evolution.
    November 2023
    Article
  11. From Leeds to LA

    Creating a high conviction, best ideas, global and unconstrained property portfolio.
    September 2023
    Article7 minutes
  12. Multi Asset Q3 investment update

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

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

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

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  16. 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
  17. Why excess global savings matter

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

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

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

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

    David McIntyre and Calum Holt summarise their thoughts on the potential transformation of the European energy industry and how this is being embraced in our Multi Asset funds.
    April 2021
    Document

Multi Asset Q2 update

The Multi Asset Team reflects on recent performance, portfolio changes and market developments over the last quarter.

  1. The Climate Scenarios Project: part 2

    The impact of Disorderly Transition scenarios on macro indicators and market outcomes.
    September 2024
    Document
  2. Multi Asset Q2 update

    The Multi Asset Team reflects on recent performance, portfolio changes and market developments.
    July 2024
    Video12 minutes
  3. 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
  4. Japan: the land of the rising yield

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

    An update on performance, portfolio developments and where we see new opportunities.
    April 2024
    Video32 minutes
  6. 왜 지금 성장인가?

    어려운 시기에 발휘되는 파트너십 지배구조의 강점: 급격한 변화 속에서 적응하고 성장할 수 있는 이유에 대해 분석합니다.
    2024년 3월
    Document17분
  7. Where are the opportunities?

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

    An update on the portfolio, market environment and outlook for the year ahead.
    January 2024
    Video30 minutes
  9. Why growth, why now?

    Tough times play to the partnership’s strengths: analysing what enables us to adapt and thrive amid rapid change.
    December 2023
    Article17 minutes
  10. Multi Asset: Investment process evolution

    Focusing on the central pillars of our multi-asset investment process has sparked an evolution.
    November 2023
    Article
  11. From Leeds to LA

    Creating a high conviction, best ideas, global and unconstrained property portfolio.
    September 2023
    Article7 minutes
  12. Multi Asset Q3 investment update

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

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

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

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  16. 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
  17. Why excess global savings matter

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

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

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

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

    David McIntyre and Calum Holt summarise their thoughts on the potential transformation of the European energy industry and how this is being embraced in our Multi Asset funds.
    April 2021
    Document

Explore further

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

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