Capital at risk

Investment strategy

Diversified Return

Our mission is simple – to generate attractive returns over cash with low volatility.  

To find the best opportunities, we take our macro views of the world and integrate them with themes that will drive markets over the long term.  

Our edge is our wide opportunity set and asset mix, creating portfolios that are prepared for different economic conditions.  

A half moon sits above a snowy mountain top at sunset.

Flexible, nimble portfolios

Our Diversified Return Strategy offers exposure to an actively managed, diversified range of assets. This is important when seeking attractive long-term returns at 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.

A wide opportunity set

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 that 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 3.5 per cent more than the cash 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.

We look to the future, not the past

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

Documents

Philosophy and process

Explore our investment philosophy and the processes around how the team constructs the portfolio.

Stewardship report

Find out about our conversations with portfolio companies, shareholder vote activity and consideration of environmental, social and governance matters.

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 19 of 19
  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. Multi Asset: Investment process evolution

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

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

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

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

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

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  15. 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
  16. Why excess global savings matter

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

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

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

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

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. Multi Asset: Investment process evolution

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

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

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

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

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

    Scott Lothian explains how Multi Asset is riding out the ups and downs of market volatility.
    April 2023
    Video31 minutes
  15. 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
  16. Why excess global savings matter

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

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

    A temporary blip or a structural shift? The Multi Asset Team debates inflation’s ups and downs.
    January 2023
    Article
  19. 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.

Explore further

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

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