Multi-Asset Fund Range - July 2026 Update
In this video, James Mee and Matthew Parkinson provide an update on the performance of the Multi-Asset Fund Range over Q2 and share their outlook for the second half of the year.
They explain how markets transitioned from "Gridlock" to "GoGo" during the quarter, as geopolitical tensions surrounding Iran initially drove sharp volatility in oil markets before easing, while stronger-than-expected corporate earnings and continued investment in AI and broader industrial capital expenditure supported a powerful equity rally. Despite elevated valuations in parts of the market, the managers believe the macroeconomic backdrop remains constructive, underpinned by resilient consumer demand, improving business confidence, strong liquidity and expanding investment beyond the AI theme.
Throughout the quarter, the team remained active, covering its S&P 500 short position, increasing equity exposure as conditions improved, rotating towards more cyclical businesses, reducing gilt duration, trimming gold, and adding to battery storage through Gresham House Energy Storage (GRID). The strongest contributors were semiconductor holdings AMD and TSMC, while weaker performance came from CME, Intercontinental Exchange and Shell, reflecting softer energy prices.
Overall, the funds delivered returns of between 4.9% and 9% during Q2, leaving them ahead of or in line with their peer groups over one year and year to date. Looking ahead, the managers remain modestly overweight equities, underweight fixed income and continue to focus on identifying high-quality businesses with sustainable competitive advantages that can benefit from long-term themes including AI, electrification, infrastructure investment and defence.
Watch the full update for more details.
Past performance is not a reliable indicator of future results. The value of investments and the income derived from them may rise as well as fall, and investors may not get back the amount originally invested. Capital security is not guaranteed.
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