Multi-Asset Fund Range - May 2025 Update

In this video, Matthew Parkinson, Fund Manager in the Multi-Asset team recaps May’s performance across the W1M Multi-Asset Funds. Risk assets rallied strongly, driving gains of 1.6% to 3.8% across the range, first quartile for the month. However, year-to-date returns remain muted, with lower-risk funds slightly up and higher-risk funds broadly flat.

Positive momentum in equities and alternatives outweighed weakness in fixed income, which faced headwinds from US fiscal concerns. Earlier in the year, the team moved to a neutral equity position, citing high valuations, AI investment uncertainty, and tariff risks, many of which have since eased.

The funds now maintain a balanced position across asset classes, favouring long-dated government bonds as a hedge and real assets within alternatives. Exposure to credit remains low, given tight spreads.

Watch the full update for more detail on drivers and positioning.