W1M's Waverton Multi-Asset Growth Fund Featured in Titan Square Mile's ‘Fund in Focus’

We’re pleased to see the W1M's Waverton Multi-Asset Growth Fund recognised in the latest “Fund in Focus” by Titan Square Mile, highlighting the strength of the fund’s investment process and positioning within the multi-asset universe.

Their independent assessment reinforces the consistency of our approach and the breadth of expertise supporting the strategy.

Titan Square Mile believe the ‘A’ rated Waverton Multi-Asset Growth Fund offers a robust option for investors looking for a consistently applied investment process that spans a core number of investor risk profiles. Here’s why our research team like it:

• The lead manager brings a proven track record of delivering to stated outcomes across other multi‑asset strategies.
• Portfolio construction benefits from the depth of resource within the wider W1M investment team, while retaining clear accountability and discretion at the fund level.
• A direct equity component is a unique feature compared to the peer group.

This disciplined and well-resourced approach has been particularly important in navigating an increasingly complex macroeconomic backdrop.

Below, Matthew Parkinson, Co-Manager of the fund, shares insight into how the team has been positioning portfolios in response to evolving market conditions:

Heading into 2026, markets initially offered a near “Goldilocks” backdrop, with strong US growth, improving momentum globally, falling inflation and supportive central bank rate cuts, which justified a moderate overweight to equities. However, this environment shifted sharply following geopolitical escalation in the Middle East and the closure of the Strait of Hormuz, a critical energy chokepoint, raising risks to global supply chains and pushing energy prices higher. While equity markets, particularly in the US, appeared resilient, inflation markets signalled concern, with sharp rises in inflation expectations and significant regional divergence, highlighting Europe’s vulnerability due to it lack of energy dependence. We believe economies remain exposed to supply shocks, increasing the risk of stagflation if disruptions persist, and importantly, central banks have limited ability to offset such supply-driven inflation. Reflecting this, markets have already priced out rate cuts, and we repositioned portfolios by reducing equity exposure via futures, increasing inflation-linked bonds, and shortening duration. At the same time, we are finding bottom-up opportunities aligned with a more fragmented, self-sufficient global economy, investing in areas such as defence, energy security, and electrification, while maintaining flexibility through gold exposure and hedging strategies to help protect portfolios in the event of further volatility.

As tensions eased after the end of the period, with both sides showing clear signs of de-escalation, reducing the likelihood of a prolonged disruption to flows through the Strait of Hormuz.  We took the opportunity to unwind our futures hedges, adding risk back into portfolios and returning the portfolio to approximately neutral equity weighting. This reflects our balanced view that near-term tail risks have moderated, allowing for a more measured positioning.

In this video, James Mee and Matthew Parkinson provide an update on the performance of the multi-asset fund range over Q1 and outline how the team has navigated a more volatile market backdrop.

They highlight that, despite a shift from a ‘Goldilocks’ environment to one of gridlock, the funds delivered resilient returns, outperforming global equities, gilts, and the broader peer group. The quarter was shaped by geopolitical tensions, including the Iran conflict, which triggered a significant supply shock in oil markets and drove a sharp rise in Brent crude prices, creating a more inflationary environment with potential pressure on real incomes.

In response, the team actively adjusted asset allocation, initially reducing equity risk before selectively increasing exposure, while also adding to oil-related positions, initiating investments in ride-hailing and defence companies, and refining gold allocations. Strong contributions came from holdings such as Shell, GE, Lenovo, and CATL, while some weakness was seen in names like Microsoft and IHI.

Overall, the funds remain well-diversified and positioned to navigate inflationary pressures while continuing to focus on long-term outcomes.