Why W1M Multi-Asset?
An introduction
Four risk-profiled solutions: Defensive, Cautious, Balanced and Growth
A global opportunity set across equities, bonds and alternatives
Active asset allocation informed by macro and market conditions
Predominantly direct investment for greater transparency and control
A dedicated multi-asset team aided by asset-class specialists
An established track record with consistency recognised by independent third-parties
A focus on delivering real returns while seeking to protect capital through market cycles
How we invest
For financial advisers and their clients, choosing a multi-asset solution is about more than a diversified portfolio. It is about finding a proposition they can rely on; a consistent investment process with a clear philosophy, delivered by a team capable of navigating changing market environments.
The W1M Waverton Multi-Asset Fund Range was designed with exactly that in mind. Combining decades of multi-asset investment experience with a global, active and direct investment approach, the range offers advisers a flexible solution to meet a wide variety of client needs. The fund range includes four risk-profiled mandates: Defensive, Cautious, Balanced and Growth.
A long-standing multi-asset heritage
The W1M Multi-Asset approach is built on an investment philosophy with roots spanning several decades. The strategy's heritage traces back to the Waverton Portfolio Fund, which Algernon Percy managed in an OEIC structure since 2007. James Mee and Matthew Parkinson began working alongside Algernon in 2019.
Building on this foundation, the Multi-Asset Growth Fund launched in 2021, and the full Multi-Asset range was launched in 2023 with the addition of the Defensive, Cautious and Balanced funds.
The team's long term track record reflects the strength and consistency of its disciplined investment approach focused on delivering attractive real returns over the long term while seeking to protect capital during periods of market stress. Co-Fund Managers James Mee and Matthew Parkinson have managed the Multi-Asset Funds since their inception in 2021.
Global, Active, Direct
Three words sit at the heart of our philosophy: Global, Active, Direct. Together, they define how we seek to deliver attractive risk-adjusted returns across market cycles.
The funds invest across global equities, fixed income and alternative assets, rather than being anchored to any single region, sector or asset class. This broad opportunity set allows us to identify attractive opportunities wherever they arise, while reducing reliance on the fortunes of any one market or investment theme.
The funds are actively managed at every stage of the investment process. Asset allocation decisions are driven by a top-down assessment of the macroeconomic and market environment, while the asset class construction is implemented through rigorous bottom-up security selection.
From an asset allocation perspective, a meaningful underweight in fixed income has helped to mitigate the impact of a challenging environment for bonds, while an overweight allocation to alternatives has enabled the Funds to benefit from strong performance in trend-following strategies and commodities.
At the security level, despite an increasingly concentrated market backdrop, we have maintained conviction in sectors such as industrials and materials, where we have identified attractive valuations and structural opportunities that have subsequently delivered strong relative outperformance.
A key differentiator of the W1M Multi-Asset Fund Range is our preference for direct investment. While many multi-asset portfolios gain exposure through third-party funds, we predominantly invest directly in securities, providing full visibility of underlying holdings and greater control over portfolio construction.
Overall, this approach enables us to remain selective in increasingly concentrated markets, steering clear of companies where valuations may look stretched. It also enhances transparency and gives us a clearer understanding of the risks within portfolios. Finally, it minimises fee layering, enabling investors to access a genuinely active multi-asset strategy with a competitive all-in ongoing charges figure (OCF).
This combination of global opportunity set, active decision-making and direct implementation has underpinned the management of the fund range since launch and remains central to how we seek to generate long-term value for investors.
Investment team expertise
At the heart of the W1M Multi-Asset offering is the investment team. Led by William Dinning, Chief Investment Officer, the team comprises 30 dedicated investment professionals, whose sole focus is investment analysis, security selection and fund management. Unlike many firms, our investment professionals do not have client-facing or business development responsibilities, allowing them to remain entirely focused on delivering strong investment outcomes.
This commitment to performance is further reinforced by a compensation structure designed to align the interests of the investment team with those of our clients. Annual performance bonuses are linked to peer-group outperformance over a rolling three-year period, encouraging a long-term investment mindset. Importantly, performance bonuses are then invested into W1M funds for a further two years, ensuring that our investment team has meaningful skin in the game and shares directly in the outcomes experienced by our investors.
This alignment of interests, combined with the team's depth of expertise, has been a key pillar of our proposition since launch.
A cohesive investment process
One of the key advantages of the W1M Multi-Asset Fund Range is that investment decisions are made within a single, integrated framework.
Rather than combining multiple external funds with potentially conflicting objectives, we can allocate dynamically between asset classes and ensure every position has a role overall portfolio composition. This creates a more cohesive investment experience and helps avoid some of the inefficiencies that can arise within a fund-of-funds structure.
The process combines:
- Top-down asset allocation informed by the team’s macroeconomic and markets framework, which seeks to identify opportunities when there is a disconnect between macro backdrop and what the market is positioned for.
- Bottom-up security selection driven by specialist equity, fixed income and alternatives teams.
Designed around risk as well as return
At W1M, we define investment risk through two distinct lenses: inflation and permanent capital loss. This philosophy shapes the way we build portfolios and informs every investment decision, helping to deliver on the Funds' two core objectives:
Protecting the purchasing power of our clients' capital is fundamental. There is little value in growing wealth in nominal terms if it fails to keep pace with rising prices. To address this risk, we allocate capital to assets that we believe can generate attractive real returns over time, particularly equities and real assets.
While market volatility is an inevitable part of investing, permanent losses of capital can have a lasting impact on long-term wealth creation. We seek to mitigate this risk through broad diversification across asset classes, regions and investment styles, complemented by specialist hedging strategies designed to provide protection during periods of significant market stress.
We believe that the investment journey matters just as much as the destination. While generating long-term growth remains a core objective, portfolios are constructed with a strong emphasis on capital preservation and risk management. The aim is not only to grow clients' wealth in real terms, but also to reduce the severity of major drawdowns that can undermine long-term investment outcomes.
A distinctive feature of the range is our proprietary protection strategy. Integrated alongside a diversified allocation to equities, fixed income and alternative, the strategy is designed to help cushion portfolios during periods of severe market dislocation, enhancing resilience across a wide range of market environments. The strategy works by being long volatility, deep out the money put options and short market futures. We dynamically allocate across these buckets to increase or decrease the convexity of the strategy as the market crashes and subsequently recovers.
Consistency through different market cycles
One of the key features of the W1M Multi-Asset approach is our focus on the consistency of returns through a variety of market environments.
Independent analysis has highlighted the strength of the strategy's long-term track record. Trustnet Research, highlights that our Growth Strategy (WS Waverton Portfolio Fund), was one of only seven funds in its sector to outperform the sector average in every calendar year over the previous decade, while the Multi-Asset Income Fund was also recognised among the most consistent performers in its peer group.
The Waverton Multi-Asset Growth Fund and Mutli-Asset Income Fund have also received an "A" rating from Titan Square Mile, whose research highlighted the consistency of the investment process, the depth of resources supporting the strategy and its differentiated direct-investment approach.
These external ratings provide independent recognition of the strength and consistency of our investment approach, underpinned by a disciplined process, active risk management and a long-term focus on delivering attractive outcomes for clients.
A range built for advisers
The Multi-Asset Fund Range was created to provide advisers with a scalable and accessible way to access W1M's investment expertise.
The funds share the same investment philosophy, process and team that support W1M's wider investment solutions, including bespoke portfolios and managed portfolio services. While the underlying holdings may differ, advisers can expect consistency in asset allocation principles and portfolio construction.
For many advisers, a fund structure can also offer advantages in terms of simplicity, portability and ease of implementation, while retaining access to W1M's investment capabilities.
Past performance is no guarantee of future results and the value of such investments and their strategies may fall as well as rise. You may not get back your initial investment. Capital security is not guaranteed.
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon.
The opinions expressed are based on current market conditions and are subject to change. the Fund may invest in assets which are not readily realisable or where there is counterparty risk. Changes in rates of exchange may have an adverse effect on the value, price or income of an investment.
Investors should seek independent financial advice before investing and refer to the UCITS prospectus for more information prior to making any investment decision.
The fund is available only in jurisdictions where its promotion and sale is permitted. The manager may decide to terminate the arrangements made for the marketing of its funds in any jurisdiction, in accordance with Article 93a of Directive 2009/65/EC and/or Article 32a of Directive 2011/61/EU.
