T. Bailey Multi-Asset Growth Fund

Investor Summary

The fund is co-managed by Ben Ridley (Head of Equities, joined February 2024) and Elliot Farley (Co-Manager since 2011, with funds since 2000). Ben brings 25 years of experience managing global equity funds at TT International, Meditor Capital, Morgan Stanley and M&G, with a master's degree in Politics from the University of Edinburgh, IIMR qualification, CISI membership, and completed CFA UK program. He is an experienced investor with a demonstrable long-term track record of alpha generation. Elliot has been instrumental in refining the investment process of the T. Bailey funds over more than two decades, was previously an ACA with Deloitte & Touche, and is a Warwick University Mathematics graduate. T. Bailey Asset Management is a family-run investment company established in 1999 with over 20 years of successful investing, privately owned and proudly independent, extending from managing family investments to serving other investors.

Fund Strategy

T. Bailey are thematic investors believing that companies demonstrating good governance, environmental concern and societal good will be long-term winners. Their key objective is achieving the best possible risk-adjusted returns for investors. They are privately owned, proudly independent and focused, without compromise, on preserving and growing investors' wealth. Thematic investing focuses on investments where demand is robust and likely to exceed supply over the foreseeable future. They favour global themes spotlighting higher growth opportunities irrespective of geography. Their geographic allocation is a fall-out from their thematic approach not a driver of it. The fund focuses on four key investment themes: Demographics (aging populations, consumption changes, inequality, education, evolving work practices), Finite Resources (decarbonisation, climate change, energy transition, advanced materials, efficient agriculture, energy storage, 21st-century infrastructure), Innovation (automation, robotics, digitisation, artificial intelligence, data handling, blockchain and tokenisation, supply chain resilience), and Healthcare (genomics, nutrition, drug discovery, personalised medicine, health monitoring, delivery efficiency).

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
18.02%	-0.51%	-0.51%

Executive Summary

The T. Bailey Multi-Asset Growth Fund delivered a -0.51% return in Q1 2026, navigating a quarter characterized by significant geopolitical volatility and energy market disruption. The period began strongly with the fund benefiting from its tilt toward Asia and emerging markets, supported by Federal Reserve uncertainty and dollar weakness. However, US-Israeli strikes on Iran and the subsequent closure of the Strait of Hormuz created the largest energy supply disruption in living memory, with Brent crude ending above $110 per barrel. This energy shock particularly impacted energy-importing regions, reversing much of the early quarter gains. The fund's diversified approach proved valuable, with alternative strategies like Fulcrum Diversified Core Absolute Return providing stabilization during market stress. Portfolio rotation included exits from passive positions in favor of higher conviction active strategies, and the addition of emerging markets debt to enhance income generation. The manager maintains focus on attractively valued themes including AI and Japan while positioning for continued volatility in an increasingly multipolar world.

Core Thesis

Active multi-asset approach focused on diversified exposure across growth and defensive assets, with emphasis on attractively valued themes including AI, emerging markets, and Japan, while managing geopolitical and energy-related volatility through selective positioning and alternative strategies.

Forward Outlook

The manager expects volatility to be more likely than structural impairment, with de-escalation remaining the most likely path forward. They believe this is a time to be prudent with risk, selective, and build portfolios capable of adapting to a more volatile and multipolar world. The focus remains on attractively valued themes and sectors with companies demonstrating robust earnings growth and pricing power.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 30 2026	2026 Q1	-	AI, emerging markets, energy, Geopolitical, gold, Japan, Multi-Asset, volatility	-	Multi-asset fund navigated volatile Q1 2026 marked by Iran conflict and energy crisis, delivering -0.51% return. Strong early performance from Asia/emerging markets tilt reversed by Strait of Hormuz closure driving oil above $110. Diversified positioning with alternatives provided stability. Portfolio rotation toward active strategies and emerging markets debt reflects selective approach to volatile, multipolar environment.
Jan 18 2026	2025 Q4	AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA	AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget	LGEU LN	T. Bailey Multi-Asset Growth Fund gained 4.01% in Q4 2025, driven by strong commodity performance with gold up 12.12% and copper advancing 16.57%. The fund increased emerging market exposure while AI themes faced monetisation scrutiny. Trade tensions persist despite US-China truce, and central bank policy divergence creates uneven conditions. Managers emphasise valuation discipline over forecasting.
Oct 16 2025	2025 Q3	AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA	AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management	GLDN AU	T. Bailey funds navigated Q3 2025 concentration risks by reducing AI exposure while benefiting from gold's record rally and emerging market outperformance. Federal Reserve rate cuts and fiscal credibility concerns shaped markets. Portfolio maintained diversification across undervalued regions including Asia and UK, emphasizing resilience over expensive US technology concentration while targeting real returns above inflation.
Jul 14 2025	2025 Q2	AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L	active management, defense, diversification, Geopolitical, inflation, technology, Uk, value	9896 JP	T. Bailey argues US market dominance is fading as geopolitical tensions and inflation challenge traditional allocations. Their diversified multi-asset funds gained 3-5% in Q2, benefiting from AI/cybersecurity rebounds, UK outperformance, and REIT takeovers. They favor international markets over stretched US valuations, expecting slower US growth to support Fed cuts while maintaining exposure to defense spending and infrastructure themes.
Apr 30 2025	2025 Q1	AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L	commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility	-	T. Bailey funds outperformed through diversification as European markets led global equities higher on massive fiscal stimulus while Trump's tariff policies destabilized US markets. Commodities surged with gold hitting records and copper up 20%. The firm increased European exposure, trimmed expensive US tech, and added volatility protection while maintaining defensive positioning across cash, debt, and absolute return strategies.
Jan 20 2025	2024 Q4	AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STEM.L, SXS.L, TSCO.L, XPS.L	AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value	-	T. Bailey's multi-asset funds target diversification across undervalued assets, particularly UK equities trading at historic discounts and gold as an inflation hedge. The strategy capitalizes on broadening US earnings beyond tech concentration while maintaining defensive positioning through alternatives and REITs. Despite mixed Q4 performance, the funds are positioned for multiple economic scenarios given current policy uncertainty and elevated valuations in US markets.
Oct 30 2024	2024 Q3	AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, MSIN.L, OGN.L, OXIG.L	AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value	-	Multi-asset funds capitalized on monetary policy pivot from inflation control to growth support, delivering positive returns through strategic infrastructure positioning and diversified global exposure. Manager shifted AI strategy toward implementation beneficiaries while maintaining gold for diversification. With Fed easing cycle beginning and earnings broadening, funds are well-positioned with quality companies at attractive valuations despite geopolitical risks.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 30 2026

2026 Q1

AI, emerging markets, energy, Geopolitical, gold, Japan, Multi-Asset, volatility

Multi-asset fund navigated volatile Q1 2026 marked by Iran conflict and energy crisis, delivering -0.51% return. Strong early performance from Asia/emerging markets tilt reversed by Strait of Hormuz closure driving oil above $110. Diversified positioning with alternatives provided stability. Portfolio rotation toward active strategies and emerging markets debt reflects selective approach to volatile, multipolar environment.

Jan 18 2026

2025 Q4

AAPL, AZN, BYTS.L, CKN.L, EXPN.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LLOY.L, MAN.L, MNDI.L, MSFT, NWG.L, ORCL, ROR.L, SHOP.TO, TESCO.L, TSLA

AI, Central Banks, commodities, Copper, gold, Multi-Asset, Trade Policy, UK Budget

LGEU LN

T. Bailey Multi-Asset Growth Fund gained 4.01% in Q4 2025, driven by strong commodity performance with gold up 12.12% and copper advancing 16.57%. The fund increased emerging market exposure while AI themes faced monetisation scrutiny. Trade tensions persist despite US-China truce, and central bank policy divergence creates uneven conditions. Managers emphasise valuation discipline over forecasting.

Oct 16 2025

2025 Q3

AAPL, AMZN, AZN.L, CCC.L, COA.L, GOOGL, IMI.L, INTC, ITRK.L, META, MGNS.L, MSFT, MSLH.L, NVDA, ORG.L, ROR.L, STHP.L, SXS.L, TSCO.L, TSLA

AI, diversification, emerging markets, fiscal policy, gold, healthcare, Multi-Asset, risk management

GLDN AU

T. Bailey funds navigated Q3 2025 concentration risks by reducing AI exposure while benefiting from gold's record rally and emerging market outperformance. Federal Reserve rate cuts and fiscal credibility concerns shaped markets. Portfolio maintained diversification across undervalued regions including Asia and UK, emphasizing resilience over expensive US technology concentration while targeting real returns above inflation.

Jul 14 2025

2025 Q2

AZN.L, BEZ.L, CRWD, CSCO, EMG.L, HIK.L, HLMA.L, IMI.L, ITRK.L, LRE.L, MSFT, NEM, NVDA, PANW, PETS.L, ROR.L, SPEC.L, STEM.L, TSCO.L

active management, defense, diversification, Geopolitical, inflation, technology, Uk, value

9896 JP

T. Bailey argues US market dominance is fading as geopolitical tensions and inflation challenge traditional allocations. Their diversified multi-asset funds gained 3-5% in Q2, benefiting from AI/cybersecurity rebounds, UK outperformance, and REIT takeovers. They favor international markets over stretched US valuations, expecting slower US growth to support Fed cuts while maintaining exposure to defense spending and infrastructure themes.

Apr 30 2025

2025 Q1

AJB.L, AZN, BEZ.L, CCC.L, CKN.L, FOUR.L, HIK.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, ORN.L, OXIG.L, RCDO.L, ROR.L, SXS.L, TSCO.L, XPS.L

commodities, defense, diversification, Europe, infrastructure, Multi-Asset, Trade Policy, volatility

T. Bailey funds outperformed through diversification as European markets led global equities higher on massive fiscal stimulus while Trump's tariff policies destabilized US markets. Commodities surged with gold hitting records and copper up 20%. The firm increased European exposure, trimmed expensive US tech, and added volatility protection while maintaining defensive positioning across cash, debt, and absolute return strategies.

Jan 20 2025

2024 Q4

AZN, BEZ.L, BYIT.L, CKN.L, EXPN.L, FOUR.L, HIK.L, HILS.L, HLMA.L, IMI.L, ITRK.L, MGAM.L, MGNS.L, OGN.L, PETS.L, ROR.L, STEM.L, SXS.L, TSCO.L, XPS.L

AI, diversification, gold, inflation, Multi-Asset, REITs, Uk, value

T. Bailey's multi-asset funds target diversification across undervalued assets, particularly UK equities trading at historic discounts and gold as an inflation hedge. The strategy capitalizes on broadening US earnings beyond tech concentration while maintaining defensive positioning through alternatives and REITs. Despite mixed Q4 performance, the funds are positioned for multiple economic scenarios given current policy uncertainty and elevated valuations in US markets.

Oct 30 2024

2024 Q3

AZN, BEZ.L, BWY.L, CCC.L, COA.L, EXPN.L, HLMA.L, ITRK.L, KLR.L, MSIN.L, OGN.L, OXIG.L

AI, diversification, gold, infrastructure, interest rates, Multi-Asset, Uk, value

Multi-asset funds capitalized on monetary policy pivot from inflation control to growth support, delivering positive returns through strategic infrastructure positioning and diversified global exposure. Manager shifted AI strategy toward implementation beneficiaries while maintaining gold for diversification. With Fed easing cycle beginning and earnings broadening, funds are well-positioned with quality companies at attractive valuations despite geopolitical risks.

QUARTER	THEMES	TAGS
2026 Q1	AI The fund holds the Polar Capital Artificial Intelligence Fund which delivered strong returns of 11.99% in the quarter. Performance was driven by continued enthusiasm around AI adoption, though developments surrounding Anthropic's models created some pressure across software names. The fund's exposure to industrial AI beneficiaries helped offset this weakness.	Artificial Intelligence Software Industrial Technology Automation
	Gold Gold delivered a 9.15% return following strong performance in January and February driven by central bank buying and safe-haven demand. However, gold behaved counterintuitively toward the end of the quarter, failing to maintain its defensive role during heightened geopolitical tensions due to profit-taking, a stronger US dollar and changing expectations for inflation and interest rates.	Gold Safe Haven Central Banks Commodities Inflation
	Emerging markets The fund increased allocation to emerging markets through the Merlin Fidelis Emerging Markets Fund and added the Barings Emerging Markets Debt Fund. Emerging markets benefited from a weaker dollar and stronger balance sheets relative to developed-market peers, though later faced volatility due to energy price concerns and import dependency.	Emerging Markets Dollar Debt Energy Volatility
	Energy The quarter was dominated by energy market disruption following US and Israeli strikes on Iran and the closure of the Strait of Hormuz. Brent crude recorded its largest monthly gain on record, ending above $110 per barrel. This created significant volatility and weighed particularly on energy-importing regions and economies.	Energy Oil Geopolitical Iran Volatility
	Japan Japan was a particular standout in the early part of the quarter, with the Zennor Japan Equity Income Fund delivering strong returns. Prime Minister Takaichi's parliamentary supermajority reinforced confidence in expansionary fiscal agenda and corporate governance reforms. However, Japan's reliance on imported energy remained a key vulnerability.	Japan Corporate Governance Fiscal Policy Energy Income
2025 Q4	Gold Gold contributed strongly to portfolio performance over the quarter, supported by a favourable macro environment and an increasingly uncertain geopolitical backdrop. Gold strengthened materially in Q4 as expectations of lower real rates, sustained central bank buying and renewed safe-haven demand reinforced its role as a strategic reserve asset. Gold closed the year at near record levels.	Safe Haven Central Banks Geopolitical
	Copper Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025, copper stabilised and rebuilt momentum through Q4, finishing close to prior highs. The move was underpinned by a structurally tight supply-demand backdrop, compounded by disruption risk across key producing regions, notably Indonesia and Chile.	Supply Demand Energy Transition Industrial
	AI Artificial intelligence continued to dominate investor attention, extending a theme that had driven much of 2025's market performance. However, investor focus shifted from growth potential to questions of profitability and capital discipline. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, though AI-exposed strategies still performed well.	Technology Infrastructure Profitability
	Healthcare Healthcare exposure was among the standout contributors to performance. Polar Capital's healthcare strategy rose 7.2% in Q4, supported by a constructive backdrop for the sector. Policy risks that had weighed on sentiment began to recede, valuations looked attractive versus equities, and investors rotated toward high-quality, cash-generative businesses with resilient earnings.	Policy Risk Valuations Quality
	Europe European equities performed well in Q4 2025. Easing inflation and expectations of rate cuts boosted investor confidence. The region's value and income oriented sectors, such as financials and energy, benefited from improving sentiment and resilient earnings, which helped the L&G Europe ex UK ETF rise 6.07%.	Rate Cuts Financials Value
2025 Q3	AI AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver.	NVIDIA OpenAI Hyperscalers Data Centers Semiconductors
	Gold Gold climbed relentlessly through quarter, surpassing $3,800 per ounce to set fresh record highs. Strength captured growing unease over debt, deficits, and erosion of institutional independence. Safe haven demand amid geopolitical tensions.	Safe Haven Inflation Hedge Central Banks Monetary Policy Commodities
	Emerging Markets Asia ex-Japan delivered strongest regional returns for sterling-based investors. China introduced fresh stimulus measures. Softer US dollar and nascent policy easing provided supportive backdrop across Asia.	China Asia Currency Stimulus Dollar Weakness
	Healthcare Healthcare companies trading at double digit discount to overall market despite forecast earnings growth exceeding market. Sector repositioning down cap scale towards companies less exposed to policy risk. Aging population driving secular demand.	Demographics Policy Risk Valuations Innovation Secular Growth
2025 Q2	AI Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.	Artificial Intelligence Technology Nvidia Microsoft Productivity
	Cybersecurity First Trust Cybersecurity benefited from heightened geopolitical tensions and increased military activity globally. The Israel/Iran conflict intensified focus on digital warfare, prompting increased investment in cyber defense across public and private sectors with demand for real-time threat detection accelerating.	Cyber Defense Digital Warfare Geopolitical CrowdStrike Palo Alto
	Defense Spending Rising European defense spending provided a powerful tailwind for industrials. Ongoing geopolitical tensions and renewed NATO commitments to meet or exceed 2% defense spending targets have driven sustained demand across the defense value chain.	NATO European Defense Military Industrials Geopolitical
	Infrastructure Spending Morgan Sindall Group rose 42.3% in the quarter, buoyed by strong earnings and growth in its infrastructure division as public sector investment continues to rise. The fund benefits from ongoing infrastructure investment themes.	Public Sector Construction Infrastructure Government Investment
	Commercial Real Estate REIT allocations have been particularly rewarding in 2025, with both CARE REIT and Urban Logistics accepting takeover bids. Urban Logistics rose 56% year-to-date driven by LondonMetric Property's takeover bid, highlighting deep discounts to NAV across the UK REIT sector and continued consolidation.	REITs Takeovers UK Property NAV Discounts Consolidation
	Gold Gold remained robust through Q2 2025, supported by safe-haven demand, central bank buying, and a weaker US dollar. However, momentum appears to be waning as the market consolidates after reaching record highs, though geopolitical risks continue to provide underlying support.	Safe Haven Central Banks Dollar Weakness Geopolitical Risk
2025 Q1	Defense Spending European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain.	NATO Military Infrastructure Policy
	Trade Policy President Trump's unpredictable tariff policies creating market volatility and economic uncertainty. Intermittent tariff announcements targeting China and North American partners undermining investor confidence and disrupting trade flows, contributing to US economic slowdown.	Tariffs China Volatility Economic
	Infrastructure Spending Germany's €500 billion infrastructure spending plan boosting European market confidence and cyclically sensitive sectors. Global infrastructure optimism supporting copper demand and creating investment opportunities in construction and materials sectors.	Germany Construction Materials Investment
	Copper Copper prices surged over 20% driven by infrastructure optimism, supply-demand dynamics, and front-running of potential US tariffs. Long-term secular trends toward electrification and grid infrastructure upgrades supporting demand fundamentals.	Electrification Grid Supply Demand
	Gold Gold reached record highs as safe-haven asset amid inflation concerns and geopolitical uncertainties. Central bank diversification away from US dollar and investor demand for inflation hedging driving continued strength through the quarter.	Safe-haven Inflation Central Banks Diversification
	AI New cost-effective AI models like China's DeepSeek prompting re-evaluation of high US technology stock valuations. AI advances reshaping tech investment landscape while benefits expanding into other sectors like Healthcare, Insurance, and Industrials.	DeepSeek Valuations Technology Healthcare
2024 Q4	AI The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.	Artificial Intelligence Technology Healthcare Insurance Industrials
	Gold Gold performed well during the quarter due to its favourable positioning amidst modestly declining yet persistent inflation and more accommodative monetary policy. The manager views gold as a portfolio diversifier and alternative currency, with supportive macroeconomic conditions.	Gold Inflation Monetary Policy Diversifier Currency
	Cybersecurity The fund holds First Trust Cybersecurity ETF which provides exposure to companies providing critical infrastructure essential for safeguarding data and networks. It aligns with the digitisation theme and has benefited from developments in AI.	Cybersecurity Infrastructure Data Networks Digitisation
	Value The manager expects a renewed focus on value as earnings growth broadens and factors that have lagged in recent quarters have potential to make up ground. They use equal-weighted S&P 500 ETF as a tactical response to concentration risks.	Value Earnings Equal Weight Concentration Broadening
2024 Q3	Infrastructure Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.	Infrastructure REITs Discounts Yields Recovery
	AI Artificial intelligence theme faced challenges as valuations rose and expectations increased. Manager recognizes shift needed from large-cap technology enablers toward companies that can benefit from AI implementation, maintaining balanced exposure across themes.	AI Technology Valuations Implementation Expectations
	Gold Gold allocation acts as both diversifier and alternative currency rather than inflation hedge. Physical gold backing is important given elevated correlations, with the diversifying element particularly relevant to multi-asset portfolios.	Gold Diversifier Currency Physical Correlations

QUARTER

THEMES

AI

The fund holds the Polar Capital Artificial Intelligence Fund which delivered strong returns of 11.99% in the quarter. Performance was driven by continued enthusiasm around AI adoption, though developments surrounding Anthropic's models created some pressure across software names. The fund's exposure to industrial AI beneficiaries helped offset this weakness.

Artificial Intelligence Software Industrial Technology Automation

Gold

Gold delivered a 9.15% return following strong performance in January and February driven by central bank buying and safe-haven demand. However, gold behaved counterintuitively toward the end of the quarter, failing to maintain its defensive role during heightened geopolitical tensions due to profit-taking, a stronger US dollar and changing expectations for inflation and interest rates.

Gold Safe Haven Central Banks Commodities Inflation

Emerging markets

The fund increased allocation to emerging markets through the Merlin Fidelis Emerging Markets Fund and added the Barings Emerging Markets Debt Fund. Emerging markets benefited from a weaker dollar and stronger balance sheets relative to developed-market peers, though later faced volatility due to energy price concerns and import dependency.

Emerging Markets Dollar Debt Energy Volatility

Energy

The quarter was dominated by energy market disruption following US and Israeli strikes on Iran and the closure of the Strait of Hormuz. Brent crude recorded its largest monthly gain on record, ending above $110 per barrel. This created significant volatility and weighed particularly on energy-importing regions and economies.

Energy Oil Geopolitical Iran Volatility

Japan

Japan was a particular standout in the early part of the quarter, with the Zennor Japan Equity Income Fund delivering strong returns. Prime Minister Takaichi's parliamentary supermajority reinforced confidence in expansionary fiscal agenda and corporate governance reforms. However, Japan's reliance on imported energy remained a key vulnerability.

Japan Corporate Governance Fiscal Policy Energy Income

2025 Q4

Gold

Gold contributed strongly to portfolio performance over the quarter, supported by a favourable macro environment and an increasingly uncertain geopolitical backdrop. Gold strengthened materially in Q4 as expectations of lower real rates, sustained central bank buying and renewed safe-haven demand reinforced its role as a strategic reserve asset. Gold closed the year at near record levels.

Safe Haven Central Banks Geopolitical

Copper

Copper led performance within multi-asset portfolios, advancing 16.57% over the quarter. Following a correction in July 2025, copper stabilised and rebuilt momentum through Q4, finishing close to prior highs. The move was underpinned by a structurally tight supply-demand backdrop, compounded by disruption risk across key producing regions, notably Indonesia and Chile.

Supply Demand Energy Transition Industrial

AI

Artificial intelligence continued to dominate investor attention, extending a theme that had driven much of 2025's market performance. However, investor focus shifted from growth potential to questions of profitability and capital discipline. Oracle's December profit warning and data-centre project delays intensified scrutiny of near-term monetisation, though AI-exposed strategies still performed well.

Technology Infrastructure Profitability

Healthcare

Healthcare exposure was among the standout contributors to performance. Polar Capital's healthcare strategy rose 7.2% in Q4, supported by a constructive backdrop for the sector. Policy risks that had weighed on sentiment began to recede, valuations looked attractive versus equities, and investors rotated toward high-quality, cash-generative businesses with resilient earnings.

Policy Risk Valuations Quality

Europe

European equities performed well in Q4 2025. Easing inflation and expectations of rate cuts boosted investor confidence. The region's value and income oriented sectors, such as financials and energy, benefited from improving sentiment and resilient earnings, which helped the L&G Europe ex UK ETF rise 6.07%.

Rate Cuts Financials Value

2025 Q3

AI

AI-driven rally led by US megacaps shows growing concentration risk. NVIDIA evolved from enabler to financier with $100bn OpenAI investment. AI story entered new chapter with vendor-financing replacing innovation as expansion driver.

NVIDIA OpenAI Hyperscalers Data Centers Semiconductors

Gold

Gold climbed relentlessly through quarter, surpassing $3,800 per ounce to set fresh record highs. Strength captured growing unease over debt, deficits, and erosion of institutional independence. Safe haven demand amid geopolitical tensions.

Safe Haven Inflation Hedge Central Banks Monetary Policy Commodities

Emerging Markets

Asia ex-Japan delivered strongest regional returns for sterling-based investors. China introduced fresh stimulus measures. Softer US dollar and nascent policy easing provided supportive backdrop across Asia.

China Asia Currency Stimulus Dollar Weakness

Healthcare

Healthcare companies trading at double digit discount to overall market despite forecast earnings growth exceeding market. Sector repositioning down cap scale towards companies less exposed to policy risk. Aging population driving secular demand.

Demographics Policy Risk Valuations Innovation Secular Growth

2025 Q2

AI

Technology focused funds such as Polar Capital AI rebounded strongly from Q1 setbacks. The fund takes a broader approach including allocations to industrials positioned as AI adoption beneficiaries. Sharp recoveries in AI enablers like Nvidia and Microsoft drove V-shaped price action from Q1 to Q2.

Artificial Intelligence Technology Nvidia Microsoft Productivity

Cybersecurity

First Trust Cybersecurity benefited from heightened geopolitical tensions and increased military activity globally. The Israel/Iran conflict intensified focus on digital warfare, prompting increased investment in cyber defense across public and private sectors with demand for real-time threat detection accelerating.

Cyber Defense Digital Warfare Geopolitical CrowdStrike Palo Alto

Defense Spending

Rising European defense spending provided a powerful tailwind for industrials. Ongoing geopolitical tensions and renewed NATO commitments to meet or exceed 2% defense spending targets have driven sustained demand across the defense value chain.

NATO European Defense Military Industrials Geopolitical

Infrastructure Spending

Morgan Sindall Group rose 42.3% in the quarter, buoyed by strong earnings and growth in its infrastructure division as public sector investment continues to rise. The fund benefits from ongoing infrastructure investment themes.

Public Sector Construction Infrastructure Government Investment

Commercial Real Estate

REIT allocations have been particularly rewarding in 2025, with both CARE REIT and Urban Logistics accepting takeover bids. Urban Logistics rose 56% year-to-date driven by LondonMetric Property's takeover bid, highlighting deep discounts to NAV across the UK REIT sector and continued consolidation.

REITs Takeovers UK Property NAV Discounts Consolidation

Gold

Gold remained robust through Q2 2025, supported by safe-haven demand, central bank buying, and a weaker US dollar. However, momentum appears to be waning as the market consolidates after reaching record highs, though geopolitical risks continue to provide underlying support.

Safe Haven Central Banks Dollar Weakness Geopolitical Risk

2025 Q1

Defense Spending

European defense spending surge driven by policy shifts, US-Ukraine aid deadlock, and NATO pressure to boost military budgets. Germany's €500 billion infrastructure and defense program catalyzing regional confidence and investment opportunities across the defense value chain.

NATO Military Infrastructure Policy

Trade Policy

President Trump's unpredictable tariff policies creating market volatility and economic uncertainty. Intermittent tariff announcements targeting China and North American partners undermining investor confidence and disrupting trade flows, contributing to US economic slowdown.

Tariffs China Volatility Economic

Infrastructure Spending

Germany's €500 billion infrastructure spending plan boosting European market confidence and cyclically sensitive sectors. Global infrastructure optimism supporting copper demand and creating investment opportunities in construction and materials sectors.

Germany Construction Materials Investment

Copper

Copper prices surged over 20% driven by infrastructure optimism, supply-demand dynamics, and front-running of potential US tariffs. Long-term secular trends toward electrification and grid infrastructure upgrades supporting demand fundamentals.

Electrification Grid Supply Demand

Gold

Gold reached record highs as safe-haven asset amid inflation concerns and geopolitical uncertainties. Central bank diversification away from US dollar and investor demand for inflation hedging driving continued strength through the quarter.

Safe-haven Inflation Central Banks Diversification

AI

New cost-effective AI models like China's DeepSeek prompting re-evaluation of high US technology stock valuations. AI advances reshaping tech investment landscape while benefits expanding into other sectors like Healthcare, Insurance, and Industrials.

DeepSeek Valuations Technology Healthcare

2024 Q4

AI

The fund maintains exposure to artificial intelligence through Polar Capital Artificial Intelligence Fund, which recovered after a challenging prior quarter. The manager sees AI benefits expanding into other sectors like Healthcare, Insurance, and Industrials as earnings broaden out.

Artificial Intelligence Technology Healthcare Insurance Industrials

Gold

Gold performed well during the quarter due to its favourable positioning amidst modestly declining yet persistent inflation and more accommodative monetary policy. The manager views gold as a portfolio diversifier and alternative currency, with supportive macroeconomic conditions.

Gold Inflation Monetary Policy Diversifier Currency

Cybersecurity

The fund holds First Trust Cybersecurity ETF which provides exposure to companies providing critical infrastructure essential for safeguarding data and networks. It aligns with the digitisation theme and has benefited from developments in AI.

Cybersecurity Infrastructure Data Networks Digitisation

Value

The manager expects a renewed focus on value as earnings growth broadens and factors that have lagged in recent quarters have potential to make up ground. They use equal-weighted S&P 500 ETF as a tactical response to concentration risks.

Value Earnings Equal Weight Concentration Broadening

2024 Q3

Infrastructure

Manager introduced VT Gravis UK Infrastructure Fund recognizing that softening interest rates would benefit closed-ended infrastructure funds trading at wide discounts. Infrastructure and property exposure through Impact Healthcare REIT and Urban Logistics provided strong returns as the sector recovers from a low base.

Infrastructure REITs Discounts Yields Recovery

AI

Artificial intelligence theme faced challenges as valuations rose and expectations increased. Manager recognizes shift needed from large-cap technology enablers toward companies that can benefit from AI implementation, maintaining balanced exposure across themes.

AI Technology Valuations Implementation Expectations

Gold

Gold allocation acts as both diversifier and alternative currency rather than inflation hedge. Physical gold backing is important given elevated correlations, with the diversifying element particularly relevant to multi-asset portfolios.

Gold Diversifier Currency Physical Correlations

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 18, 2026	Fund Letters	Elliot Farley	LGEU LN	L&G Europe ex UK Equity UCITS ETF	Financials	Asset Management	Bull	New York Stock Exchange	diversification, energy, Europe, financials, valuation	Login
Oct 16, 2025	Fund Letters	Elliot Farley	GLDN AU	iShares Physical Gold ETF	Other	Asset Management & Custody Banks	Bull	NYSE	Commodities, diversification, Gold, Hedging, inflation, Macro, Rates, Safehaven	Login
Jul 14, 2025	Fund Letters	Elliot Farley	9896 JP	JK Japan	Financials	Asset Management & Custody Banks	Bull	New York Stock Exchange	CapEx, Currency, Governance, Japan, Wages	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 18, 2026

Fund Letters

Elliot Farley

LGEU LN

L&G Europe ex UK Equity UCITS ETF

Financials

Asset Management

Bull

New York Stock Exchange

diversification, energy, Europe, financials, valuation

Oct 16, 2025

Fund Letters

Elliot Farley

GLDN AU

iShares Physical Gold ETF

Other

Asset Management & Custody Banks

Bull

NYSE

Commodities, diversification, Gold, Hedging, inflation, Macro, Rates, Safehaven

Jul 14, 2025

Fund Letters

Elliot Farley

9896 JP

JK Japan

Financials

Asset Management & Custody Banks

Bull

New York Stock Exchange

CapEx, Currency, Governance, Japan, Wages

TICKER	COMMENTARY
No ticker commentary found.

TICKER

COMMENTARY

No ticker commentary found.

Ticker	Put/Call	Amount Bought	Shares Bought	% Change	Weight %
No Recent Buys Data

Ticker

Put/Call

Amount Bought

Shares Bought

% Change

Weight %

No Recent Buys Data

Ticker	Put/Call	Amount Sold	Shares Sold	% Change	Weight %	Status
No Recent Sells Data

Ticker

Put/Call

Amount Sold

Shares Sold

% Change

Weight %

Status

No Recent Sells Data

Industry	Prev Quarter %	Current Quarter %	Change
No industry data available

Industry

Prev Quarter %

Current Quarter %

Change

No industry data available

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Gold

Emerging markets

Energy

Japan

Gold

Copper

AI

Healthcare

Europe

AI

Gold

Emerging Markets

Healthcare

AI

Cybersecurity

Defense Spending

Infrastructure Spending

Commercial Real Estate

Gold

Defense Spending

Trade Policy

Infrastructure Spending

Copper

Gold

AI

AI

Gold

Cybersecurity

Value

Infrastructure

AI

Gold

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Elliot Farley Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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T. Bailey Multi-Asset Growth Fund