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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 29, 2026
Troy Asset Management's Multi-Asset Strategy maintains an equity exposure of approximately 40%, aligning closely with its long-term historical average, while shunning conventional fixed income of material duration in favor of short-dated index-linked bonds with a duration of 3.3 years and real yields up to 3%. The portfolio continues to hold gold as a key diversifier, retains tactical exposure to an undervalued Japanese yen, and maintains liquidity to avoid becoming a forced seller during market downturns. Fund-level quarterly and year-to-date return figures are not disclosed in the report. The managers argue that global financial markets are caught between an AI-driven capital expenditure boom and a secular bear market in sovereign bonds driven by sticky inflation, de-globalization, and heavy government debt issuance. With US Treasuries and UK gilts trading at yields not seen since before the 2008 financial crisis, the team stresses that the 2010–2021 era of zero interest rates was an aberration and that policy rates must remain above inflation. Furthermore, extreme index concentration masks severe valuation compression across non-AI equities as discount rates normalize. Portfolio activity has focused on identifying high-quality companies whose valuation multiples have compressed materially despite resilient earnings growth. Drawing historical parallels to the de-rating of Nifty 50 stocks in the 1970s and historical purchases of Microsoft and Coca-Cola following extended valuation contractions, the team has added several new equity holdings over the past year. Capital remains positioned defensively according to Troy's 'protect first' mandate.
Protect capital first and grow its value over the long term by combining disciplined equity compounders with genuine diversifiers like index-linked bonds and gold while avoiding speculative market concentration.
Management expects nominal bond yields and real cycle-average policy rates to stay elevated, ultimately challenging equity market valuations while rewarding diversified, shorter-duration real asset holdings.
Neutral / Balanced
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