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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Defensive multi-asset posture underweighting overextended mega-cap tech in favor of quality equities, commodities, and gold amid surging sovereign yields and fragile market breadth."
The Multi-Asset Investor's Whisky portfolio achieved a net return of 13.6% year-to-date in 2026, outpacing its benchmark FTSE 100 index by 3.7 percentage points following a stabilizing third quarter after earlier volatility and tactical reductions in gold exposure. In contrast, the conservative Soda portfolio lagged its FTSE Private Balanced Index benchmark by 3.9 percentage points year-to-date, heavily driven by its disciplined zero-exposure stance toward overextended US mega-cap technology equities. Soda continues to emphasize capital preservation over capital gains, maintaining balanced allocations across quality compounders, value equities, gold, and fixed income. The macroeconomic environment is defined by rising global bond yields breaking out to new post-2022 highs across developed economies, driven by sticky inflation, sustained growth, and ballooning fiscal deficits that heighten long-term sovereign debt crisis risks. This rate backdrop has compressed global equity alpha breadth to levels unseen since the late 1990s dot-com era, artificially lifting cap-weighted indices via high-beta mega caps while leaving the broader market subdued. Meanwhile, equity fragility is amplified by the Shiller P/E reaching 41x alongside historically extreme investor margin debt. Portfolio positioning remains committed to broad multi-asset diversification while completely avoiding the vulnerable artificial intelligence and large-cap tech trade. The strategy maintains core foundations in quality equities alongside tactical allocations to energy commodities, copper, precious metals, and modest crypto exposure. Management anticipates an eventual market broadening, preparing capital redeployment into heavily discounted and oversold market segments including small caps, property, consumer cyclicals, and emerging markets once market leadership turns.
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