Elston Consulting in Citywire: Commodities, the 60/40 Challenge and the Iran Energy Crisis31/3/2026
 Elston Consulting's Henry Cobbe spoke to Citywire Wealth Manager, discussing Elston's early move into commodities and how it has helped clients navigate the Iran energy crisis. The article explores how Elston has challenged the traditional 60:40 portfolio model, the results that have followed, and what the company's strategy means for wealth managers operating in an increasingly unpredictable macro environment.
Read the full Citywire feature here 
Higher inflation means lower real returns on bonds. UK gilt yields look attractive on paper, but once you strip out inflation expectations, investors are getting less than 1% in real terms. For some, that's reason enough to look beyond the traditional 60/40 portfolio.
When inflation is on the rise, nominal assets such as Cash and traditional Bonds (Gilts and Corporate Bonds), lose their real (inflation-adjusted) value.
The face value of the coupon they pay every 6 months, and the promise to repay the holder a face value of £100 in 10, 20 or 30 years time, looks increasingly less valuable than the paper its written on. Bonds and Cash cannot adjust for inflation. That’s why a £5 note buys you less than it did 10 or twenty years ago. 
By Henry Cobbe CFA, Head of Research at Elston Consulting.
Elston Consulting provides asset allocation insights and fund research to UK-based investment managers and financial advisers as support to their investment committees. For UK investment managers and financial advisers only In this article we explore the Iran conflict’s impact on the economy and the stock market. In a related article we explore why Trump started the war with Iran. 
By Henry Cobbe CFA, Head of Research at Elston Consulting
Elston Consulting provides asset allocation insights and fund research to UK-based investment managers and financial advisers as support to their investment committees. For UK investment managers and financial advisers only In this article we explore the geopolitical issues around the conflict. In a separate article we consider the impact on the economy and the stock market.
In this video, we explore how the recent Iran conflict is creating a new oil and energy shock — and what that means for the global economy and investment markets
In this video, we break down the rapidly evolving Iran–US conflict and explore how a major geopolitical shock has unfolded with far‑reaching consequences for global stability and financial markets.
by Henry Cobbe CFA, Head of Research, Elston Consulting
by Henry Cobbe CFA, Head of Research, Elston Consulting
When we read the financial news, much of the commentary is around what is impacting different sectors. A commodities rally is good for Materials sector. Higher interest rates are bad for the Real Estate sector. Consumer Staples fare better during recessions. Rising oil prices is positive for the Energy sector. And of course valuations being stretched in the Technology sector. And so on. Yet when it comes to asset allocation, financial advisers and discretionary investment managers are anchored into countries/regions and try to get a look-through sector perspective as an afterthought. This is paradoxical. 
How to ensure portfolio resilience
We explored this topic in our recent CPD webinar - within and across each asset class. But given recent geopolitical events, it makes sense to look under the bonnet of the VT Avastra Global Diversified Assets fund (which we consult to), to consider what alternative asset class exposures can act as the best shock-absorbers to 1) structural change from AI, 2) rising geopolitical tensions in the Gulf and 3) the debasement trade. For these, we turn to what we have named the "COGs" for a portfolio - Copper, Oil and Gold. 
The US broke off negotiations with Iran and together with Israel launched a series of massive strikes against Iran with the aim of decapitating the regime, neturalising air defences and naval assets, and laying the groundwork to enable a popular uprising against a degraded regime.
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