Elston
  • WHO WE ARE
    • About
    • Contact
    • Events
    • Press
  • WHAT WE DO
    • Portfolio Solutions >
      • Our Portfolios
      • Custom Portfolios
    • Fund Solutions >
      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our indices
      • Custom Indices
    • SPECIALIST STRATEGIES >
      • Money Market Funds
      • Retirement Income Solutions
      • Retirement Portfolios
      • Adaptive Portfolios
      • UK Equity Income
      • Multi-Asset Income
      • Liquid Real Assets
      • Dynamic Risk Parity
      • Gold and Precious Metals
      • Enabling Net Zero
    • Supporting Advisers >
      • Investment Committee Support
      • Regulatory Support
    • CPD
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
    • Fund Providers
  • Insights

Insights.

FOr small caps, active management can pay

28/4/2023

 
Picture
[3 min read, open as pdf]
  • Data shows small-cap funds more likely to outperform benchmark
  • Dispersion helps to deliver distinctive results
  • Small caps attractive after outsized derating

ACTIVE vs PASSIVE: 2022 RESULTS

14/4/2023

 
Picture
[5 min read, open as pdf]
  • Active managers mainly underperform benchmarks in 2022
  • Fail to take advantage of dispersion, but UK small caps a bright spot
  • Persistency remains a challenge

SECTOR INVESTING: an alternative approach to alpha generation

30/3/2023

 
Read the Citywire article

FTSE past 8,000 reflects strong global sectors, not the UK economy

17/2/2023

 
Picture
[5 min read, open as pdf]

  • The FTSE 100, broke through 8,000 for the first time
  • This is good news for investors…
  • …but the index is less related to the UK economy

Sector dispersion creates a potential for alpha

27/1/2023

 
Picture
[5min read, open as pdf]
  • Equity markets can experience dislocation
  • This increases dispersion between sectors
  • Higher dispersion increases potential for sector-selection alpha
In the context of dislocation, different sectors will perform in different ways to adapt to the changing macro and market regime.

ARE ACTIVE MANAGERS IMPROVING?

9/12/2022

 
Picture
[5 min read, open as pdf]
  • Active managers in aggregate underperform the benchmark
  • Past performance is not indicative of future performance
  • Potential for outperformance declines with time 
For more on this topic
CPD Webinar: Is Active Management a Zero-Sum Game?

Alternative approaches to equity diversification

25/11/2022

 
Picture
[5 min read, open as pdf]
  • Regional equity allocation is starting to look dated
  • Sectors, factors and themes offer an alternative approach
  • These offer greater potential for returns dispersion
For full article, open as pdf

US EQUAL WEIGHT PROVED DEFENSIVE

11/11/2022

 
Picture
[3 min read, open as pdf]
  • Concentration risk is a choice, not an obligation
  • An equal weight approach reduces stock and sector biases
  • This has proved defensive in 2022 market stress

Simple. Effective.  Equal-weight.

15/7/2022

 
Picture
[5 min read, open as pdf for full article]
  • A straightforward approach to reduce concentration risk
  • Reduces “the big get bigger” effect of cap-weighted “passive” indices
  • Scope for outperformance relative to traditional indices

Critics of tracker funds often flagged concentration risk or the “big get bigger” approach of passive investing as a structural flaw to index investing.  But concentration risk is a choice, not an obligation for the index investor.

​As would be expected, an equal weight approach has proved relatively more defensive in the down-market year-to-date.  The S&P500 Equal Weight index has returned -5.2% against the traditional S&P 500’s -9.3% YTD, in GBP terms.

For more on this topic, please see our CISI-endorsed CPD webinar:
The curious power of equal weight, with guest speaker Tim Edwards, Managing Director, Index Investment Strategy, S&P Dow Jones Indices

Sector role reversal: pandemic winners, today’s losers

3/6/2022

 
Picture
[5 min read, open as pdf]
​
  • Pandemic winners are suffering a fall from grace
  • Inflation risk is re-rating frothily valued sectors
  • Market uncertainty driving investors to dependable businesses
 
The uncertainty of the current market environment is prompting a pivot away from sectors that have served investors well, in many cases since the financial crisis but particularly during the Covid-19 pandemic. With inflation rampant, commodity prices spiralling, supply chains choked and the much relied-on ‘Fed Put’ (whereby central banks rescue markets by flooding them with liquidity) a thing of the past, investors are rotating away from Technology and Real Estate and into traditionally “boring”, but dependable sectors like Industrials, Materials and Energy. 

For full article, see pdf

Blending liquid real assets with an equity/bond core

29/4/2022

 
Picture
[5 min read, full article in pdf]
  • Bonds fail to provide diversification or protection in inflationary regime
  • Liquid real assets can improve inflationary resilience
  • For advisers using equity/bond funds, a blended approach can help
 
In theory, through 2021 we have argued that bonds would remain under pressure against the twin pressures of rising interest rates and rising inflation.  In practice, market dislocations of 1q22 evidenced this as bonds provide no place to hide in a time of market stress, and lost both their diversification and their protection characteristics.  Indeed, the losses sustained on the bond side of a traditional multi-asset equity/bond portfolio were more extreme than the losses sustained on the equity side.  The pressure on bonds will continue so long as we are in an inflationary regime.  And that may be for the medium-term (e.g. 5 or more years based on market implied inflation rates).  This is forcing a rethink for advisers reliant on equity/bond multi-asset funds to deliver a core investment strategy for their clients.  
​
[Read full article in pdf]
Find out more about our Liquid Real Assets index strategy

Living with inflation, holding real assets

11/3/2022

 
Picture
[5 min read, open as pdf]

  • Nominal bonds suffer in an inflationary regime
  • Real assets provide resilience, but are more volatile
  • Market-implied rates suggest inflation is here to stay for the medium-term
 
Nominal bonds suffer in an inflationary regime.  Real assets provide resilience in an inflationary regime, but have higher volatility.  Our Liquid Real Assets index combines rate-sensitive assets and inflation-sensitive assets to capture real asset return patterns, with bond-like volatility.

Underlying exposures to Gold, Energy, Precious Metals, Agriculture and Industrial Metals have all driven performance of the index year-to-date.  The Liquid Real Assets index has outperformed gilts by 8.91ppt with similar risk characteristics.

Portfolio managers and advisers who are looking to 1) reduce or remove nominal bond exposure, 2) want real asset exposure for inflation protection, and 3) want to maintain volatility budget can consider a lower-risk real assets strategy as an alternative.

For full article with charts, open as pdf

using ETFs to build-in inflation protection

11/3/2022

 
Picture
[5 min read, open as pdf]
​
  • Equities provide a long-term inflation hedge
  • But other asset classes provide near- and medium-term protection
  • “Owning the problem” is a useful framework for inflation hedging

Even before the Russia/Ukraine war and sanctions, Covid policy stimulus, rapidity of the post-Covid restart, supply-chain disruptions and the energy crisis have stoked up inflationary pressure and we are in for a bumpy ride.
While we are not yet past the peak, it takes years, not months, to tame inflation, so it makes sense to adapt portfolios for an inflationary regime.
To understand asset class behaviour there is not much use looking at the last 10 or 20 years.  That era has been characterised by falling interest rates and low inflation. Instead we have to go back to the history books and understand how asset classes behaved in the 1970s inflation shock and the subsequent period of rising interest rates and rising inflation.
From studying academic research on that era, we draw three key conclusions: firstly, inflation protection can be achieved by owning the assets that benefit, rather than suffer, from inflation.  Secondly, that different asset classes have different inflation-protective qualities over time.  Finally, that liquidity is key so that there is flexibility to alter and adjust your portfolio.
​
Equities: the long-term inflation hedge
Equities provide the ultimate “long-term” inflation hedge – companies that make things that you always need and have pricing power can keep pace with or beat inflation.
Within equities, studies show that a bias towards value, away from growth, outperforms during an inflationary regime.  This is because of something known as “equity duration”, which basically means that companies that deliver earnings and dividends on a “jam today” basis, are more valuable than companies that are expected to deliver earnings and dividends in the very distant future on a “jam tomorrow” basis.  You can access a Value ETF very simply by using factor-based ETFs, such as IWFV (iShares Edge MSCI World Value Factor UCITS ETF).
But given that investors are likely to have equities in their portfolios already and therefore have long-term protection in place, how do you achieve inflation-protection for the bumpy ride over the short- and medium-term?
 
Owning the problem
Inflation-hedging can be described as “owning the problem”.  Worried about rising oil, gas and petrol prices?  Own an Energy ETP like AIGE (WisdomTree Energy ETP).  Worried about rising wheat prices?  Own an Agriculture ETP like AIGA (WisdomTree Agriculture ETP).  Worried about rising rail-fares? Own an infrastructure ETF like GIN (SPDR Morningstar Multi-Asset Global Infrastructure UCITS ETF).  Worried about rising rents? Own a property ETF like IWDP (iShares Developed Markets Property Yield UCITS ETF).  Worried about rising household bills? Own a Utilities ETF like UTIW (Lyxor MSCI World Utilities TR UCITS ETF).
By owning the assets that benefit, rather than suffer, from inflation, you can incorporate inflation-protection into your portfolio.
These assets are referred to as “liquid real assets” as their value is positively related to inflation.  They can be accessed in liquid format by using exchange traded products (ETPs) keeping your portfolio flexible to enable future adjustments as time goes on.
Interestingly, real assets respond to inflation in different ways over different time frames.  The study from the 1970s looked at the correlation of asset classes over time from the start of an inflation shock.  It found that Commodities provided near-term inflation protection for the initial five or so years of inflation shock, but then moderated as supply-side solutions came-through.  Infrastructure and Property provided medium- to long-term inflation protection but were vulnerable in the near-term to rising market risk associated with the break-out of inflation.  Inflation-linked bonds – as the name suggests – provide inflation protection, if held to maturity.  But in the short-term they can decline materially, as they are highly sensitive to increases in interest rates which are typically associated with inflation-fighting central bank policy.  So while inflation-linked bonds like INXG (iShares GBP Index-Linked Gilts UCITS ETF) reduce inflation risk, they increase interest rate risk.  By introducing some interest-rate hedging by owning assets whose interest rates go up when the Fed raises rates, like with FLOS (iShares USD Floating Rate Bond UCITS ETF GBP Hedged), this can be mitigated.

Gold
Gold is also a traditional real asset inflation-hedge: it preserves its value (purchasing power) over millennia, and is a classic “risk off” asset that can help protect a portfolio in times of market stress.  Some critics of holding physical gold argue that is produces no income and therefore has no intrinsic value or growth.  That may be so, but imagine you were a time-traveller – it’s the only money that you could use in any era going back to biblical times.  It holds its value in inflationary and even in hyperinflationary times.  From a portfolio perspective, it always makes sense to have some exposure both as a real asset, a shock-absorber and as an uncorrelated diversifier.  Physical gold tends to outperform gold miners, in the long-run, and can be accessed at lower cost.  There are plenty of low-cost physical gold ETPs to choose from.
 
Bringing it all together
We believe that a layered approach to inflation-hedging makes sense because of the different inflation-protection qualities of different asset classes over time.
Within equities this means pivoting equity exposure towards a Value/Income bias.
Within bonds, this means reducing duration and/or substituting nominal bonds with liquid real assets exposure as a potential alternative (subject to relevant risk controls).
We have incorporated a range of higher risk inflation-protective asset classes, such as commodities, gold, infrastructure and property, medium-risk like lower duration inflation-linked bonds and lower risk rate-sensitive assets, such as floating rate notes to create a diversified Liquid Real Assets Index strategy that aims to deliver exposure to inflation-protective asset classes, while delivering an overall portfolio volatility similar to Gilts.  This makes the strategy a potential alternative to traditional (nominal) bonds exposure that will continue to struggle in an inflationary regime.

Summary
For those wishing to isolate and target specific inflation-protective exposures, there is no shortage of choice for highly targeted inflation-hedging strategies.
Adapting portfolios for inflation is key to ensure resilience in an inflationary regime.  And while it may feel a bit late to get started, it’s better late than never.

​Find out more about our All-Weather Portfolio of ETFs for UK investors.
Find out more about our Permanent Portfolio of ETFs for UK investors.
See all our Research Portfolios

Building an all-weather portfolio with ETFs

4/3/2022

 
Picture
[5 min read, open as pdf]

Find out more on this topic in our upcoing CPD webinar

  • 60/40 portfolios are under pressure with rising rates and inflation
  • An Equal Risk “all-weather” portfolio provides true diversification
  • An Equal Weight “permanent” portfolio provides resilience
 
For investors with long time horizons who want an all-equity portfolio, there is no shortage of low- cost global equity ETFs.  In cricketing terms, when sunshine’s guaranteed, a grass pitch works just fine.
But when time horizons are shorter and risk control matters more – as in these uncertain times - a multi-asset approach might make better sense.  Put differently, when the weather is changeable or extreme, an all-weather pitch makes more sense.
It’s the same for investments.  In these times of market volatility, rising interest rates and inflation pressure, we explore three different types of multi-asset strategy: the 60/40 portfolio, the “Equal Risk” or all-weather portfolio, and the “Equal Weight” or Permanent Portfolio.

The problem with 60/40
The traditional multi-asset portfolio is the so-called “60/40” portfolio – where 60% is invested in equities, and 40% is invested in bonds.  This is the “classic” multi-asset strategy.  The idea being that you can combine higher risk and return from equities with lower risk income from bonds.  A 60/40 portfolio can be constructed with just two ETFs.  60% in a global equity ETF like SSAC (iShares MSCI ACWI UCITS ETF) or VWRP (Vanguard FTSE All-World UCITS ETF); and 40% in a bond ETF – for example AGBP (iShares Core Global Aggregate Bond UCITS ETF GBP hedged) for those wanting global bond (hedged to GBP) exposure, or IGLT (iShares Core UK Gilts UCITS ETF) for those wanting UK government bond exposure.  Or you can make it more and more granular.
But this traditional 60/40 model is under pressure, and the suggestion currently is that the 60/40 portfolio is now “dead”.  Why is this?  Well because for the last 30 years or so, we’ve lived in a world where inflation and interest rates have been trending down – which is doubly good for bonds.  But now we are now in an economic regime where both interest rates and inflation are starting to trend up – which is doubly bad for bonds. 
The other problem with 60/40, is that in times of market stress, the correlation between equities and bonds increases, meaning that bonds lack the diversifying power they may have had in the historical long-run, at a time when it is needed most.
In summary: the advantage of this approach a 60/40 portfolio is easy to construct, and is a classic “balanced” portfolio.  The disadvantage of this approach is that bonds are facing an uphill struggle for the next few years, so may not be as “balanced” as you would want.

The all-weather portfolio
The all-weather portfolio concept is that of a multi-asset portfolio that is designed to deliver resilient, consistent performance in different market regimes, or “whatever the weather”.  The term and idea was pioneered by Ray Dalio of Bridgewater Associates (which was established in 1974, shortly after Nixon took the US Dollar off the gold standard) and is designed to answer the question: “What kind of investment portfolio would you hold that would perform well across all environments, be it a devaluation or something completely different?”[1].  Dalio and Bridgewater’s all-weather portfolio assumes equal odds of any of four market regimes (rising/falling growth/inflation) prevailing at any time.  This approach created and pioneered what is also referred to as a “Risk Parity” approach to investing.
The concept of risk parity requires some additional explanation.  A classic 60/40 equity/bond allocation results in a portfolio where over 95% of overall portfolio risk comes from the equity position, and the balance comes from the bond position.  In short, the asset allocation drives portfolio risk, and while a portfolio may be balanced in terms of asset allocation, it is imbalanced in terms of risk allocation.  Risk parity reverses the maths: it means that each asset class contributes equally to the overall risk of a portfolio.  This is why it is also known as an “Equal Risk” approach.  But as risk is dynamic, not stable, the asset weights must adapt to keep the risk allocation stable.
UK investors can build their own all-weather portfolio using four to six ETFs representing broad asset classes: global equities, UK equities, gilts, property, gold and cash equivalent, depending on complexity.  In order to keep the risk allocation stable, the asset weights might need to change each month to reflect the changing risk and correlation relationships of and between those asset classes. 
In summary: the advantage of this Equal Risk approach is that a portfolio is truly diversified from a risk contribution perspective.  The disadvantage of this approach is it requires a regular change of weights to reflect changing short-term volatilities and correlations.

The Permanent Portfolio
The permanent portfolio is a concept pioneered by the late Harry Browne, a US financial adviser, in his 1999 book “Fail-Safe Investing”.  It has many adherents in both the US and the UK, but to date it is only really in the US that one can find ‘Permanent Portfolios’ on offer, something UK investors seem keen to change. 
The concept is similar to the all-weather portfolio, but in a more straightforward format.  Rather than trying to target an “Equal Risk” contribution with changing asset-class weights, the Permanent Portfolio is a simple Equal Weight approach to four main asset classes to reflect different market regimes, so that whatever the regime, the portfolio has got it covered.
Browne outlines four market regimes[2], and related asset exposure for that regime:
  1. Prosperity: growing economy, falling rates: equities (and also bonds) are best assets to hold
  2. Inflation: inflation is rising moderately, rapidly or at a runaway rate: gold is best asset to hold
  3. Tight money or recession: slowing money supply and recession: cash (or equivalent) is best asset to hold
  4. Deflation: prices decline and purchasing power of money grows: bonds are best asset to hold
An equal-weight portfolio therefore consists of 25% equities, 25% bonds, 25% gold and 25% cash (or cash equivalents to earn some interest).  Browne advocates reviewing this portfolio once per annum, and if necessary rebalancing the allocations to their strategic equal weights.
US versions of this strategy use US equities for the equity exposure and US treasuries for the bond exposure.  So what would a UK version look like?
We constructed a Permanent Portfolio for UK investors using 4 London listed ETFs: SSAC for global equities, IGLT for UK bonds, SGLN (iShares Physical Gold ETC) for gold and ERNS (iShares GBP Ultrashort Bond UCITS ETF) for cash equivalents for some additional yield over cash that will capture rising interest rates.
In summary: the advantage of this Equal Weight approach is its simplicity and low-level of maintenance required.  The disadvantage of this approach is that it disregards short-run changes in volatility and correlation that are captured in the Equal Risk approach.

How do they all compare?
Obviously the strategies vary from each other.  To evaluate performance, we have created research portfolios for both these strategies. What becomes apparent is that the outperformance of these low-cost, equal-risk and equal-weight all-weather and permanent portfolios looks relatively attractive when set against many more complex (and expensive) “all-weather” absolute return funds.

Find out more about our All-Weather Portfolio of ETFs for UK investors.
Find out more about our Permanent Portfolio of ETFs for UK investors.
See all our Research Portfolios
Attend our CPD webinar on this topic

[1] https://www.bridgewater.com/research-and-insights/the-all-weather-story
[2] Harry Browne, Fail-Safe Investing, (1999) Rule #11 Build a bullet-proof portfolio for protection (pp.38-49)

UK value/income bias delivers performance in uncertain times

14/2/2022

 
Picture
 [3min read, open as pdf]
  • Value bias has made UK equities more attractive recently
  • Within UK equities, strategies with an income-bias has outperformed
  • “Smart-Beta” means a rules-based approach for constructing an index
 
Value/Income bias for inflation protection
In our 2022 outlook, we explained why inflation will remain hotter for longer and will settle above pre-pandemic levels.  Within equities, we outlined our rationale for being overweight Value-factor equities with an Income bias to shorten equity duration.  This built on our May 2021 view on UK equity income providing a helpful inflation hedge.

The rapidity and severity of market movements against the prospect of faster-than-expected inflation and greater-than-expected interest rate tightening have only served to reinforce these views, as reflected by performance.

Whereas world equities have struggled year to date, UK equities have been a relative bright spot.  Within UK equity index exposures, indices that focus on dividends (with an inherent value bias), over size (market cap) have delivered best results.
​
Our Smart-Beta UK Dividend Index [ticker ELSUKI Index] has delivered positive returns YTD ahead of more mainstream UK equity indices, driving the absolute and relative returns of the VT Munro Smart-Beta UK Fund, which is benchmarked to this index[1].

Read full article as pdf

[1] Note & Commercial Interest Disclosure: Elston Indices is the benchmark administrator for the Freedom Smart-Beta UK Dividend Index, to be renamed the Elston Smart-Beta UK Dividend Index with effect from 1st March 2022.  The VT Munro Smart-Beta UK Fund is benchmarked to this index.

equity income: value provides resilience

28/1/2022

 
Picture
[7 min read, open as open as pdf]
  • Equity Income total returns are underpinned by dividends
  • Equity income has a value-bias, which typically translates to outperformance in an inflationary regime
  • “Shorter-duration” equity income exposures make more sense with rising rates/ inflation

​Year to date performance
The dispersion between styles and segments within equities is pronounced in the UK.
Given recent market stress over the prospect of a rising interest rate environment, inflationary pressure, and geopolitical tensions, year-to-date performance underscores the relative resilience of equities with a Value/Income bias relative to other UK equity segments and world equities.
Year to date, world equities are down -5.93%, the FTSE All Share is flat at -0.55%.  UK Small Caps are down -8.49%, the FTSE 100 is +1.14% and UK Equity Income (Freedom Smart-Beta UK Dividend Index) is +3.97%.
This is because returns are underpinned by dividend income as well as exposure to energy and financials which benefit respectively from a high oil price/rising rate environment.

​Read in full as pdf

Understanding SPIVA

22/10/2021

 
Picture
[Open full article as pdf]

  • Long-only retail active management is a zero-sum game
  • The evidence from SPIVA
  • Adopting a more nuanced approach to find alpha
 Active management is a zero sum gameIn game theory, a zero-sum situation occurs when one person's gain is equal to another's loss. And as set out with breath-taking simplicity in Nobel-prize-winning economist William Sharpe’s 1991 paper “The Arithmetic of Active”, active management is a zero-sum game.  Rather than have us try to reinvent the wheel, here are Eugene Fama & Kenneth French explaining the idea in a 2009 essay:
“Suppose we define a passive investor as anyone whose portfolio of U.S. equities is the cap-weight market portfolio described above. Likewise, define an active investor as anyone whose portfolio of U.S. equities is the not the cap-weight market portfolio. It is nevertheless true that the aggregate portfolio of active investors (with each investor's portfolio weighted by that investor's share of the total value of the U.S. equities held by active investors) has to be the market portfolio. Since the aggregate portfolio of all investors (active plus passive) is the market portfolio and the aggregate for all passive investors is the market portfolio, the aggregate for all active investors must be the market portfolio. All this is obvious. It is just the arithmetic of the fact that all U.S. equities are always held by investors. Its implications, however, are often overlooked.”
What Bill Sharpe was saying to us was this: the performance of all active managers is, in aggregate [for a given asset class] that of the index less active fees.  Which is a considerably worse deal than the charge often levelled against passive funds, namely that investors are paying for the performance of the index less passive fees.

CPD Webinar: Is active management a zero-sum game?

    ELSTON RESEARCH

    insights inform solutions

    Get our weekly newsletter

    Categories

    All
    All Weather Portfolio
    Alternative Assets
    Alternative Strategies
    Bonds
    Business Practice
    Equity Income
    Equity Sectors
    ESG
    ETFs
    Evidence Based Investing
    Factor Investing
    Gold & Precious Metals
    Guide To Investing
    Index Investing
    Inflation
    Macro
    MULTI ASSET
    Multi Asset Income
    Net Zero
    Permanent Portfolio
    Portfolio Construction
    Private Markets
    Real Assets
    Retirement Investing
    Risk Parity
    Thematic Investing
    Value Factor

    Archives

    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    September 2019
    June 2019
    April 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    July 2017
    May 2017
    March 2017
    February 2017
    January 2017
    November 2016
    October 2016
    September 2016
    July 2016
    June 2016
    May 2016
    February 2016
    January 2016
    June 2015
    January 2014
    June 2012

    RSS Feed

Company

Home
About
Terms of Use
​​​Contact
​
​Events
​
Press

Solutions

​​Insights
​​​Research Service
​Research Library
Portfolio Analytics
​Our Portfolios
Custom Portfolios
​Retirement Portfolio
Our Funds
Custom Funds
​Retirement Funds
Our Indices
​Custom Indices
Retirement Indices

Services

CIRP Development
Regulatory Research
​
​​CPD

By client type:
For Advisers
For Discretionary Managers
​For Asset Managers
For Asset Owners


© COPYRIGHT 2012-23. ALL RIGHTS RESERVED.
  • WHO WE ARE
    • About
    • Contact
    • Events
    • Press
  • WHAT WE DO
    • Portfolio Solutions >
      • Our Portfolios
      • Custom Portfolios
    • Fund Solutions >
      • Our Funds
      • Custom Funds
    • Index Solutions >
      • Our indices
      • Custom Indices
    • SPECIALIST STRATEGIES >
      • Money Market Funds
      • Retirement Income Solutions
      • Retirement Portfolios
      • Adaptive Portfolios
      • UK Equity Income
      • Multi-Asset Income
      • Liquid Real Assets
      • Dynamic Risk Parity
      • Gold and Precious Metals
      • Enabling Net Zero
    • Supporting Advisers >
      • Investment Committee Support
      • Regulatory Support
    • CPD
  • WHO WE HELP
    • Financial Advisers
    • Discretionary Managers
    • Fund Providers
  • Insights