Investment update – March 2026

Kully Samra: Hi Trevor. You've been involved in investments for over 30 years. What framework do you use for managing your multi-asset portfolios?

Trevor Greetham: I mean, the first thing to say is there are lots of different asset classes that make sense over the long run, and you don't want to put all of your eggs in one basket.

Kully Samra: Mm-hmm.

Trevor Greetham: So, we like to mix growth-seeking asset classes like global equities or UK equities or emerging market equities. Also, commercial property. Which tends to give you good long-term growth ahead of inflation with asset classes, which are more of a store of value like government bonds and cash-related asset classes, and also alternative hedging asset classes like commodities and can give you some resilience against inflation shocks. They all make sense over the long run, but as you can see on a year-to-year basis, some years some are at the top of the pile, or some are at the bottom of the pile. By mixing everything together, you get a smoother journey.

Kully Samra: And how does that framework stand up in pretty big shocks as we're experiencing at the moment?

Trevor Greetham: Well, the first thing is that we think that as the business cycle evolves, different asset classes do better than other asset classes. So, our starting point is something we call the investment clock, and there we're looking at what's happening to growth and inflation.

And with the rear-view mirror, we've got global growth beginning to pick up and inflation's been been falling enough for central banks, including the Bank of England, to cut interest rates. That's a pretty good backdrop for stocks, and we're hoping that that can reassert itself. But when a shock like the Middle East War comes along it changes things quite radically.

So, in that same framework for growth, picture doesn't look quite so rosy if the cost of energy goes up sharply and maybe interest rates have to go up. So, the higher risk of slow down or recession at the same time, inflation itself is rising. And what it does, it points you towards, rather than equity markets, maybe commodities, which we include in the portfolios.

Maybe if there is a recession, then you have to be more defensive in bonds and cash. So, you can adapt your framework for these shocks. But the starting point for that framework is, again, not all of your eggs in one basket. If you've got some shares, you've got some bonds, you've got some commodities.

When one of these shocks come along, you'll see more resilience.

Kully Samra: Great. So, bringing those points together, if there were three things that you wanted to leave our customers with, what would those key three things be right now?

Trevor Greetham: Well, the first one would be investing is a long game. So, staying invested, building up a savings portfolio over the long run makes sense.

So that should be something that just carries on. And the reason we think that that can work with a multi-asset portfolio. My second and third points, which are again, a broad range of different asset classes. That have proven their value through time and can give you that kind of resilient journey.

And then understanding that you've got managers managing that exposure actively so you don't have to think, I need to sell my exposure because there might be a recession, because within your multi-asset fund, we're already making changes to reflect our views.

Kully Samra: Great. Thank you very much, Trevor.

Trevor Greetham: Thank you.