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Outlook and Positioning 2026

January 14, 2026 1 min read

Looking ahead to 2026, our message is one of continuity rather than change.
We do not plan any radical shifts to the portfolios. We are long-term investors, taking a patient and disciplined approach to capital allocation. Investment performance has been strong, and our priority is to build on this by staying consistent with the philosophy that has delivered those outcomes.

The US remains a core long-term allocation, but valuations warrants care.
We have been constructive on US equities for many years and continue to see them as an important driver of long-term returns. That said, US equity valuations are elevated by historical standards. High valuations can persist, and often exist for good reasons, but they do increase risk at the margin.

On valuation and diversification grounds, we have therefore made a modest reduction to US exposure and reallocated that capital towards Emerging Markets. This allows us to take some valuation risk off the table while increasing exposure to regions with lower starting valuations and broader long-term growth potential.

It is worth emphasising that we remain overweight the US relative to many peers, and we are comfortable with that positioning.

Alternatives and blended strategies continue to play a supporting role.
Where portfolios include alternatives, we remain committed to this allocation and will look to add selectively where appropriate. One area of interest has been the MAN Dynamic Income, which we believe offers attractive diversification characteristics.

Within our CORE strategies, which follow a blended approach, we have introduced selective value exposure to complement core and growth equities. Examples include Kennox Strategic Value and Latitude Global. These are managers we have spent considerable time with and know well at an investment team level.

The UK remains attractive on valuation grounds.
UK equities continue to offer compelling valuations relative to other developed markets. Where appropriate, portfolios are positioned here and are often overweight relative to the index.

In summary.
Our approach remains high conviction, long term, and low turnover. We do not make frequent changes, and the adjustments described above reflect careful rebalancing rather than a shift in strategy. This discipline is central to how we aim to deliver consistent outcomes for clients over time.

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John Ruskin

Chairman

John is an accomplished CEO with over 25 years of international leadership experience, having built and sold two self-funded businesses to large, listed companies, and run two major divisions of world-leading enterprises.

He co-founded, built, and sold Cube Financial Group (1997 – 2006), the world’s first independent brokerage agency, which grew to £120M revenues and >100 employees in UK and US. Acquired by Société Générale’s Fimat (Newedge). Further to this he led Newedge’s Futures, Options, Equities & Fixed Income business (2006 – 2013), maintaining stable trajectory throughout the financial crisis, and growing the business to €200M revenues and 550 salespeople in eight markets.

John then co-founded, grew and sold Coex Partners Group (2014 – 2018), growing to £11M revenues in three years with an international client base of hedge funds and asset managers in UK, France, and US. Acquired by TP ICAP.

After his exit from Coex Partners he headed Agency Execution for TP ICAP (2018 – 2022), one of four divisions of the world’s largest Interdealer Broker, leading organic and acquisitive growth to increase revenues from £30M to £320M in four years. John also directed integration and strategic refocus of Liquidnet into TP ICAP (2021 – 2022), as a key member of the leadership team that closed $600M acquisition of Liquidnet in 2021 embedding a new vision, strategy, and roadmap for the business to ensure sustainable growth.

John is hugely passionate about social mobility, having worked with schools, community centres, social enterprise clubs, and the Metropolitan Police on multiple initiatives, and mentored young people through BTEC and A levels. He is a family magistrate.