Performance review
The Monthly Income Portfolio returned 3.1% over the quarter, which was in line with its IA performance comparator. The Monthly Income and Growth Portfolio returned 3.6%, narrowly lagging its IA performance comparator.
Despite the initial market volatility, calm returned to equity markets amid the temporary suspension of most tariffs. Our equity holdings drove the bulk of returns, with UK equities a notable contributor, partly due to their higher weighting in the portfolios. Elsewhere, our underweight to mega-cap growth names in the US was a detractor from relative performance as these names led the market rebound in the US.
Fixed income also contributed positively to returns whilst our alternatives had a strong quarter with a number of our infrastructure and renewable holdings positing double digit gains.
