Performance review
It was another eventful quarter for markets as tariff uncertainty led to some large market moves. Against this backdrop the lower-risk portfolios delivered positive absolute returns with returns declining as you moved up the risk levels. All the portfolios outperformed their Investment Association (IA) sector performance comparators with our allocation to precious metals equity and our underweight to mega-cap tech names in the US helping to drive positive relative performance. Our alternatives holdings contributed particularly positively, while fixed interest also aided overall returns.
