Aim of Portfolio:

The portfolio looks to deliver a return of between 6% and 8% gross over the long term. This should, in a normalised environment, be above the higher rate of cash or inflation.

Portfolio Review:

Quarterly Portfolio UpdateApril 2023
Quarterly Market UpdateApril 2023
FE Analytics OverviewApril 2023
Quarterly Portfolio Update January 2023
Quarterly Market UpdateJanuary 2023
Morningstar Quarter 4 2022 Portfolio Overview January 2023
Quarterly Portfolio UpdateOctober 2023
Quarterly Market UpdateOctober 2022
Morningstar Quarter 3 2022 Portfolio OverviewOctober 2022
Quarterly Portfolio UpdateJuly 2022
Quarterly Market UpdateJuly 2022
Morningstar Quarter 2 2022 Portfolio OverviewJuly 2022

Risk and benchmark performance of Portfolio:

Key points:

  • The portfolio holds a higher content of equities compared to the Cautious Portfolio, but less than the adventurous portfolios.
  • Currently the portfolio holds approximately 40% in diversifying assets such as fixed interest, property, infrastructure and multi asset strategies, with the balance in equity funds. We believe this is the best way to provide potential upside growth as well as providing equal weight between risk and reward.
  • The benchmark is based on a basket of index strategies.
  • We consider the long term as 10 years plus.

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The Portfolio was launched on 1 January 2009. The chart shows the total return up to 31 March 2023.

 10-year Annualised ReturnTotal Return Since LaunchAnnualised Return Since Launch
Balanced Portfolio5.93% p.a.233.48%8.59% p.a.
LWM Benchmark4.70% p.a.133.83%6.14% p.a.
 20192020202120222023Since Launch
Balanced Portfolio18.78%11.78%11.18%-18.61%0.68%8.59% p.a.
LWM Benchmark15.52%7.01%9.91%-13.06%4.55%6.14% p.a.
 1 Year to 31/03/191 Year to 31/03/201 Year to 31/03/211 Year to 31/03/221 Year to 31/03/23
Balanced Portfolio2.94%-9.64%36.63%1.83%-10.39%
LWM Benchmark3.24%-5.58%24.68%2.59%-4.97%


You should note that past performance is not a reliable indicator of future returns and the value of your investments can fall as well as rise. The total return reflects performance without sales charges or the effects of taxation, but is adjusted to reflect all on-going fund expenses and assumes reinvestment of dividends and capital gains. If adjusted for sales charges and the effects of taxation, the performance quoted would be reduced.

Split by funds within the Portfolio (as at 1 July 2023):

Read portfolio review 2023 summary.

Fund NamePercentage Holding
Premier Miton Strategic Monthly Income Bond Fund6.50%KIID
PIMCO GIS Income Fund6.50%KIID
Nomura Funds Global Dynamic Bond Fund6.50%KIID
Schroder Global Cities Real Estate Fund5.00%KIID
FP Foresight Global Real Infrastructure Fund5.00%KIID
AHFM Defined Returns Fund5.00%KIID
Henderson Diversified Alternatives Fund5.50%KIID
Equity Exposure60.00%
Slater Growth Fund5.00%KIID
VT Castlebay UK Equity Fund5.00%KIID
AXA Framlington American Growth Fund6.00%KIID
L&G US Index Fund6.00%KIID
Abrdn China A Share Equity Fund3.00%KIID
GS Japan Equity Partners Fund3.00%KIID
Scottish Mortgage Investment Trust PLC4.00%Documents
Morgan Stanley UK Global Brands Fund4.00%KIID
Heriot Global Fund4.00%KIID
Ninety One Global Enviroment Fund3.00%KIID
Premier Miton European Opportunities Fund3.50%KIID
Abrdn Europe ex UK Equity Fund3.50%KIID
Matthews Asia ex Japan Total Return Fund5.00%KIID
Emerging Markets
FP Carmignac Emerging Markets Fund5.00%KIID

Split by funds within the Portfolio (as at 1 July 2022):

Fund NamePercentage Holding
Diversifying Assets36.00%
Federated Hermes Unconstrained Credit Fund4.50%KIID
Nomura Global Dynamic Bond Fund4.50%
Schroder Global Cities Real Estate Fund4.50%KIID
TR Property Investment Trust4.50%Documents
3i Infrastructure4.50%Documents
FP Foresight Global Real Infrastructure Fund4.50%KIID
AHFM Defined Returns Fund Fund4.50%KIID
Rathbone Multi-Asset Enhanced Growth Portfolio Fund4.50%KIID
Equity Exposure
Standard Life UK Smaller Companies Trust3.00%Documents
AXA Framlington UK Smaller Companies Fund3.00%KIID
Premier UK Growth Fund3.00%KIID
VT Castlebay UK Equity Fund3.00%KIID
LF Miton European Opportunities Fund4.00%KIID
ASI Europe ex UK Equity Fund3.00%KIID
AXA Framlington American Fund3.00%
Artemis US Smaller Companies Fund4.00%
L&G US Index Trust5.00%KIID
Scottish Mortgage Investment Trust PLC4.00%Documents
Standard Life Global Smaller Companies Fund3.00%KIID
Baillie Gifford Global Discovery Fund3.00%KIID
Morgan Stanley Global Brands Fund3.00%KIID
Polar Capital Technology Trust3.00%Documents
Morgan Stanley Asia Opportunity Fund3.00%KIID
Matthews Asia Funds – Asia Ex Japan Dividend Fund2.00%KIID
Templeton Emerging Markets Investment Trust2.50%Documents
FP Carmignac Emerging Markets Fund2.50%KIID
ASI China A Share Equity Fund2.00%KIID
Matthews Asia Funds – China Small Companies Fund2.00%KIID
JPMorgan Japanese Investment Trust3.00%Documents

Important notes


The performance for the Portfolio is based on the previous holdings for the portfolio. Data for performance is sourced from Morningstar. These figures are provided to give an indication of the performance of the Portfolio. The performance figures take into account all fund / asset charges but do not reflect any additional charges, for example the cost of the investment plan and fees paid to LWM. These expenses may reduce the actual figures shown.

As an example of how this will impact on the performance, assuming the total gross cost of the portfolio is 0.66% p.a. (this is reflected in the performance figures shown), then after rebates and reflecting any fees payable to LWM Consultants the actual cost of this portfolio could be 2.06% p.a. (on a fund of £100,000 this would be £2,060 p.a.) This means that the drag on performance is around 1.40% p.a. (on a fund of £100,000 this would be £1,400 p.a.) So in 2021 the return was 11.14%, the net return after rebates and fees would have been 9.74%. This is an indication of costs as the assets and costs will move. The cost of accessing the funds may be higher via other routes and will include additional fees, the estimate is based on the highest charge via a SIPP and for other investments the charge will be lower. Charges may also reduce depending on the size of the assets held.

You should note that past performance is not a reliable indicator of future returns and the value of your investments can fall as well as rise. LWM only invests in UK based investments although some funds / assets may have overseas holdings, the performance of funds / assets where some holdings are denominated in foreign currencies will also be subject to variations in currency rates.


These factsheets are provided by third parties for information. LWM is not responsible for these factsheets, has not reviewed them, and accepts no liability in connection with your use of them or any of their content. These factsheets display the fund manager’s standard retail charges and please note that product charges and fees may replace the charges displayed.