Aim of Portfolio:

 AimBenchmarkTime frameRisk / volatilityExclusionsCapital at risk
Moderately Adventurous PortfolioTo deliver a return of between 6% and 8% gross over the long term. In a normalised environment, this should be above the higher rate of cash or inflation.A basket of strategies that track an index (for example, the FTSE 100).10-years plusThis is best suited for investors wanting greater exposure to UK and international assets but still requiring some exposure to defensive assets.   The current weighting UK and international assets is 76.00%Will not hold investment trusts.Yes

For more information click here

Portfolio Review:

The Big PictureOctober 2023
Market OverviewOctober 2023
Portfolio UpdateOctober 2023
FE Analytics – LWM Bespoke Moderately Adventurous PortfolioOctober 2023
Quarterly Portfolio UpdateJuly 2023
Quarterly Market UpdateJuly 2023
FE Analytics OverviewJuly 2023
Quarterly Portfolio UpdateApril 2023
Quarterly Market UpdateApril 2023
FE Analytics OverviewApril 2023
Quarterly Portfolio UpdateJanuary 2023
Quarterly Market UpdateJanuary 2023
Morningstar Quarter 4 2022 Portfolio Overview January 2023


The Portfolio was launched on 1 January 2018. The chart shows the total return up to 30 September 2023.

 Total Return Since LaunchAnnualised Return Since Launch
Bespoke Moderately Adventurous Portfolio10.90%1.82% p.a.
LWM Benchmark19.54%3.15% p.a.
 20192020202120222023Since Launch
Bespoke Moderately Adventurous Portfolio19.63%14.81%8.67%-18.41%-2.10%1.82% p.a.
LWM Benchmark16.95%8.43%11.96%-12.02%2.67%3.15% p.a.
 1 Year to 30/06/191 Year to 30/06/201 Year to 30/06/211 Year to 30/06/221 Year to 30/06/23
Bespoke Moderately Adventurous Portfolio1.00%5.99%19.85%-18.87%0.03%
LWM Benchmark4.28%2.83%17.14%-12.22%6.16%


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):

Fund NamePercentage Holding
PIMCO GIS Income Fund4.00%KIID
Nomura Funds Global Dynamic Bond Fund4.00%KIID
Henderson Horizon Pan European Property Equities Fund4.00%KIID
FP Foresight Global Real Infrastructure Fund4.00%KIID
AHFM Defined Returns Fund4.00%KIID
Henderson Diversified Alternatives Fund4.00%KIID
Equity Exposure76.00%
Amati UK Listed Smaller Companies Fund4.50%KIID
Slater Growth Fund4.50%KIID
Artemis US Smaller Companies Fund6.50%KIID
L&G US Index Fund6.50%KIID
Matthews China Smaller Companies Fund5.00%KIID
GS Japan Equity Partners Fund3.00%KIID
Heriot Global Smaller Companies Fund6.00%KIID
Heriot Global Fund6.00%KIID
Fundsmith Equity Fund6.00%KIID
Ninety One Global Enviroment Fund6.00%KIID
Janus Henderson European Smaller Companies Fund4.00%KIID
Premier Miton European Opportunities Fund4.00%KIID
MS INVF Asia Opportunity Fund3.50%KIID
Matthews Asia ex Japan Total Return Fund3.50%KIID
Emerging Markets
Redwheel Next Generation Emerging Markets Fund3.50%KIID
FP Carmignac Emerging Markets Fund3.50%KIID

Important notes

What is the difference between the aim of the strategy and benchmark?

The target or aim is to deliver returns of 6% to 8% p.a. over ten years. This includes the fund charges but not our fees and platform charges.

How do we test these figures?

We follow the BlackRock Capital Market Assumptions

These outline the long-term asset return expectations.

Would we review the expectations?

If the market expectations for returns were reduced, we would reduce our long-term return profile. We review this quarterly, and although the long-term expectations have come down, they are still within the 6% to 8% target.

Do we guarantee a return of 6% to 8% p.a. over a ten-year period?

This is our stated aim. We do not guarantee this.

Why do we have a benchmark?

The benchmark is a measure of performance vs a basket of passive funds. Passive funds follow a particular index. We aim to deliver a return of between 6% and 8% p.a. over ten years. In doing that over the same period, we should also outperform this basket.

In the short term, there will be periods where passive funds outperform, particularly in periods of extreme market volatility.

How do we measure performance?

Portfolio Level

We have several touchpoints when monitoring performance:

  1. We monitor performance monthly.
  2. We have an internal monthly investment risk matrix. Within this, we monitor the target return and compare the performance to a range of discretionary managed portfolios.
  3. We update the website quarterly with performance data and provide updates.
  4. From September to February, we conduct a comprehensive review of the portfolios and rebalance on 1 July each year (subject to your approval).

The primary focus of this work is to understand periods of underperformance and adjust where we see appropriate.

For example, we increased exposure to fixed income (debt) in 2023 to reflect higher interest rates and a more conducive environment for these investments.

Fund Level

At a minimum, we review all the funds within the portfolios once a year. We write up the notes from these reviews which are available on the website.

Although we consider more extended-term performance, we also look at short-term performance to understand the reasons for any underperformance or sudden spike. We may change the strategy where we feel that there is a long-term shift in the environment, where we think the investment will no longer be appropriate, if there are better opportunities, or where there has been a significant change to the operation of the strategy.

For example, with higher interest rates, the availability of cash will naturally be limited, meaning companies needing money to develop will find it harder. Therefore, we have increased our exposure to “quality” and reduced our exposure to strategies that carry higher risk with more innovative and cash-poor companies.


The performance data includes the fund charges but not the platform and LWM fees. Fees are fully disclosed. Below are the fund fees as of 30 September 2023 provided by Trustnet.

 Fund fees
Cautious Portfolio0.74%
Balanced Portfolio0.80%
Moderately Adventurous Portfolio0.89%
Adventurous Portfolio0.90%
Bespoke Moderately Adventurous Portfolio0.89%
Cautious Positive Impact Portfolio0.94%
Balanced Positive Impact Portfolio0.91%
Adventurous Positive Impact Portfolio0.91%
Income Portfolio0.99%
Positive Impact Income Portfolio1.06%

We review our charges within the Consumer Duty Fair Value Assessment. We also disclose under transparency on the website.


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.