Aim of Portfolio:

The Portfolio looks to deliver above inflation returns (capital growth) through a combination of fixed interest, equity and property investments.

Portfolio Review:

Quarterly Portfolio UpdateApril 2020
Morningstar Quarter 1 2020 Portfolio OverviewApril 2020
Quarterly Investment Committee Executive SummaryApril 2020
Quarterly Portfolio Update January 2020
Quarterly Market Update January 2020
Morningstar Quarter 4 2019 Portfolio OverviewJanuary 2020
Quarterly Portfolio UpdateOctober 2019
Quarterly Market UpdateOctober 2019
Morningstar Quarter 3 2019 Portfolio OverviewOctober 2019
Quarterly Portfolio UpdateJuly 2019
Quarterly Market UpdateJuly 2019
Morningstar Quarter 2 2019 Portfolio OverviewJuly 2019

Risk and benchmark performance of Portfolio:

The Portfolio holds approximately 40% in assets such as fixed interest and absolute return funds, with the rest in equity funds which can include property. We believe this is the best way to provide potential upside growth as well as protection against downside fluctuations.

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The Portfolio was launched on the 1 January 2009 and the total return up to 31 March 2020 is 129.14% (7.65% p.a.) against a benchmark return of 85.20% (5.63% p.a.). A detailed breakdown of the performance is shown below.

Standardised Performance

1 Yr to 31/03/161 Yr to 31/03/171 Yr to 31/03/181 Yr to 31/03/191 Yr to 31/03/20

12 Months Total Return (bid to bid) Source: Morningstar, net income reinvested.


Performance from 31 December 2008 to 31 March 2020. Source: Morningstar, on an bid to bid basis with net income reinvested.

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:

Fund NamePercentage Holding
Diversifying Assets54%
Vanguard Global Bond Index Fund6%FactsheetKID
Nomura Global Dynamic Bond Fund6%
First State Global Property Securities Fund6%FactsheetKID
TR Property Investment Trust6%FactsheetDocuments
3i Infrastructure6%FactsheetDocuments
Legg Mason IF Rare Global Infrastructure Income Fund6%FactsheetKID
AHFM Defined Returns Fund Fund6%FactsheetKID
First State Diversified Growth Fund6%FactsheetKID
Rathbone Multi-Asset Enhanced Growth Portfolio Fund6%FactsheetKID
UK Equities
Vanguard FTSE UK All Share Index Fund5%FactsheetKID
JOHCM UK Dynamic Fund5%FactsheetKID
European Equities
Schroder European Alpha Income Fund2%
Baillie Gifford European Fund2%FactsheetKID
Artemis European Opportunities Fund3%FactsheetKID
US Equities
L&G US Index Trust4%FactsheetKID
First Trust US Large Cap Core AlphaDex Fund3%FactsheetKID
Japanese Equities
Neptune Japan Opportunities Fund2%FactsheetKID
JPMorgan Japanese Investment Trust2%FactsheetDocuments
Global Equities
Artemis Global Income Fund2%FactsheetKID
M&G Global Dividends Fund2%FactsheetKID
Scottish Mortgage Investment Trust PLC3%FactsheetDocuments
Schroder ISF Global Recovery Fund3%FactsheetKID
Far East (ex Japan) Equities
Liontrust Asia Income Fund2%FactsheetKID
Hermes Asia Ex Japan Equity Fund2%FactsheetKID
Emerging Markets Equities
Templeton Emerging Markets Investment Trust2%
Utilico Emerging Markets2%FactsheetDocuments

Important notes


The performance for the portfolio is based on the previous holdings of the portfolio. Data for performance is sourced from Morningstar. These figures are provided to give an indication of the performance of the Portfolio. The Cautious Portfolio has now been split into an Income Portfolio and Growth 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. (assuming 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. (assuming a fund of £100,000 this would be £1,400 p.a.) So in 2017 the return was 11.81%, the net return after rebates and fees would have been 10.41%. 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.