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 Update April 2023
Quarterly Market UpdateApril 2023
FE Analytics Overview April 2023
Quarterly Portfolio UpdateJanuary 2023
Quarterly Market UpdateJanuary 2023
Morningstar Quarter 4 2022 Portfolio Overview January 2023
Quarterly Portfolio UpdateOctober 2022
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

  • Currently the portfolio holds approximately 54% 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.

For more information click here


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
Cautious Portfolio5.11% p.a.194.15%7.87% p.a.
LWM Benchmark3.87% p.a.111.79%5.41% p.a.
 20192020202120222023Since Launch
Cautious Portfolio16.75%8.25%10.35%-12.65%1.13%7.87% p.a.
LWM Benchmark12.18%6.53%5.91%-12.30%3.92%5.41% 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
Cautious Portfolio4.51%-9.27%30.26%4.49%-6.62%
LWM Benchmark3.58%-2.76%16.70%0.49%-4.34%


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
JPM Global Opportunities Bond Fund9.00%KIID
Premier Miton Strategic Monthly Income Bond Fund9.00%KIID
PIMCO GIS Income Fund9.00%KIID
Schroder Global Cities Real Estate Fund6.75%KIID
FP Foresight Global Real Infrastructure Fund6.75%KIID
AHFM Defined Returns Fund6.75%KIID
Rathbone Enhanced Growth Portfolio Fund6.75%KIID
Equity Exposure46.00%
Slater Growth Fund4.00%KIID
VT Castlebay UK Equity Fund4.00%KIID
AXA Framlington American Growth Fund4.00%KIID
L&G US Index Fund4.00%KIID
GS Japan Equity Partners Fund2.00%KIID
Scottish Mortgage Investment Trust PLC4.00%Documents
Morgan Stanley UK Global Brands Fund4.50%KIID
Heriot Global Fund4.50%KIID
Premier Miton European Opportunities Fund3.00%KIID
Abrdn Europe ex UK Equity Fund3.00%KIID
Matthews Asia ex Japan Total Return Fund4.00%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 Assets54.00%
Federated Hermes Unconstrained Credit Fund6.00%KIID
Nomura Global Dynamic Bond Fund6.00%
Schroder Global Cities Real Estate Fund6.00%KIID
VT Gravis Clean Energy Income Fund6.00%KIID
3i Infrastructure6.00%Documents
FP Foresight Global Real Infrastructure Fund6.00%KIID
AHFM Defined Returns Fund Fund6.00%KIID
JPM Global Macro Opportunities Fund 6.00%KIID
Rathbone Multi-Asset Enhanced Growth Portfolio Fund6.00%KIID
Equity Exposure46.00%
Premier UK Growth Fund4.00%KIID
VT Castlebay UK Equity Fund4.00%KIID
LF Miton European Opportunities Fund3.00%
ASI Europe ex UK Equity Fund3.00%KIID
AXA Framlington American Growth3.00%KIID
L&G US Index Trust5.00%KIID
Scottish Mortgage Investment Trust PLC4.00%Documents
Baillie Gifford Global Discovery Fund3.00%KIID
Morgan Stanley Global Brands Fund4.00%KIID
Morgan Stanley Asia Opportunity Fund2.00%KIID
Matthews Asia Funds – Asia Ex Japan Dividend Fund2.00%KIID
Templeton Emerging Markets Investment Trust2.50%
FP Carmignac Emerging Markets Fund 2.50%KIID
ASI China A Share Equity Fund2%KIID
JPMorgan Japanese Investment Trust2%Documents

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 2021 the return was 10.25%, the net return after rebates and fees would have been 8.85%. 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.