Aim of Portfolio:

 AimBenchmarkTime frameRisk/VolatilityExclusionsCapital at risk
Income PortfolioTo deliver a yield of 3%+ p.a., with growth being secondary.AFI Balance Index10-years plusThis is aimed at those clients seeking an income with growth being secondary.
It is seen as balanced in achieving the income; it must take slightly more risk and has a higher exposure to investment trusts (traded investment companies).
It currently invests in seven investment trusts.
It holds 21% in fixed-income assets, 19% in alternatives and the balance in UK and international equities.

For more information click here

Portfolio Review:

The Big PictureOctober 2023
Market Overview October 2023
Portfolio UpdateOctober 2023
FE Analytics – LWM Income Portfolio ReviewOctober 2023
Quarterly Portfolio UpdateJuly 2023
Quarterly Market UpdateJuly 2023
FE Analytics July 2023
Quarterly Portfolio UpdateApril 2023
Quarterly Market UpdateApril 2023
FE Analytics OverviewApril 2023


The Portfolio was launched on 1 July 2022. The chart shows the total return up to 30 September 2023.  

 Total Return Since Launch 
Income Portfolio 0.79% 

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 Fund8.00%KIID
Premier Miton Strategic Monthly Income Bond Fund8.00%KIID
M&G Emerging Markets Bond Fund5.00%KIID
3i Infrastructure6.00%Documents
VT Gravis Clean Energy Income Fund6.00%KIID
The Renewables Infrastructure Group plc7.00%Documents
Country Specific Holdings
LF Gresham House UK Multi Cap Income Fund4.00%KIID
Chelverton UK Dividend Trust plc4.00%Documents
JP Morgan US Equity Income Fund4.50%KIID
BlackRock Sustainable American Income Trust plc4.50%Documents
Regional and Global Holdings
Artemis Global Income Fund5.00%KIID
Henderson International Income Trust5.00%Documents
Sarasin Global Higher Dividend Fund5.00%KIID
Fidelity Global Enhanced Income Fund5.00%KIID
BlackRock Continental Europe Income Fund3.00%KIID
Threadneedle European Assets Trust plc3.00%Documents
MI Somerset Asia Income Fund3.00%KIID
Janus Henderson Asian Dividend Income Unit Trust3.00%KIID
Emerging Markets
Utilico Emerging Markets3.00%Documents
JP Morgan Global Emerging Markets Income Trust plc3.00%Documents

Important notes

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

The target or aim is to deliver a yield of 3%+ p.a., with growth being secondary, over ten years.

Do we guarantee a yield of 3% p.a. over a ten-year period?

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

Why do we have a benchmark?

This is slightly different to other portfolios in that we target a yield rather than a return. However, we use the AFI Balanced Index as a comparison. This comprises of the recommended portfolios of a panel of UK financial advisers. The portfolios were launched on 1 July 2022.

The first table shows the current yield vs the target yield. The second table is the total return performance over 1-year and since launch.

Income Portfolio4.92%
Positive Impact Income Portfolio4.49%
1-yearSince launch (p.a.)
Income Portfolio-2.75%0.63%
Positive Impact Income Portfolio-1.79%-4.02%

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.


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%
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.