Objective and Strategy: The portfolio aims to achieve returns in excess of UK CPI + 3% p.a. over rolling three year periods. Over any three year rolling period the portfolio should always deliver a positive return. Portfolio returns will be generated through interest income, dividend income and capital growth. The portfolio benchmark is the EAA Fund GBP Cautious Allocation category. The portfolio is a multi-manager portfolio ideally comprising at least two underlying funds and not more than six. Fund selection will be bias towards high Sortino ratios, low downside standard deviation and to managers and funds that have successfully navigated sustained negative market conditions. Where possible underlying funds will be given as many of the asset allocation decisions as possible. Underlying investments will be held in multiple first world currencies, however, all performance and risk statistics will be in GBP.
Investment Objective and Strategy
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Cumulative Growth Since Inception (GBP)
Trailing Returns (GBP)
Risk Measures
| Risk Metrics | IZA Global Stable Model Portfolio |
Benchmark |
|---|---|---|
| Standard Deviation* | 6.66 | 6.85 |
| Sharpe Ratio* | 1.00 | 0.50 |
| Sortino Ratio* | 0.65 | 0.28 |
*Annualised
Periodic Returns (GBP)
| Period | Iza Global Stable Portfolio GBP | EAA Fund GBP Allocation 40-60% Equity |
|---|---|---|
| 1 Month | -2.02 | -2.20 |
| 3 Months | 0.04 | -0.12 |
| 6 Months | 1.46 | -0.14 |
| YTD | 0.04 | -0.12 |
| 1 Year | 3.82 | 3.56 |
| 3 Years | 2.26 | 1.99 |
| 5 Years | 4.50 | 5.63 |
Asset Allocation
Monthly Portfolio Net Returns (GBP)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | B-Mark | — | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.53 | -0.41 | -2.02 | 0.04 | -0.12 | — | |||||||||
| 2024 | 0.24 | 1.00 | 2.44 | -1.26 | 0.89 | 1.25 | 0.59 | 0.44 | 0.41 | 0.45 | 1.29 | -0.32 | 7.76 | 6.65 | — |
| 2023 | 2.77 | -0.76 | -0.53 | 0.51 | -0.46 | 0.01 | 1.80 | -0.74 | -0.72 | -1.17 | 3.64 | 3.37 | 7.76 | — | — |
| 2022 | -5.71 | -2.58 | 1.21 | -2.98 | -2.63 | -4.04 | 4.97 | -1.97 | -4.41 | 0.73 | 2.51 | -0.65 | -14.96 | -10.62 | 13.71 |
| 2021 | -0.25 | -1.64 | 0.58 | 2.53 | -0.45 | 1.90 | 0.55 | 1.00 | -0.50 | 0.70 | 0.20 | -0.38 | 4.25 | 2.34 | 8.30 |
| 2020 | 0.58 | -3.22 | -5.41 | 4.99 | 2.65 | 1.52 | 0.84 | 1.96 | 0.49 | -0.74 | 3.30 | 2.24 | 9.11 | 4.09 | 3.59 |
| 2019 | 2.5 | 1.7 | 2.4 | 1.3 | -0.6 | 2.2 | 2.27 | -0.67 | -0.66 | -0.73 | 1.15 | 0.25 | 11.59 | 8.34 | 4.30 |
| 2018 | 0.1 | -0.5 | -1.6 | 1.4 | 1.7 | 0.6 | 1.3 | 0.8 | -0.6 | -2.7 | 0.4 | -3.1 | -2.4 | -2.75 | 5.10 |
Commentary
The first quarter of 2025 reminded investors that markets don’t move in straight lines , and neither do geopolitics. After years of U.S. outperformance, markets have entered a new regime shaped by trade wars, shifting fiscal priorities, and renewed global dispersion.
The quarter began with hopes that Donald Trump’s return to the White House would unleash another wave of tax cuts and deregulation. Instead, the world got tariffs. From steel and aluminum to autos and tech, the U.S. administration has reintroduced broadbased protectionist policies. These have not only spooked domestic growth expectations but also prompted a counter-punch from Europe in the form of €800 billion in defence and infrastructure spending.
The result: a highly volatile but telling quarter. U.S. equities wobbled, European and Chinese equities surged, and commodities (especially gold) soared, driven by inflation fears and geopolitical anxiety. Most notably, the MSCI World Index fell -6.8% in GBP in March alone, finishing Q1 down -4.8% , a sobering shift for anyone relying on passive cap-weighted exposure alone.
Meanwhile, bonds reasserted their value as portfolio stabilizers, particularly in the U.S., where Treasury yields dropped by 36bps and supported strong price gains. European sovereign bonds struggled, reflecting the anticipated debt burden of new fiscal packages, while emerging market credit held up surprisingly well on the back of a softer dollar and stable fundamentals.
Returns are based on the strategic underlying weightings of the funds and will not exactly reflect individual client returns. All returns are net of fund management fees, but exclude advice and administration fees. Prior to portfolio launch date, the performance is pro-forma using the actual underlying fund performances and is net of all fees and expenses.
*The performance information is based on the back-tested performance of hypothetical investments over the time periods indicated. “Back-testing” is a process of objec-tively simulating historical investment returns by applying a set of rules for buying and selling securities, and other assets, backward in time, testing those rules, and hypo-thetically investing in the securities and other assets that are chosen. Back-testing is designed to allow investors to understand and evaluate certain strategies by seeing how they would have performed hypothetically during certain time periods. While back-testing results reflect rigorous application of the investment strategy selected, back-tested results have certain limitations and should not be considered indica-tive of future results. The results achieved in our simulations do not guarantee future investment results.
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