Mixed Investment / Total Return

This is a more adventurous option than many other funds in the Mixed 40-85% Shares sector. Iain McCombie and Steven Hay invest in typical Baillie Gifford style – seeking out companies for their growth prospects.

The managers are true long-term investors and are currently invested largely in the UK, US and Europe. The managers also have the flexibility to invest in higher-risk emerging markets.

They change how much is invested in shares depending on their view of the world. Currently around 80% of the fund is invested in shares, with the remainder in bonds and cash to try to reduce volatility. The managers can also use derivatives to help them invest, which adds risk if used.

The fund’s adventurous approach has worked well over the long term. It’s normally done better than other mixed-asset funds when markets have been rising, but not so well when they’ve wobbled. That’s not an indication of future performance.

We admire the managers' approach and we’re confident they’ll stick with it through thick and thin. We think the fund’s low charges also make it excellent value.

Please note the fund currently has a holding in Hargreaves Lansdown plc shares.

The fund looks to dampen volatility and provide some shelter during market wobbles and aims to deliver 4% more than SONIA (the average interest rate major banks pay to borrow money from other banks) over five years. It could be a potential option for a defensive portfolio seeking steadier gains.

The fund is invested into a mix of assets that can be broadly described in two categories: long-term growth investments such as shares and corporate and emerging bonds, and investments that add stability to returns such as gold, government bonds and cash.

It’s underperformed its SONIA +4% benchmark over five years, with the challenging market conditions during 2022 causing the fund to lose value. It is particularly difficult for a fund like this when lots of different investments all lose value at the same time. We think the fund will beat its benchmark over the long term but there are no guarantees.

The team behind the fund have the flexibility to invest in emerging markets, derivatives and high yield bonds, which can add risk to the portfolio. Please note the fund's charges can be taken from capital. This increases the yield, but reduces the potential for capital growth.

This fund sits in the Flexible Investment sector but is more conservatively run than many other funds in the sector.

The fund is run using a team-based approach rather than managed by an individual. The team at Pyrford invests in a mix of shares, government bonds and cash. The amount invested in each asset depends on the team’s view of the world.

Bonds currently make up around 62% of the fund, reflecting the team’s cautious approach. The companies they invest in tend to be well-established ones from developed markets, but they also invest in some from higher-risk emerging markets.

The aim of the fund is to provide a modest long-term return while keeping volatility relatively low. On both counts the team has achieved this, but that’s no guarantee of future performance. The fund tends not to keep pace in a rising market, but it becomes more resilient during periods of poor market performance.

We think the Pyrford team is highly experienced and skilled and view the fund as a good option for potentially adding some stability to a portfolio.

This is an offshore fund, so investors aren’t normally entitled to compensation through the Financial Services Compensation Scheme.

This is a ‘fund of funds’ where Johanna Kyrklund and Remi Olu-Pitan primarily invest in funds run by other Schroders fund managers. Collectively those managers invest in a broad range of assets including global shares and bonds. They tend to favour shares in positive economic environments and bonds or cash in times of stress.

The aim of the fund is to deliver performance broadly in line with the IA Mixed Investment 40-85% shares sector. We think the fund managers are experienced and dedicated to what they do. We like the fact they are supported by a strong and well-resourced investment team.

The managers have the freedom to invest in derivatives and high yield bonds, which adds risk if used.

This fund lies within the Flexible Investment sector and looks to grow investors' money steadily over the long run, while limiting losses when markets fall.

The fund invests across of range of assets and tries to limit the ups and downs experienced in a portfolio that’s mainly invested in shares. Sebastian Lyon looks for established companies that can grow over the long term and endure difficult economic conditions. He also has the freedom to invest in higher-risk smaller companies.

The rest of the fund focuses on investments that could offer some stability during more difficult markets such as bonds, gold and cash. Avoiding large losses has been an important characteristic of the fund and it’s tended to come into its own and hold up well in weaker markets. We saw this during the global financial crisis in 2008 and again during the COVID-19 sell-off in 2020.

We like that the aim of the fund is simple, to shelter investors’ capital during uncertain economic times and grow it over the long term. It also looks to achieve a return that is above the rate of inflation which it has managed to do since it launched in May 2001. That’s not an indication of future performance.

The team behind the fund are experienced and we view the fund as an option to potentially add some stability to a portfolio. While the fund contains a diverse range of investments, it is concentrated. This approach means each investment can contribute significantly to overall returns, but it can increase risk.