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[Date.UTC(2023,8,20),25.92], [Date.UTC(2023,8,21),23.42], [Date.UTC(2023,8,22),23.2], [Date.UTC(2023,8,25),21.94], [Date.UTC(2023,8,26),23.52], [Date.UTC(2023,8,27),22.63], [Date.UTC(2023,8,28),23.16], [Date.UTC(2023,8,29),22.81], [Date.UTC(2023,9,2),20.74], [Date.UTC(2023,9,3),19.13], [Date.UTC(2023,9,4),19.87], [Date.UTC(2023,9,5),20.66], [Date.UTC(2023,9,6),21.91], [Date.UTC(2023,9,9),21.01], [Date.UTC(2023,9,10),23.26], [Date.UTC(2023,9,11),26.4], [Date.UTC(2023,9,12),29.55], [Date.UTC(2023,9,13),30.02], [Date.UTC(2023,9,16),28.42], [Date.UTC(2023,9,17),29.29], [Date.UTC(2023,9,18),28.07], [Date.UTC(2023,9,19),24.26], [Date.UTC(2023,9,20),23.79], [Date.UTC(2023,9,23),23.96], [Date.UTC(2023,9,24),24], [Date.UTC(2023,9,25),24.56], [Date.UTC(2023,9,26),22.75], [Date.UTC(2023,9,27),21.37], [Date.UTC(2023,9,30),23.87], [Date.UTC(2023,9,31),23.96], [Date.UTC(2023,10,1),24.8], [Date.UTC(2023,10,2),28.79], [Date.UTC(2023,10,3),24.66], [Date.UTC(2023,10,6),26.53], [Date.UTC(2023,10,7),27.09], [Date.UTC(2023,10,8),29.64], [Date.UTC(2023,10,9),27.5], [Date.UTC(2023,10,10),26.94], [Date.UTC(2023,10,13),27.32], [Date.UTC(2023,10,14),26.55], [Date.UTC(2023,10,15),26.24], [Date.UTC(2023,10,16),26.62], [Date.UTC(2023,10,17),29.39], [Date.UTC(2023,10,20),30.67], [Date.UTC(2023,10,21),29.39], [Date.UTC(2023,10,22),29.61], [Date.UTC(2023,10,23),30.2], [Date.UTC(2023,10,24),30.67], [Date.UTC(2023,10,27),29.94], [Date.UTC(2023,10,28),26.55], [Date.UTC(2023,10,29),27.29], [Date.UTC(2023,10,30),28.1],] //REMEMBER TO KEEP IN THE COMMA AT THE END AND THE SQUARE BRACKET. },{ // THIS LINE WILL APPEAR AT THE FRONT SO IF THERE IS A FOCUS, PUT THAT ONE HERE name: 'MSCI Europe ex UK Small Cap', color: '#FEE942', type: 'line', data: [[Date.UTC(2022,10,30),0], [Date.UTC(2022,11,1),0.2], [Date.UTC(2022,11,2),0.79], [Date.UTC(2022,11,5),1.14], [Date.UTC(2022,11,6),-0.55], [Date.UTC(2022,11,7),-1.17], [Date.UTC(2022,11,8),-0.86], [Date.UTC(2022,11,9),-0.45], 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[Date.UTC(2023,7,17),2.01], [Date.UTC(2023,7,18),1.15], [Date.UTC(2023,7,21),1.04], [Date.UTC(2023,7,22),1.45], [Date.UTC(2023,7,23),1.9], [Date.UTC(2023,7,24),1.47], [Date.UTC(2023,7,25),1.66], [Date.UTC(2023,7,28),2.99], [Date.UTC(2023,7,29),4.04], [Date.UTC(2023,7,30),3.77], [Date.UTC(2023,7,31),3.87], [Date.UTC(2023,8,1),3.69], [Date.UTC(2023,8,4),3.51], [Date.UTC(2023,8,5),2.87], [Date.UTC(2023,8,6),2.84], [Date.UTC(2023,8,7),1.95], [Date.UTC(2023,8,8),1.99], [Date.UTC(2023,8,11),2.47], [Date.UTC(2023,8,12),2.01], [Date.UTC(2023,8,13),1.56], [Date.UTC(2023,8,14),2.75], [Date.UTC(2023,8,15),2.68], [Date.UTC(2023,8,18),1.75], [Date.UTC(2023,8,19),1.78], [Date.UTC(2023,8,20),3.28], [Date.UTC(2023,8,21),2.12], [Date.UTC(2023,8,22),2.09], [Date.UTC(2023,8,25),1.06], [Date.UTC(2023,8,26),0.13], [Date.UTC(2023,8,27),-0.17], [Date.UTC(2023,8,28),0.25], [Date.UTC(2023,8,29),1.63], [Date.UTC(2023,9,2),0.44], [Date.UTC(2023,9,3),-1.39], [Date.UTC(2023,9,4),-2.05], [Date.UTC(2023,9,5),-1.52], [Date.UTC(2023,9,6),-1.08], [Date.UTC(2023,9,9),-1.62], [Date.UTC(2023,9,10),0.44], [Date.UTC(2023,9,11),0.31], [Date.UTC(2023,9,12),0.47], [Date.UTC(2023,9,13),-0.97], [Date.UTC(2023,9,16),-0.66], [Date.UTC(2023,9,17),-0.75], [Date.UTC(2023,9,18),-2.13], [Date.UTC(2023,9,19),-2.78], [Date.UTC(2023,9,20),-4], [Date.UTC(2023,9,23),-4.71], [Date.UTC(2023,9,24),-4.08], [Date.UTC(2023,9,25),-5.17], [Date.UTC(2023,9,26),-5.37], [Date.UTC(2023,9,27),-5.15], [Date.UTC(2023,9,30),-4.36], [Date.UTC(2023,9,31),-3.38], [Date.UTC(2023,10,1),-3.36], [Date.UTC(2023,10,2),-0.7], [Date.UTC(2023,10,3),0.03], [Date.UTC(2023,10,6),-0.65], [Date.UTC(2023,10,7),-0.86], [Date.UTC(2023,10,8),-0.17], [Date.UTC(2023,10,9),1.53], [Date.UTC(2023,10,10),0.82], [Date.UTC(2023,10,13),1.13], [Date.UTC(2023,10,14),3.92], [Date.UTC(2023,10,15),4.95], [Date.UTC(2023,10,16),3.66], [Date.UTC(2023,10,17),5.04], [Date.UTC(2023,10,20),5.57], [Date.UTC(2023,10,21),4.06], [Date.UTC(2023,10,22),4.58], [Date.UTC(2023,10,23),4.45], [Date.UTC(2023,10,24),4.58], [Date.UTC(2023,10,27),4.3], [Date.UTC(2023,10,28),3.98], [Date.UTC(2023,10,29),4.85], [Date.UTC(2023,10,30),4.47],] //REMEMBER TO KEEP IN THE COMMA AT THE END AND THE SQUARE BRACKET. },{ // THIS LINE WILL APPEAR AT THE FRONT SO IF THERE IS A FOCUS, PUT THAT ONE HERE name: 'MSCI Europe ex UK', color: '#B11021', type: 'line', data: [[Date.UTC(2022,10,30),0], [Date.UTC(2022,11,1),-0.32], [Date.UTC(2022,11,2),-0.14], [Date.UTC(2022,11,5),-0.07], [Date.UTC(2022,11,6),-0.98], [Date.UTC(2022,11,7),-1.37], [Date.UTC(2022,11,8),-1.26], [Date.UTC(2022,11,9),-1.04], [Date.UTC(2022,11,12),-1.38], [Date.UTC(2022,11,13),-0.06], [Date.UTC(2022,11,14),-0.06], [Date.UTC(2022,11,15),-1.52], [Date.UTC(2022,11,16),-2.37], [Date.UTC(2022,11,19),-2.36], [Date.UTC(2022,11,20),-2.26], [Date.UTC(2022,11,21),-0.57], [Date.UTC(2022,11,22),-1.02], [Date.UTC(2022,11,23),-1.19], [Date.UTC(2022,11,26),-1.19], [Date.UTC(2022,11,27),-0.13], 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[Date.UTC(2023,9,12),16.57], [Date.UTC(2023,9,16),16.19], [Date.UTC(2023,9,18),15.54], [Date.UTC(2023,9,20),13.83], [Date.UTC(2023,9,24),12.86], [Date.UTC(2023,9,26),12.73], [Date.UTC(2023,9,30),13.94], [Date.UTC(2023,10,1),14.48], [Date.UTC(2023,10,3),16.9], [Date.UTC(2023,10,7),16.32], [Date.UTC(2023,10,9),18.92], [Date.UTC(2023,10,13),19.8], [Date.UTC(2023,10,15),21.88], [Date.UTC(2023,10,17),23.85], [Date.UTC(2023,10,21),24.14], [Date.UTC(2023,10,23),24.88], [Date.UTC(2023,10,27),24.8], [Date.UTC(2023,10,29),26.11], [Date.UTC(2023,10,30),25.59] ] //REMEMBER TO KEEP IN THE COMMA AT THE END AND THE SQUARE BRACKET. }, ] }); }); 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Over the course of a year, that’s just over 45 days. In an age where so much of our time is spent online, the relationship between our digital rights and human rights has never been so topical. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our human rights are the basic freedoms and protections that belong to every person, regardless of your job, country, race, or beliefs. Digital rights are a specific application of traditional human rights, adapted to cover technology, the internet and data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There is a small group of technology giants – the likes of Alphabet (Google), Meta, Microsoft, Amazon, and Apple – that have extraordinary influence over the infrastructure, services, and norms that shape our online lives. Their collective market power lets them set the terms of digital engagement for billions of people worldwide. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This power can be even more worrying in crisis situations like these, where those viewing the content are less likely to have alternative sources of information to counterbalance, contextualise and debunk inflammatory or false rhetoric. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If deemed complicit, companies at the centre of human rights controversies can face adverse market reactions. This can result in reduced investor confidence and share price volatility. A study of over 400 US companies found that their expected returns dropped by up to 2% in the period following reports of human rights and discrimination misconduct.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The risks to child safety","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Children and young people are growing up in a world where their personal data is collected, tracked, and shared from the first time they download a game, to their first social media account, or to their use of online education platforms. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Platforms are known to employ features like infinite scroll, autoplay, and recommendation algorithms to keep kids hooked. These features are particularly risky for children less able to disengage from addictive experiences. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the UK, online platforms had until the end of September to implement automated technology to detect and prevent the sharing of illegal images, including deepfakes. If firms fail to comply, they could face significant penalties, including fines of up to 10% of their global revenue. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, this could see a direct impact on their returns.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What is the financial cost?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The consequences are no longer theoretical. Big Tech is already facing legal, financial and reputational costs of treating human rights as an afterthought. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Social media giant Meta is the latest company to come under fire. Last month they agreed to a $16.7bn settlement to resolve claims that Facebook and Instagram caused harm to children through addictive design features and misrepresenting the associated risks to wellbeing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This demand for stricter regulation and accountability by Big Tech firms is being felt worldwide. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brazil’s National Data Protection Authority (ANPD) fined TikTok’s parent company ByteDance close to $30mn for the unlawful processing of personal data belonging to children and teens. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Large fines have a direct impact on a company’s earnings, while ongoing legal disputes can create market uncertainty and weigh on valuations. It remains to be seen whether such fines are merely a bump in the road or enough to trigger a real improvement in their digital and human rights practices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As AI and social media become more deeply embedded in daily life, the defining question is not whether these companies can innovate faster, but whether they can build systems that protect people as deliberately as they capture our attention.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Investment ideas ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re not sure whether investing is right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds won’t be right for everyone. Investors should invest only if a fund matches their objectives and there’s a specific need for the type of investment being made, they understand its risks and charges, and it forms part of a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more detail on each fund, its charges and specific risks, please see their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"IHbnzPHm7D7NsHmwOEpSh","type":"Entry","createdAt":"2026-10-02T15:51:45.830Z","updatedAt":"2026-10-02T15:51:45.830Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BLH3923","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Janus Henderson UK Responsible Income","nodeType":"text"}],"nodeType":"heading-3"},{"data":{},"content":[{"data":{},"marks":[],"value":"This fund aims to provide a good level of income alongside capital growth over the long term. While it invests across a broad range of UK companies, its responsible investment approach means human rights considerations form part of the way companies are assessed. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Manager Andrew Jones invests in companies with proven business models and good management teams generating resilient profits and cash flows. The focus is on large and medium-sized companies, although the manager can invest in higher-risk smaller companies too.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The investment process starts by excluding companies with significant involvement in areas some investors consider unethical, like alcohol, armaments, gambling, non-medical animal testing, nuclear power, tobacco and fossil fuel power generation. 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","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The index increases investments in companies that score well against these ESG factors and reduces exposure to companies that score poorly. This means the fund may hold more or less of some of the large technology companies than the broader index, depending on LGIM’s assessment and its engagement with company management.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The fund won't invest in persistent violators of the UN Global Compact Principles and companies that are involved in controversial weapons. 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Remember, though, that yields and income aren’t guaranteed and can change over time","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund features on our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" of funds chosen by our analysts for their long-term performance potential","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/b/blackrock-continental-european-income-class-d-accumulation"},"content":[{"nodeType":"text","value":"BlackRock Continental European Income","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to pay investors an income and grow their investment over time. The managers mainly invest in larger, more established European businesses but have the flexibility to invest in higher-risk small and medium-sized businesses as well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think that the fund could work well in an investment portfolio focused on income or provide diversification to European and other global funds focused on growth. The managers also aim to provide some resilience during turbulent markets, which could provide some balance in a more adventurous portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brian Hall started his investment career in 1999, joined BlackRock in 2007, and became co-manager of this fund in March 2021. He has a long track record of investing in European companies and has focused on value companies – those that have been through a tough time that the manager believes is temporary or where the share price doesn’t reflect the future potential. This style is complementary to income investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hall has also managed the BlackRock GF European Value fund since December 2010 and co-managed another European income fund (which unlike this fund includes some investment in UK companies) since 2021. We think that this is a reasonable workload as each fund’s managed with a similar investment process, and there’s a degree of overlap.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stuart Brown previously spent 11 years at Aberdeen and has managed European income funds since January 2021. He joined BlackRock in July 2024. We believe that Hall and Brown have so far built a productive working relationship, valuing each other’s experience and skillsets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers also work closely with and draw on the support of the wider European team at BlackRock, where idea sharing, challenge and debate are encouraged. It’s currently one of the largest teams covering European shares in the industry, and we hold the team in high regard. There have been several changes to the team over the years, which we’ll continue to monitor alongside any impact on this fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to provide a growing income, with the potential for long-term growth. To achieve this, the managers can invest in both ‘growth’ and ‘value’ stocks, but their overall approach is a focus on business quality. They balance quality dividend-paying companies with the potential for dividend growth over time, with companies that pay a higher income now but perhaps have less potential for growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers also aim for the fund to be less volatile than others investing in Europe and to provide some resilience during tough markets. Therefore, they consider how cash generative a business is and how resilient they think it’ll be in a market downturn. This typically leads them to avoid certain parts of the market, like autos and airlines.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers divide the fund into three areas. About half is invested in companies offering a higher yield (a measure of income) than the market, 30% in more resilient businesses with the potential to grow earnings and dividends, and 20% in lower-yielding companies with greater potential for capital and dividend growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The types of companies held within each portion has evolved alongside a changing market backdrop. In a recent meeting, the managers explained that strong share price performance from banks and insurers has reduced the yields available from the higher-yielding portion of the fund, although they continue to find opportunities in these sectors. These include Spanish bank CaixaBank and Dutch insurer ASR Nederland. Overall, the managers favour financial businesses that they consider to be more resilient.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund used to invest more in consumer staples and healthcare companies for resilience. The managers have become more cautious because some of these businesses have struggled to grow. Instead, they’ve found more opportunities in industrial companies with recurring revenues and pricing power, such as elevator manufacturer Kone and lock maker Assa Abloy. The fund also invests in companies including Schneider Electric and Siemens, which could benefit from long-term investment in electrification and data centres.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have also increased investments in utilities, including RWE and SSE. They believe spending on electricity grids and other infrastructure should support earnings and dividend growth in the sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The lower-yielding part of the fund can contain companies where the managers expect an improvement in earnings and cash flow to lead to share price growth. ASML, which makes equipment used to manufacture semiconductors, is one example. Its current yield is low, but the managers believe that demand linked to artificial intelligence (AI) could support earnings, cash flow and dividend growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over time, the managers typically invest in 40-70 companies, (it is currently 52), so the fund can be concentrated. This means that each investment could have a meaningful impact on performance, which increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund lends some of its investments to others in exchange for a fee in a process known as stock lending. This process can add risk.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock is the largest asset manager in the world. The company was founded in 1988 by eight partners including current CEO Larry Fink and is known for both active and tracker funds across the world. Employees at BlackRock are encouraged to hold shares in the company so that they are engaged with helping the company perform well and grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The culture within the European investment team is also strong. At all levels, debate and challenge is encouraged, and the team works closely together daily. Managers and analysts both make good use of the overlap between other teams, which helps with idea generation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock’s incentive structure rewards fund managers for good long-term performance. They’re also encouraged to invest in the funds that they run. We think that this aligns fund managers’ interests with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock made a company-wide commitment to ESG (environmental, social and governance issues) only in January 2020, at which point it required all fund managers to consider ESG risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock’s Investment Stewardship Team aims to vote at 100% of meetings where it has the authority to do so. They engage with companies, in conjunction with fund managers, and the results of proxy votes can be found on their website. That said, BlackRock has faced criticism in recent years for the limited support that it has given to shareholder resolutions focused on climate and other environmental and social issues. Although the firm has increased transparency around its voting activity and now routinely provides rationales for key votes, its support for environmental and social shareholder proposals has declined sharply.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2024, BlackRock announced that its US arm would step back from the Climate Action 100+ collective engagement initiative, citing legal considerations, although it suggested its international arm would remain a member.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of this fund, the team has always considered ESG in their research, particularly the strength of governance. This part of the process has evolved over time, though. The developments have added to the depth of their analysis, their coverage of ESG considerations and their levels of engagement. ESG is fully integrated into their risk analysis as well and features in the stock selection criteria.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As the fund doesn’t specifically target an ESG score or outcome, managers are in charge of making investment decisions. They need to take ESG criteria into consideration but there are no limitations on what the fund can invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As at the end of June, the fund invests 16.66% in companies involved with the extraction of oil, gas or coal. This could leave the fund vulnerable to fluctuations in commodity prices, regulatory changes aimed at reducing carbon emissions, and potential shifts in consumer preferences towards sustainable alternatives.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.91%. We think that this is a reasonable price to access a team whom we hold in high regard. The HL platform fee of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note that the fund's charges can be taken from capital rather than income. This increases the yield but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Hall became the fund’s co-manager in February 2021, the fund has grown 67.17%* to the end of August 2026, compared with 66.26% for the average fund in the IA Europe excluding UK sector. The fund has also tended to experience fewer ups and downs than its peers. As the fund is more defensive, we don’t expect it to fall as much as others in periods of uncertainty but expect it to lag when markets rise quickly, though it won’t always perform that way. Remember that past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently, during the last 12 months to the end of August 2026, the fund has grown 14.64% compared with 17.77% for the average fund in the sector.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s more defensive approach held it back over the year as market returns were driven by a relatively narrow group of companies, particularly banks and businesses benefiting from investment in AI. The managers had meaningful exposure to banks but maintained broader diversification and invested less in technology than the wider market as the sector doesn’t tend to pay much of an income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investments in industrial companies were mixed. More defensive holdings such as Kone and Assa Abloy failed to keep pace with the rising market, though the managers remain positive about their longer-term outlook. In contrast, some investments linked to electrical equipment, data centres, aerospace and defence performed more strongly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Not owning ASML at the beginning of the period detracted from performance. The managers later invested after reassessing its prospects and concluding that increased demand linked to AI could support stronger earnings. It’s now one of the fund’s largest investments. 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Discover the sectors leading gains, how funds performed and the key risks investors face.","publishedDate":"2026-09-23","categories":["$10:props:data:authorArticles:0:fields:authors:1:fields:categories:1","$10:props:data:authorArticles:0:fields:authors:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6JIyxrK3PXTLR61IXsYck5","type":"Entry","createdAt":"2026-09-22T16:03:49.077Z","updatedAt":"2026-09-22T16:03:49.077Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"European markets have delivered strong returns during the past year, but those gains have not been evenly spread. A relatively narrow group of sectors and companies has led the market, creating a more challenging backdrop for some active managers and a useful reminder of how quickly investment styles can move in and out of favour.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Winners have included Banks, which benefited from higher interest rates and improved profitability, and technology companies have been supported by enthusiasm around artificial intelligence (AI). Utilities and industrial businesses have also benefited from expectations of increased investment in infrastructure, energy security and electrification.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure whether an investment is right for you, ask for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice"},"content":[{"nodeType":"text","value":"financial advice","marks":[],"data":{}}]},{"nodeType":"text","value":". Investments and any income they produce can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why market leadership has mattered","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the 12 months to the end of August 2026, the broader European market, as measured by the MSCI Europe ex UK index, has delivered strong returns of 20.32%*. However, the greatest returns were concentrated in a relatively small number of sectors and companies. As always, past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Banks were among the strongest-performing areas of the market, returning almost 46% during the year. Technology stocks also delivered strong gains, and utilities outperformed the broader market. Mining produced one of the most striking performances, rising 89.19%, although it was considerably more volatile along the way. By contrast, consumer-facing sectors struggled.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The concentration of returns in some areas has had notable implications for investors and active fund managers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many active fund managers, particularly those focused on high-quality businesses, have found it difficult to keep pace with a market increasingly driven by a narrower group of cyclical and economically sensitive sectors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is not unique to Europe. Similar dynamics have played out across several global markets in recent years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Quality-focused managers typically favour businesses with durable competitive advantages, strong balance sheets, resilient cashflows and more predictable long-term growth prospects. They often avoid companies whose fortunes are closely tied to the economic cycle.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the past year, investors have tended to favour more cyclical parts of the market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Financial companies have benefited from higher interest rates, and industrial and infrastructure-related businesses have been supported by expectations of increased government spending. These aren’t areas where quality-focused funds tend to be heavily invested.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, investment styles have produced different outcomes. European value stocks returned almost 25% during the year, ahead of growth stocks, which returned 16.10%, although still a strong positive return during the period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, this is a reminder that a rotation in investment styles can create significant performance differences between funds, even when managers remain disciplined and continue to follow their investment process. 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*Lipper IM to 30/08/2026.","caption":"Past performance isn't a guide to future returns."}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3PsWOYsc5tXNgt24Da7rKZ","type":"Entry","createdAt":"2026-09-22T16:03:49.178Z","updatedAt":"2026-09-22T16:03:49.178Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"internalTitle":"Why rising US interest rates haven’t derailed the stock market","image":true,"position":"Pull out 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/wealth-shortlist-update-blackrock-european-dynamic"},"content":[{"nodeType":"text","value":"addition of BlackRock European Dynamic","marks":[],"data":{}}]},{"nodeType":"text","value":" to the Wealth Shortlist. The fund was added following a detailed review of the manager, investment process, team and long-term performance potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund provides investors with access to larger European companies through a flexible, growth-oriented investment approach. Although the managers have a growth bias, they’re not constrained to a narrow style or part of the market. Instead, they seek opportunities wherever they believe that future earnings growth is not fully appreciated by other investors. In a market where leadership has been narrow and style rotations have been significant, we think that this flexibility could be useful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re also impressed by the depth of BlackRock's European equities team, the breadth of research resources available to them and a culture that encourages constructive challenge and debate. These factors give us confidence that the team is well positioned to identify investment opportunities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why investors are watching Germany","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Politics is rarely the most important driver of long-term investment returns. However, the AfD’s strong result in a recent German state election has drawn attention to the pressure on Europe’s largest economy and the more fragmented political backdrop facing policymakers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Germany has faced a difficult few years. Higher energy costs, weaker industrial activity and slowing global trade have all weighed on growth. The AfD’s stronger showing underlines growing voter dissatisfaction and the pressure on mainstream parties to respond to Germany’s economic challenges. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Expectations of higher government and investment spending, particularly in infrastructure and defence, could remain relevant for parts of the European market exposed to those themes. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This creates both opportunity and risk. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Share prices can rise before any economic benefits are realised, and companies exposed to these themes could face headwinds if spending plans prove difficult to implement or investor expectations become too optimistic. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why higher-for-longer rates matter for Europe","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The European Central Bank (ECB) was also in focus this month, raising interest rates by a further 0.25% to 2.50%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The message from central banks can sometimes matter as much as the rate decision itself. The ECB warned that inflation is likely to remain above its 2% target for longer than previously expected. Rising energy prices, geopolitical tensions and resilient economic activity in some areas mean that the ECB now expects inflation to average 2.5% next year and doesn’t expect inflation to return to target until late 2027. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1C2El8cHwYseTklssEAq2L","type":"Entry","createdAt":"2026-09-22T16:03:49.240Z","updatedAt":"2026-09-22T16:03:49.240Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, markets are anticipating additional interest rate rises in the coming months. This is a shift from earlier in the year, when many investors expected central banks to gradually reduce interest rates. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has implications for different parts of the stock market. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher interest rates have been one reason that banks have performed strongly over the past year. Banks typically earn more from lending when interest rates rise, which can boost profitability and improve earnings expectations.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"By contrast, higher rates can be more challenging for growth companies. Higher borrowing costs can weigh on expansion plans, and investors also tend to place lower valuations on profits expected further into the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the positive side, the ECB also revised its growth forecasts higher, suggesting that the economy may be more resilient than previously expected. Stronger growth can be supportive for company earnings, though it can also contribute to higher inflation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That combination can have different effects across the market. 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[@ is-europe-a-better-investment-than-many-investors-think]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"European companies are more global, diversified and profitable than many investors realise. Discover why Europe could deserve a place in your portfolio.","publishedDate":"2026-09-10","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4WeyrMMrrs3yq6ZuglPhI2","type":"Entry","createdAt":"2026-09-10T10:16:53.933Z","updatedAt":"2026-09-10T10:16:53.933Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":19,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When investors think about Europe, the same themes usually come up – slow economic growth, political tensions, energy challenges and even rising competition from China.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There's truth in some of those concerns. But the European stock market is potentially quite different from these perceptions that are based just on the past.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many of the region's largest companies generate most of their revenues outside Europe, corporate profitability has improved, and the makeup of the market has evolved during the past two decades.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, could investors be underestimating what Europe has to offer?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more. If you’re not sure what’s right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Europe’s stock market is more global than its economy","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors sometimes dismiss Europe because they confuse the economy with its stock market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Economic growth does matter, but many listed European companies are global businesses whose fortunes are not tied solely to spending by European households.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"About 60% of revenues generated by European-listed companies now come from outside Europe. That's up from about 40% during the global financial crisis. In fact, a quarter of revenues made by companies in the STOXX Europe 600 market come from North America.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, European share prices aren’t based purely on the success of the European economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The region's largest listed businesses include pharmaceutical companies, industrial firms, banks, and technology companies that serve customers around the world. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That includes global leaders like ASML in semiconductors, Roche and Novartis in healthcare, and SAP in software, alongside long-established names like Nestlé and Heineken that remain familiar to many investors. Their success often depends as much on global demand as it does on conditions at home.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That’s been evident recently. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"During the past year to the end of August 2026, the European market has marginally outperformed the US, with a return of 20.32%* compared with 19.96%. Investor perception of a region does not always keep pace with what’s happening in markets. Remember, however, that past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Earnings growth has started to improve","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earnings growth in Europe was weaker in the past. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"According to BlackRock, earnings growth across European markets was effectively zero between 2007 and 2019. If companies aren't growing earnings, then it's difficult for a market to deliver attractive long-term returns. That's one reason that many investors gravitated towards the US, where corporate earnings growth was stronger.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently, though, the picture has started to look more positive. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many European companies have been reporting better-than-expected profits, and analysts have been increasing their forecasts for future earnings. Analysts expect earnings growth of around 17.8% in 2026. That suggests that company performance in Europe is improving, although these forecasts can still change as these figures aren’t guaranteed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, the earnings backdrop looks healthier than the one that shaped perceptions of Europe over much of the previous decade.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Europe’s market has changed over time","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ask many investors what comes to mind when they think about European stock markets, and they'll often mention banks, car manufacturers, and industrial businesses. Those sectors remain important, but the market has evolved over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Take the automotive sector. Although competition from Chinese manufacturers and the challenges facing German industry sometimes make headlines, auto companies currently account for about only 1% of the European stock market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"European banks are also often viewed as part of \"old Europe\", seen as offering limited growth potential. Yet European bank shares have outperformed US mega-cap technology stocks in the three years to 31 August 26, a surprising outcome given the dominance of artificial intelligence (AI) and technology-related investment themes in recent years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That doesn't mean that investors should rush to buy bank shares. But it is another reminder that the assumptions that many investors hold about Europe aren't always reflected in market outcomes.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today's European market offers exposure to a diverse range of sectors, including healthcare, industrial automation, infrastructure, defence, utilities and financial services. This provides important diversification alongside other markets like the US that are more heavily tilted towards areas including AI and technology.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The role of Europe in a diversified portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The investment case for Europe is not necessarily about predicting that it will beat other markets. It's about recognising that investors can benefit from exposure to different regions, sectors and drivers of return. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investment portfolios that have become increasingly concentrated in the US or technology, after a prolonged period of strong performance, Europe offers access to different opportunities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many of the challenges facing the region are well understood, but people pay less attention to the changes that have taken place beneath the surface. That's why some investors could be underestimating Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here are some fund ideas for investing in Europe from our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" is not right for everyone. Investors should invest only if the fund's objectives are aligned with their own and there's a specific need for the type of investment being made. 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However, it’s more flexible than some other growth funds. The managers invest where they find attractive earnings opportunities, rather than being restricted to a narrow part of the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think the fund could work well as part of the European portion of a broader investment portfolio, or within a global portfolio focused on long-term growth. Its focus on larger European companies and flexible growth approach means it could sit alongside funds using a more value- or income-focused approach.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Giles Rothbarth, who joined BlackRock's European equities team in 2012. He became backup manager in 2015, formal co-manager in 2019 and lead manager in 2021. He’s also co-head of BlackRock's European equities team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rothbarth spent many years working alongside highly regarded investor Alister Hibbert, who previously managed the fund. We think this period of overlap helped provide continuity and gave Rothbarth the opportunity to develop within a strong investment culture before taking full responsibility for the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alexandra Dangoor became co-manager in 2026. She joined BlackRock in 2016 and has spent several years in the European equities team. She was previously co-manager of the BlackRock European Greater Europe investment trust from 2023. She’s worked alongside experienced investors within the team including Rothbarth over this time, and we think she provides important support to the fund’s management.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More broadly, the fund benefits from the support of one of the largest and most experienced European equity teams in the industry. We view this as an advantage over some peers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers believe that detailed company research can uncover opportunities where future earnings growth is not fully reflected in share prices. The fund is growth-focused, with a particular emphasis on company earnings and cashflow growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As part of their research, the team regularly meets companies and uses extensive data and a framework to assess potential investments. Ideas are debated across the wider team, which provides important challenge.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team looks at companies through three broad lenses: wealth, resilience and change. In simple terms, they want to identify businesses they believe can create value for shareholders, understand how resilient those businesses are through different market conditions, and assess whether change within a company or industry could lead to stronger future earnings and cashflows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is focused on the managers’ highest-conviction ideas. This means it can look quite different from the benchmark and so performance can also be quite different at times. It invests in a relatively small number of companies – currently 42 – which means each one can have a meaningful impact on performance and increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers use a flexible approach, which means they don’t only focus on more traditional high-growth areas that some other growth managers focus on. For example, the managers currently find ideas across the industrials and financials sectors. In recent years they have increased investments in banks and some more economically sensitive (cyclical) businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this flexibility positively. Importantly, the managers don’t invest in these companies simply because their share prices look lowly valued. They invest when they believe earnings growth and future upgrades are stronger than other investors currently recognise. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Current investments include semiconductor businesses ASML and ASM International, alongside financial companies such as UniCredit and ABN AMRO. While these businesses operate in different industries, the managers are positive about their future earnings growth prospects.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock is one of the world's largest asset managers and provides extensive research, risk management and technology resources. The European equities team benefits from a highly collaborative culture and significant analytical support.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In our meetings with the team, we’re impressed by their intellectual curiosity, depth of analysis and willingness to challenge each other's views. We think this culture of constructive debate is one of the team's greatest strengths and contributes to better investment decisions over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There has been some recent change within the wider European equities team, including the departure of some portfolio managers. However, the team remains well resourced and has added experienced investors. We’ll continue to monitor team stability, but we don’t currently view the changes as a concern for this fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock believes environmental, social and governance (ESG) factors can provide valuable insight into the risks and opportunities facing companies. As one of the world's largest asset managers, it has significant ESG research, stewardship and analytical resources that can be accessed by its investment teams.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the firm has attracted criticism from various groups regarding its approach to ESG and stewardship. Some investors have argued BlackRock has not gone far enough in encouraging companies to improve environmental and social practices, while others believe it has taken too active an approach on sustainability issues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund doesn’t have a specific sustainability target. Instead, ESG considerations are integrated into the team's research process. Analysts assess factors such as governance quality, capital allocation, environmental liabilities and stakeholder relationships. These considerations can affect conviction levels but are not used as simple pass-or-fail criteria.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.91%. We think this is a reasonable price to access a team we hold in high regard. The HL platform fee of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform fee applies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both a buy and sell instruction will be subject to HL dealing charges. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/charges"},"content":[{"nodeType":"text","value":"Find out more about our charges","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Rothbarth has built a strong track record since being involved with the fund. The fund has grown 140.71%* since he became co-manager in 2019, outperforming the FTSE World Europe ex UK Index return of 116.79% and 105.55% for the average fund in the IA Europe ex UK sector. As always, past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stock selection has been a driver of long-term returns. We view this positively because it suggests the team's company research has added value over time, rather than performance being driven only by being in the right sector or investment style at the right moment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like all funds, this one won’t perform well in every environment. It struggled compared with the broader market in 2022, for example, when rising interest rates and a rotation towards value and cyclical companies hurt many growth-focused funds. The outperformance of value has also held back returns over the past year, though it still grew 8.74%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, we expect the fund to perform well when the growth-style of investing is broadly in favour. It could lag when value investing leads the market sharply. 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[@ 5-funds-to-watch-for-2026-how-have-the-funds-performed-so-far]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"How have our five funds to watch performed in the first half of 2026? See how they've performed, what's driven returns and what could lie ahead.","publishedDate":"2026-07-30","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5nF2ssdXpReV7RPysUbzfc","type":"Entry","createdAt":"2026-07-30T14:22:42.398Z","updatedAt":"2026-07-30T14:22:42.398Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Markets rarely move in a straight line, and the first six months of 2026 was no exception.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors have had plenty to consider. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation has continued to shape the outlook for interest rates, geopolitical tensions have remained elevated, and the artificial intelligence (AI) theme has continued influencing which companies and regions have led markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the same time, different investment styles have moved in and out of favour, with some parts of the market performing much better than others.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Against that backdrop, our five funds to watch for 2026 have all grown in value over the first six months of the year. Four of the five have also performed better than the average fund in their respective peer group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Now that’s encouraging, but it’s also important not to read too much into such a short period of performance. Six months is a very short timeframe, and all these funds were selected with a long-term role in mind – at least five years.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"11P5ADymASQsSMhr1j5uh4","type":"Entry","createdAt":"2026-07-30T14:22:42.413Z","updatedAt":"2026-07-30T14:22:42.413Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"article":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"35Z2WEf91y1J5v0dDhWejT","type":"Entry","createdAt":"2025-12-16T14:58:23.774Z","updatedAt":"2025-12-19T16:11:40.700Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":48,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Millennium Mint","titleAndPath":"5 funds to watch for 2026 [@ 5-funds-to-watch-for-2026]","articleType":"$10:props:data:authorArticles:0:fields:articleType","featuredImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2EfZcxr0VLbc9oDUFNf5IL","type":"Asset","createdAt":"2025-12-16T14:58:23.764Z","updatedAt":"2025-12-16T14:58:23.764Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"locale":"en-US"},"fields":{"title":"5 funds to watch 2026","description":"5 funds to watch 2026 article image.","file":{"url":"//images.hl.uk/vvl3z0p6qtad/2EfZcxr0VLbc9oDUFNf5IL/166fac6393cd42b8b8a1f2b10e92dda0/5_Funds.png","details":{"size":103600,"image":{"width":1261,"height":841}},"fileName":"5 Funds.png","contentType":"image/png"}}},"intro":"Our expert fund research team’s top investment picks for 2026 and beyond. ","publishedDate":"2025-12-16","categories":["$10:props:data:authorArticles:0:fields:categories:1",{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6buqWjeUnoLKyAIPfrFJmv","type":"Entry","createdAt":"2023-10-25T09:05:25.498Z","updatedAt":"2024-01-17T09:09:14.488Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":21,"revision":7,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Personal finance [@ news/personal-finance]","mobileCategoryId":"personalFinance"}},"$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7CxwLmDOPE0NwxsDKXT5Go","type":"Entry","createdAt":"2025-12-16T14:58:23.925Z","updatedAt":"2025-12-16T14:58:23.925Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As we head into 2026, investors once again face a world full of moving parts. Markets showed remarkable resilience in 2025, but uncertainty remains high. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"Inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" remains elevated in some countries, while ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" are still settling and are expected to fall further in 2026. Geopolitical tensions persist, and elections across several major economies could add further ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=price%20should%20be.-,Volatility,-Volatility%20is%20a"},"content":[{"nodeType":"text","value":"volatility","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It might sound daunting, but periods of uncertainty often create some of the best opportunities for long-term investors. Trying to second-guess short-term market moves rarely pays off. Instead, making sure your portfolio is well balanced, across different regions, sectors, and asset types, can help smooth the ride through whatever comes next.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Market concentration has also remained a growing theme. A small number of large US companies have driven much of the market’s recent gains. While these firms have delivered impressive results and they still can if revenues continue to grow, it’s important to remember that ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" remains key. A broader approach can help reduce ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/risk"},"content":[{"nodeType":"text","value":"risk","marks":[],"data":{}}]},{"nodeType":"text","value":" and uncover opportunities that may be overlooked elsewhere.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3LfOxauUxRJs1BjDlDrXv9","type":"Entry","createdAt":"2025-12-16T14:58:23.982Z","updatedAt":"2025-12-16T14:58:23.982Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Here we highlight five ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" covering a range of areas we think could be worth considering for the year ahead and beyond. Together they demonstrate that even in uncertain times, there are plenty of places to invest for the long term, and by this we mean at least five years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. Investors should only invest if the fund’s objectives are aligned with their own, and there’s a specific need for the type of investment being made.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should understand the specific risks of a fund before they invest, and make sure any new investment forms part of a diversified portfolio. Once invested, it’s important investors check in on their portfolio from time to time, to make sure investments are still in line with their goals. For more details on each fund including its charges and risks, use the links to their factsheets and key investor information.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest and remember all investments and any income they produce can fall as well as rise in value – you could get back less than you invest. Past performance is not a guide to future returns. If you’re not sure an investment is right for you, please seek ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/financial-advice/investment-advice"},"content":[{"nodeType":"text","value":"advice","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2APkpQd3JIEgnBbc6oILKu","type":"Entry","createdAt":"2025-12-16T14:58:24.044Z","updatedAt":"2025-12-16T14:58:24.044Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0289984","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Schroder Managed Balanced","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"With so many unknowns on the horizon, balance feels more important than ever. Investors have had to contend with fluctuating inflation, changing interest rate expectations and sharp swings in global ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock markets","marks":[],"data":{}}]},{"nodeType":"text","value":". That’s before factoring in the impact of politics, elections and global events.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In this kind of environment, it can make sense to have an investment that’s spread across a range of assets. Multi-asset funds that blend ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/shares"},"content":[{"nodeType":"text","value":"shares","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"bonds","marks":[],"data":{}}]},{"nodeType":"text","value":" and other investments aim to capture growth when markets rise but offer some shelter when they fall. They can also help reduce concentration risk in investor portfolios, plus you get a professional rebalancing the portfolio on your behalf.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/s/schroder-managed-balanced-class-i-accumulation"},"content":[{"nodeType":"text","value":"Schroder Managed Balanced","marks":[],"data":{}}]},{"nodeType":"text","value":" is a 'fund of funds'. The managers primarily invest in funds run by other talented Schroder's fund managers, although they can also invest outside of the Schroders range where necessary. Collectively, those managers invest in hundreds of different companies and bonds. This means the portfolio offers plenty of diversification.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers tend to favour shares when the economic environment is positive. But in times of stress, they shift to more diversified assets, such as bonds and cash, aiming to minimise losses. The managers also invest in alternative areas of the market and thematic funds, including gold.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note that the managers' freedom to invest in high ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yield","marks":[],"data":{}}]},{"nodeType":"text","value":" bonds, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Learn%20more-,Emerging%20markets,-Shares%20in%20%27emerging"},"content":[{"nodeType":"text","value":"emerging markets","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/derivatives"},"content":[{"nodeType":"text","value":"derivatives","marks":[],"data":{}}]},{"nodeType":"text","value":" adds risk.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"ZwmHmgupME9T8g29t9ejn","type":"Entry","createdAt":"2025-12-16T14:58:24.070Z","updatedAt":"2025-12-16T14:58:24.070Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":27,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"Asset allocation for the Schroder Managed Balanced fund","chartId":"chart1","chartCode":"$26","source":"Source: Schroders, 31/10/2025.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5QkvsgfEKHfngvQIQslSND","type":"Entry","createdAt":"2025-12-16T14:58:24.167Z","updatedAt":"2025-12-16T14:58:24.167Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"3088177","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"JPMorgan Emerging Markets","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emerging markets have been somewhat in the shadows in recent years, while the US has dominated global returns. But that hasn’t always been the case and at some point, the balance could shift. Valuations in developing markets look appealing compared to their developed peers, and we think the long-term growth story remains intact. India, for example, has had a weaker year against some other markets following a period of strength, which could provide an opportunity especially as it’s still expected to become a dominant driver of global growth over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A key factor to watch in 2026 is the US dollar. If it continues to weaken, that could be good news for emerging markets. A softer dollar typically reduces the cost of debt for these economies and can encourage investment flows. Meanwhile, many emerging market consumers are becoming wealthier, driving demand for goods and services at home.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors looking to diversify and add long-term growth potential, emerging markets can play a valuable role within a balanced portfolio. Of course, this is still a higher-risk area, with political and economic challenges to consider. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/j/jpm-emerging-markets-class-c-accumulation"},"content":[{"nodeType":"text","value":"JPMorgan Emerging Markets","marks":[],"data":{}}]},{"nodeType":"text","value":" is managed by seasoned emerging markets investor Leon Eidelman, with the support of over 100 investment professionals across nine countries, giving them eyes in most corners of the market. Like many funds in the sector, it invests in some of the region’s largest countries including India and China, as well as smaller economies with unique opportunities, such as the Middle East, Turkey and Mexico.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"XseR2O7NVyICzV2DIBnVC","type":"Entry","createdAt":"2025-12-16T14:58:24.248Z","updatedAt":"2025-12-16T14:58:24.248Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":33,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"Country allocation for the JPMorgan Emerging Markets fund","chartId":"chart2","chartCode":"$27","source":"Source: JPMorgan, 31/10/2025.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7K7njNLClSyayzoZtSSfp0","type":"Entry","createdAt":"2025-12-16T14:58:24.280Z","updatedAt":"2026-01-07T15:29:50.816Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BLFG9Q8","investmentType":"fund","content":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"T. Rowe Price Global Value Equity","nodeType":"text"}],"nodeType":"heading-2"},{"data":{},"content":[{"data":{},"marks":[],"value":"Global equity funds form the backbone of many long-term portfolios. This makes sense as they provide access to companies across the world and help spread risk. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Within this space, value investing, which typically focuses on companies that appear undervalued relative to their long-term prospects, has struggled to keep up with the growth style in recent years. But styles move in cycles. After a long period where growth companies have led the way, value-focused businesses look relatively attractive. If markets shift towards a more fundamentals-driven environment, or if higher interest rates remain stubborn and weigh on highly valued shares, value investing could see a resurgence.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Adding a value-oriented global fund could offer diversification to portfolios that have become heavily tilted towards growth or a small group of large-cap US stocks. That’s not to say the US or big tech names won’t continue to do well, but if they don’t meet investor expectations from here, they could be prone to volatility.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"In addition to ‘deep value’ companies, ","nodeType":"text"},{"data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/t.-rowe-price-oeic-global-value-equity-c-acc-9-accumulation"},"content":[{"data":{},"marks":[],"value":"T. Rowe Price Global Value Equity","nodeType":"text"}],"nodeType":"hyperlink"},{"data":{},"marks":[],"value":"’s managers invest in higher-quality businesses that they believe are temporarily undervalued. This broader and flexible approach creates a more balanced fund. A large part of the fund still invests in the US, given the breadth of that market, but other developed countries are featured as well as up to 10% in higher-risk emerging markets. It also has the flexibility to invest in smaller companies, which can increase return potential but add risk.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"41Nwp7BkuLJr3NK7IU21Cv","type":"Entry","createdAt":"2025-12-16T14:58:24.347Z","updatedAt":"2025-12-16T16:24:18.237Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":25,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"Performance over managers' tenure for the T. Rowe Price Global Value Equity fund","chartId":"chart3","chartCode":"$28","disclaimer":"Past performance isn't a guide to future returns.","source":"Source: Lipper IM 31/10/2025.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"18pWgFqJQN1t67q3WEaLkB","type":"Entry","createdAt":"2025-12-16T14:58:24.375Z","updatedAt":"2025-12-16T14:58:24.375Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B8N45T8","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Invesco Tactical Bond","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Bonds have endured a volatile few years, but they remain an important diversifier and offer income opportunities too. Inflation has come down from its peaks, and many central banks are expected to continue cutting interest rates throughout 2026. This creates a more supportive backdrop for bond investors because as yields fall, prices typically rise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Still, the path ahead is unlikely to be smooth. Economic growth is uneven, and political developments could add more twists to the outlook. In this setting, flexibility is key. Funds that can adjust their exposure to different types of bonds have the potential to make the most of opportunities alongside the potential to manage risk and volatility.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A nimble bond fund could be worth considering for portfolios looking to balance out equity exposure or add some defensive ballast. For this, we like the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/i/invesco-tactical-bond-class-z-accumulation"},"content":[{"nodeType":"text","value":"Invesco Tactical Bond","marks":[],"data":{}}]},{"nodeType":"text","value":" fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers can invest in all types of bonds, with few constraints placed on them. This includes high yield and emerging markets bonds and derivatives, all of which add risk if used. The performance of the fund hinges on their ability to interpret the bigger economic picture, and they can alter the fund's investments based on what they see. They aim to shelter the fund when they see tough times ahead and seek strong returns as more opportunities become available.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this is a good fund for exposure to the wider bond market. It takes away the hassle of deciding which type of bonds to invest in and when, because the managers are given the discretion to make these decisions for you. Over the long term the aim is to deliver a total return, through the combination of capital growth and income, rather than focusing purely on generating a high yield.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3kEcMbjM9nKONq0oOCqcod","type":"Entry","createdAt":"2025-12-16T14:58:24.394Z","updatedAt":"2025-12-16T14:58:24.394Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":54,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"title":"The last five FTSE All Share drawdowns over 10%","chartId":"chart4","chartCode":"$29","disclaimer":"Past performance isn't a guide to future returns.","source":"Source: MorningStar 31/10/2025.","position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"XSgWww7bfO9W8jICTZQfl","type":"Entry","createdAt":"2025-12-16T14:58:24.449Z","updatedAt":"2025-12-16T14:58:24.449Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BNGB8J2","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Liontrust UK Growth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund could be one for the contrarians out there. UK shares, particularly those of small and medium-sized companies, have struggled to keep pace with global markets for several years. What’s more, quality growth companies faced a difficult year in 2025. But this could present an opportunity for contrarian investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment styles move in and out of favour, and quality growth has lagged value and cyclical areas of the market – banks and defence companies had a noticeably strong year, while those usually favoured for their quality characteristics, such as consumer staples and utilities, have grown, but lagged. 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See how they've performed, what's driven returns and what could lie ahead.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"showImageOnArticle":true,"featuredImage":"$10:props:data:authorArticles:6:fields:blocks:1:fields:article:fields:featuredImage"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6wM9mmHYgpSuJbzjqggHA3","type":"Entry","createdAt":"2026-07-30T12:07:59.014Z","updatedAt":"2026-07-30T12:20:01.089Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Kendal Gold","titleAndPath":"Earth Overshoot Day and responsible investing – why you should take notice [@ earth-overshoot-day-and-responsible-investing-why-you-should-take-notice]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"Learn how Earth Overshoot Day can affect investing and explore funds taking different approaches to responsible investing.","publishedDate":"2026-07-30","categories":["$10:props:data:authorArticles:0:fields:categories:0","$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"65wgikKwwFXjlKgl2iUQl4","type":"Entry","createdAt":"2026-07-30T12:07:59.102Z","updatedAt":"2026-07-30T12:07:59.102Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earth Overshoot Day marks the point each year when humanity’s demand on nature exceeds what the planet can regenerate within that year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Calculated by the Global Footprint Network, this year it falls on 30 July. Since the 1970s, Earth Overshoot Day has generally moved earlier and earlier in the calendar.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overshoot days are calculated for individual countries too. If the whole planet consumed resources at the same rate as we do in the UK, overshoot would occur on 22 May. Qatar has the earliest Overshoot Day on 4 February.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is all a reminder of how unsustainable our consumption patterns are, and the strain it’s putting on Earth’s ecosystems.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re not sure investing is right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does this mean for investors?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, pressures on natural resources can create both risks and opportunities as governments, consumers and businesses respond to environmental challenges.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Earth Overshoot Day could be a great time to review your portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you invest in shares consider how each company you invest in is preparing for a more sustainable future. Checking their websites and annual reports is a great way to gauge progress. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you invest in active funds, you should make sure they’re considering the sustainability credentials of the companies they invest in. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some funds go even further, excluding companies considered to have the greatest negative impacts on the environment. Or by focusing on businesses and assets linked to environmental solutions. Below, we look at two funds taking very different approaches.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" is not right for everyone. Investors should invest only if the fund's objectives are aligned with their own and there's a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest and make sure that any new investment forms part of a long-term diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund, its charges, and specific risks, see the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3Oe5TrVNk6hKW4v840nnGL","type":"Entry","createdAt":"2026-07-30T12:07:59.123Z","updatedAt":"2026-07-30T12:07:59.123Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0745088","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Aegon Ethical Equity","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Audrey Ryan has managed ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/a/aegon-ethical-equity-class-b-accumulation"},"content":[{"nodeType":"text","value":"Aegon Ethical Equity","marks":[],"data":{}}]},{"nodeType":"text","value":" for more than 25 years. She aims to identify and understand the key environmental, social and governance risks facing each company, industry and sector she invests in. Ryan believes that companies demonstrating strong governance and environmental practices are better positioned to deliver attractive long-term returns for investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund applies a strict set of ethical exclusions. It will not invest in companies involved in activities deemed unethical, including tobacco and alcohol production, munitions manufacturing and banks with significant exposure to third-world debt. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It will also avoid businesses whose activities contribute to some of the environmental pressures highlighted by Earth Overshoot Day. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This includes companies involved in coal mining and oil and gas exploration and production, firms with serious pollution convictions, businesses that breach internationally recognised biodiversity standards, and companies in energy-intensive industries that are not taking meaningful steps to address climate change and hazardous chemical risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note the fund invests in smaller companies, which adds risk.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3u2SFBaOwhf9Kvfyx9fSkD","type":"Entry","createdAt":"2026-07-30T12:07:59.141Z","updatedAt":"2026-07-30T12:07:59.141Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B8BPH31","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Liontrust SF Corporate Bond","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/liontrust-sf-corporate-bond-2-and-6-accumulation"},"content":[{"nodeType":"text","value":"Liontrust SF Corporate Bond","marks":[],"data":{}}]},{"nodeType":"text","value":" invests mostly in sterling-denominated investment grade corporate bonds issued by companies that make a positive contribution towards sustainable development for people or planet.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The bonds it invests in can broadly be split into three buckets – greater safety and resilience, better resource efficiency and improved health. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within these buckets, there are various sub-themes, like ‘increasing electricity generation from renewable sources’, ‘delivering a circular materials economy’, and ‘enabling healthier lifestyles’. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Current investments include bonds issued by Spanish utility company Iberdrola. It’s involved in the generation, distribution, trading, and marketing of electricity, and is one of the world’s leading investors in the energy transition. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company is investing €58bn up to 2028 to support electrification, energy security, employment and progress towards net zero emissions. This includes €36bn earmarked for electricity networks across the UK, the US, Brazil and Spain, helping modernise grids to meet growing demand.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alongside its focus on companies contributing to sustainable development, the fund applies a range of exclusions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It does not invest in companies deriving significant revenues from the extraction or production of coal, oil and natural gas, or from coal-fired power generation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also excludes businesses involved in illegal logging, the destruction of primary forests, and activities linked to ozone-depleting substances. Other exclusions include traditional ‘sin stocks’ like those with significant revenues from tobacco, gambling and adult entertainment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers’ flexibility to invest in derivatives and high yield bonds adds risk.","marks":[],"data":{}}]}]},"emailSignUp":"false"}}],"authors":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2q7d3z6fWf5uMvfMAKRG7R","type":"Entry","createdAt":"2023-12-11T17:34:40.794Z","updatedAt":"2026-07-15T13:15:37.710Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":78,"revision":8,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"locale":"en-US"},"fields":{"titleAndPath":"Dominic Rowles [@ dominic-rowles]","profileImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"iNWDfuwok3zm05O698mUg","type":"Asset","createdAt":"2023-12-18T15:26:50.277Z","updatedAt":"2023-12-18T15:26:50.277Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"locale":"en-US"},"fields":{"title":"Dom Rowles","file":{"url":"//images.hl.uk/vvl3z0p6qtad/iNWDfuwok3zm05O698mUg/c6115f11a0f80aa1c2aec11d0626da93/Dom_Rowles.jpg","details":{"size":497936,"image":{"width":1200,"height":1200}},"fileName":"Dom Rowles.jpg","contentType":"image/jpeg"}}},"name":"Dominic Rowles","role":"Head of ESG","shortBio":"Dominic leads the team responsible for developing HL's sustainability strategy and approach to ESG integration. 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[@ emerging-markets-have-changed-is-your-portfolio-more-concentrated-than-you-think]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"Emerging markets are increasingly dominated by technology and semiconductor companies. Find out what this means for your portfolio and diversification.","publishedDate":"2026-07-20","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3GS6LFB0xGuxUoh7Be0gYR","type":"Entry","createdAt":"2026-07-20T16:15:02.329Z","updatedAt":"2026-07-20T16:15:02.329Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":18,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emerging markets may be more concentrated than many investors realise. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you invest in Asian and emerging markets and haven't looked under the bonnet of your portfolio recently, you might be surprised by what you find.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Much has been written about the dominance of a handful of technology giants in the US market. But less attention has been paid to a similar trend taking place in Asia and emerging markets, where a small number of semiconductor companies have become increasingly influential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a result, investors previously seeking exposure to fast-growing economies, rising consumer wealth and favourable demographics may now have more exposure to the artificial intelligence (AI) boom than they first thought.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That's not necessarily a bad thing. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In fact, it’s been a major driver of performance. But it does highlight how much the emerging markets landscape has changed and why it's important for investors to understand exactly what they own.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Just a year ago, China and India accounted for nearly half of the emerging stock market. Today, it’s closer to 30% and instead Taiwan and South Korea together represent around half of the MSCI Emerging Markets Index. This reflects the growing importance of a handful of technology and semiconductor companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more. If you’re not sure what’s right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"From economic growth to AI growth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For years, the case for investing in emerging markets centred on themes like economic development, increasing urbanisation, rising disposable incomes and favourable demographics.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors often looked to countries like China and India as the primary beneficiaries of those trends. The prospect of millions of people joining the middle class and increasing their spending power formed a key part of the investment case.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Those opportunities still exist. But they’re not currently the dominant force driving market returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emerging stock markets are becoming increasingly influenced by businesses supplying the hardware for the AI revolution. This includes Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and SK Hynix – the three of which account for over 30% of the MSCI Emerging Markets index. Overall, technology now makes up 45% of the index.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In other words, investors who believe that they own a portfolio linked primarily to traditional emerging economic growth may in fact have more exposure to the global technology sector.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why Taiwan and South Korea have become so important","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The answer lies in the semiconductor industry.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"TSMC, based in Taiwan, manufactures many of the world's most advanced chips. Its customers include some of the biggest names in global technology, and it plays a key part in the AI supply chain. South Korean companies Samsung Electronics and SK Hynix are key suppliers of memory chips and other components vital to AI infrastructure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As demand for AI-related technology has surged, so have the share prices of these businesses. Their growing market values have increased their weights within major stock markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taiwan’s rise is also reflected in the fact that it recently overtook India to become the world's fifth largest market. It’s even more surprising given India's population exceeds 1.4 billion people while Taiwan's population is only around 23 million. And although India is the sixth largest economy in the world, Taiwan is only the 22","marks":[],"data":{}},{"nodeType":"text","value":"nd","marks":[{"type":"superscript"}],"data":{}},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Taiwan's growing influence reflects the global importance of companies like TSMC rather than the size of the Taiwanese economy itself. As investors around the world have poured money into businesses linked to the AI boom, Taiwan's stock market has become one of the biggest beneficiaries.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Has the market forgotten China and India?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Against the backdrop of AI excitement, China and India have been left somewhat in the shadows.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"China continues to face challenges from slower economic growth, to weakness in its property sector and ongoing geopolitical tensions. As a result, investor sentiment remains subdued despite valuations appearing significantly lower than some other major markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In India, we think the long-term investment case remains attractive, supported by favourable demographics, rising incomes and a growing middle class.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But Indian markets contain fewer companies directly benefiting from the AI hardware boom. Financial services, consumer businesses and traditional IT services remain more prominent. As capital has flowed towards semiconductor and AI beneficiaries, India has struggled to keep pace. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, markets that have lagged offer diversification benefits and potentially more attractive valuations than the areas that have attracted the most enthusiasm.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why fund structure matters","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The level of concentration that investors experience can also depend on the type of fund that they hold.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An index fund, for example, is designed to track its benchmark. If a company becomes a larger part of that index, then it also becomes a larger part of the fund. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But this isn’t because of a collapse in dividend payments. Instead, share prices have risen in some of the UK market’s traditional income-generating sectors. As prices rise, yields naturally fall, even if companies are paying the same, or more, in dividends.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s also been a shift in how companies approach payouts. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Following the COVID-19 pandemic, many UK firms reset their dividends to more sustainable levels. That has left payout ratios (the proportion of earnings paid out as dividends) lower than before and suggests that UK dividends are better supported and potentially more resilient than they were in the past – though as ever, no dividend is guaranteed.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Dividends are only part of the picture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Income investors focusing purely on yield might be missing part of the story.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, UK companies have increasingly used ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Share%20Buybacks,as%20share%20repurchases."},"content":[{"nodeType":"text","value":"share buybacks","marks":[],"data":{}}]},{"nodeType":"text","value":", not just dividends, to return cash to shareholders. 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Together, this has delivered meaningful total returns to investors – even if the total dividend remains lower today.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, it’s a reminder that income isn’t about just the yield you see today but the total cash returned over time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"A valuation opportunity?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another factor supporting the case for UK income is valuation.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"UK shares have traded at a discount to global peers for many years. That discount widened after Brexit and has yet to fully close, even though many UK-listed companies generate a significant proportion of their revenues overseas. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Related article: ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/brexit-10-years-on-the-impact-on-the-uk-economy-and-investment"},"content":[{"nodeType":"text","value":"Brexit 10 years on – the impact on the UK economy and investment","marks":[],"data":{}}]},{"nodeType":"text","value":"","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, this creates an interesting combination – relatively high income alongside relatively low valuations. That provides scope for capital growth if sentiment towards the UK improves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s already some evidence of buyers looking to take advantage of the value on offer in the UK, including among international investors. Ongoing takeover activity suggests that overseas investors recognise opportunities that public markets might be overlooking.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Don’t ignore concentration risk","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although the UK offers attractive income, it’s not without risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"One of the main ones when it comes to income is concentration. 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The pandemic highlighted this clearly, when regulatory pressure and economic uncertainty led to widespread cuts, particularly among banks and insurers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" is key. Spreading exposure across sectors, while holding UK funds alongside other global funds or asset classes like bonds, can help smooth income over time.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Fund ideas for UK income","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Funds can provide broad exposure to the UK market’s income opportunity. 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Companies of this size are often overlooked by analysts, meaning there are opportunities for investors prepared to scratch below the surface. The fund could add diversification to the UK portion of a more adventurous portfolio, or one focused on larger, more established businesses. Its growth focus could also complement other more value orientated investments backing out-of-favour value companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We removed the fund from the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" in April 2025 following a sustained and significant fall in the level of assets managed by the business.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is managed by Dr Paul Jourdan and Gregor Paterson.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dr Paul Jourdan co-founded Amati Global Investors in 2010 and was initially the sole manager. His fund management career began in 1998 and he’s since built up a wealth of experience analysing companies listed both in the UK and around the world. Jourdan is also the chief executive of Amati Global Investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gregor Paterson joined the business in July 2024 and has over two decades of experience working in the UK smaller companies space, both as an analyst and a corporate broker. He took over from Scott McKenzie, who had been co-manager on the fund and retired at the end of December 2025.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"McKenzie’s departure follows the retirement of experienced co-manager David Stevenson at the end of March 2025, and departure of analyst Dr Gareth Blades. Stevenson remains a director of Amati.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team’s process centres around detailed company research, capitalising on the manager’s decades of small cap experience. They look for established, financially robust companies with talented management teams. They avoid speculative, highly indebted companies and those that lack the edge to compete with larger, better resourced businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This analysis whittles a universe of around 350 companies to a final portfolio of currently 41 holdings. They invest where company share prices look attractive when compared with what they believe are the growth prospects. The team invest with the long term in mind. They start by investing 1-2% of the fund in each company and, if desired, build this over time to a maximum of 5%. Investments that exceed that size are trimmed. Other factors such as poor governance, a fading outlook or finding a better alternative will also trigger a sale.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since 2024, the managers have made a number of changes to how the fund is managed. This includes investing less in the very smallest listed companies in the UK and making the portfolio flatter by reducing some top position sizes. More recently there has been a decline in the number of holdings within the fund, which was as high as 80 companies back in 2021 but has moved closer to 40 over the last couple of years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Today the fund has relatively little exposure to micro-cap stocks, with just 2.5% invested in companies less than £100 million in size and a further 13.9% in companies worth less than £250 million. Recent additions to the fund include defence group Chemring, identify software business GB Group, software consultancy Kainos, asset finance software provider Alfa Financial Software and industrial textile specialist Coats.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati Global Investors, the manager of the fund, is owned by its employees, and all staff are encouraged to invest in it. This means the managers and staff have their interests aligned with those of the business as a whole and of investors.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has reduced in size due to significant outflows in the last 12 months, and the firm has also lost the mandate to oversee the Maven Renovar VCT, formerly the Amati AIM VCT. Firm assets under management have fallen to a little over €300 million as a result. That has been accompanied by the departure of several staff members.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati’s fund managers consider a number of ESG-related issues in their investment process, including issues arising from supply chains, climate change and contamination, unequivocal social negatives such as profiting from addiction or forced labour, board membership, remuneration, conflicts of interest (such as related party transactions), business leadership and culture.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The company also adopts a Clean Trade approach, which means avoiding companies that support the most oppressive regimes and engaging positively with those that uphold Article 1 of the International Covenants on Civil and Political Rights, particularly in relation to the extraction of natural resources.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Amati fund managers and analysts actively engage with the companies they invest in, and the team uses all votes. A quarterly voting record is published to the firm’s website, although there is little in the way of rationale.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should note that this fund has one of the highest ESG risk profiles of the funds under research coverage. The companies within the fund could therefore face increased regulatory scrutiny, reputational damage, and operational challenges, potentially impacting the fund's future performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund is available for an annual ongoing charge of 0.91%. The HL platform fee of up to 0.35% per year also applies, except in the HL Junior ISA, where no platform fee applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s long-term performance is strong with the fund significantly outperforming its benchmark since Paul Jourdan became manager. However, it’s been weaker in recent years with the fund underperforming the IA UK Smaller Companies sector average in each of the last four years. Past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the last 12 months, the fund has delivered a return to investors of 0.9%*, failing to keep up with the 8.1% average return from the IA UK Smaller Companies peer group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Our analysis suggests that the fund’s investments in the industrials sector in particular proved a headwind to its performance over the year. Having less invested in consumer defensive stocks was also challenging for performance. There were some positives though, and the fund’s investments in basic materials companies like miners were a particular strength aided by strong results from gold and silver miners Greatland Resources and Hochschild.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in smaller companies is higher risk and investors should invest for the long term and be prepared for volatility along the 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Since then, it has started feeding through into the data.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re not sure what’s right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What has happened to European inflation?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Annual inflation in the Eurozone rose to 3.2% in May, up from 3.0% in April and the highest level since September 2023. The increase was driven in part by higher energy prices, which were 10.9% higher than a year earlier as disruption to energy markets linked to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/middle-east-crisis"},"content":[{"nodeType":"text","value":"conflict in the Middle East","marks":[],"data":{}}]},{"nodeType":"text","value":" continued to push oil and gas prices higher.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The latest figures suggest that inflationary pressures are becoming more widespread though. Services inflation, for instance, rose to 3.5%. This means that the impact of higher energy costs is beginning to spread beyond utility bills and fuel prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation has also now exceeded the European Central Bank’s (ECB) 2% target for three consecutive months, raising concerns that rising prices could be here to stay if energy costs remain elevated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ECB responded by raising ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" from 2.00% to 2.25% in June, its first increase since September 2023. The bank now expects inflation to average 3% this year – though it could land higher if oil prices climb – and has lowered its expectations around economic growth. This highlights the difficult position facing policymakers, who must balance the need to contain inflation against the risk of slowing economic activity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking ahead, the outlook for interest rates has become less clear. Investors had largely anticipated the latest rate increase, but it’s not yet clear if this will be a one-off move or there are further rate rises to come. This will partly depend on the direction of energy prices and inflation from here.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As noted in our previous review, Europe remains sensitive to developments in energy markets. For now, the ECB appears to want to keep inflation under control, but what happens to interest rates throughout the year will depend on the data and whether energy prices remain elevated.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have European stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year to the end of May 2026, despite the uncertainty caused by conflict in the Middle East, the broader European ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" as measured by the MSCI Europe ex UK index grew 20.04%*. But as always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is a great return for investors over a one-year period. But the past year has been anything but normal for markets. Some other global stock markets grew even more because of their greater exposure to higher-growth AI-related companies, which have performed especially well in recent months. That said, the European market has greater exposure to other sectors that can provide important diversification to an investment portfolio, like financial services, industrials and healthcare.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year, there was a significant difference between the ‘growth’ and ‘value’ investment styles. The MSCI Europe ex UK Value index grew 25.15%, and the MSCI Europe ex UK Growth index grew 15.53%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditional value sectors including mining and banks performed strongly over the year. Mining received a boost from higher ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/commodity"},"content":[{"nodeType":"text","value":"commodity","marks":[],"data":{}}]},{"nodeType":"text","value":" prices and demand from the energy transition, and banks have benefited from higher interest rates that boost their profits.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The three months to the end of May 2026 saw a reversal in this trend, though, with the mining sector losing value and higher-growth technology businesses taking the lead. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist-fund-notifications"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" funds have delivered different returns over the past year. We expect this – a range of managers with different strengths, styles and areas of focus will perform differently in different economic conditions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Remember, past performance isn’t a guide to the future, and performance here is over a short time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"funds","marks":[],"data":{}}]},{"nodeType":"text","value":" isn't right for everyone. Investors should invest only if the fund's objectives are aligned with their own and there's a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest and make sure that any new investment forms part of a diversified portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more detail on each fund, its charges and specific risks, please see the links to their factsheets and key investor information below.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"70rqnRINWWrMBZgo6JC6Ni","type":"Entry","createdAt":"2026-06-24T09:48:46.628Z","updatedAt":"2026-06-24T09:48:46.628Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":5,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BG0QP04","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/legal-and-general-european-index-class-c-accumulation"},"content":[{"nodeType":"text","value":"Legal & General European Index","marks":[],"data":{}}]},{"nodeType":"text","value":" fund was the best-performing Wealth Shortlist fund over the year to the end of May 2026 – growing 20.67%*.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund offers broad exposure to larger European companies, excluding the UK. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s conservative in the way it’s managed, so we don’t expect it to keep pace with a strong market rise like we saw over the past year – especially one led by more economically sensitive areas of the market like banks and mining, which the fund tends to avoid. More recently, the fund didn’t keep pace with the market in April, when higher-growth tech businesses rebounded. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Positively, the fund provided some shelter when the market fell in March following the breakout of the US/Iran conflict, outperforming both the index and peers. 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blackrock-world-mining-trust-june-2026-update]","articleType":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4O5dbdDGSxLIWVRakrpDlp","type":"Entry","createdAt":"2023-11-14T12:16:12.176Z","updatedAt":"2024-02-05T10:43:24.421Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":7,"revision":4,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"articleInvestmentTrustResearch"}},"locale":"en-US"},"fields":{"na":"Investment trust research"}},"intro":"In this investment trust update, Lead Investment Analyst Kate Marshall shares our analysis on the manager, process, culture, ESG Integration, cost, and performance of the BlackRock World Mining 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up three decades of investment experience","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust aims to provide long-term income and capital growth by investing in mining and metal assets worldwide","marks":[],"data":{}}]}]},{"nodeType":"list-item","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Commodities generally performed well in 2025, with precious metals delivering exceptional returns","marks":[],"data":{}}]}]}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How it fits in a portfolio","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/shares-search-results/b/blackrock-world-mining-ordinary-5p"},"content":[{"nodeType":"text","value":"BlackRock World Mining Trust","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to maximise returns to investors through a combination of capital growth and dividends. The managers aim to achieve this by investing in mining and metals assets across the globe. That includes some in higher-risk emerging markets. While the trust mainly invests in publicly traded shares (listed on a stock market), it can also own mining royalties, bonds, stakes in private companies and some physical metals.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Commodity companies, like miners, are generally expected to perform better during periods of high inflation. This could help boost long-term growth when held as part of a well-diversified investment portfolio. However, investments targeting a single sector can be higher risk and should usually only form a small part of your portfolio. Investors in investment trusts should be aware the trust can trade at a discount or a premium to its net asset value (NAV).","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust is co-managed by Evy Hambro and Olivia Markham.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hambro has been in the industry since 1994, spending time with Mercury Asset Management and Merrill Lynch, before they merged with BlackRock in 2006. He’s also Head of Global Thematic and Sector Investing and Head of the Natural Resources Equity Team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Markham became co-manager in 2015. She’s a member of the Natural Resources team and her coverage spans an array of sectors including gold, mining and the circular economy. Markham started her career at BlackRock in 2011, having previously held the position of Head of the European Mining Team at UBS. She also co-manages the BGF World Mining Fund and the Commodities Income Investment Fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Both managers can draw on the broader Natural Resources Team, six of whom are dedicated to the mining and gold sectors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Hambro and Markham like to think of themselves as building a “virtual mining company”. Rather than only investing in large mining companies that must own and develop assets over many years, they can be more flexible in their approach. They invest across the sector and focus on particular companies when supply and demand in the industry is in their favour.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team invests in both diversified miners and producers of base metals, precious metals and bulk commodities. Their views on future commodity prices are a crucial part of the investment process, given their importance in miners’ revenues. However, the team spends most of their time focused on individual companies and their investment potential for a given commodity price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As well as traditional financial modelling the team conduct mine visits, meet management teams and regularly commission third party research projects. Mine visits can be particularly important within this sector because of the impact of things such as health and safety standards.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As at the end of December 2025, the trust invested around 95% in mining and metals shares. That includes both diversified mining groups like Vale and precious metals producers like Barrick Mining – the trust’s first and second largest holding respectively. Investments in gold miners increased over the course of 2025, rising from 22% in December 2024 to nearly 40% at the end of 2025. That reflects both the team’s positive views about demand for gold and the improved outlook for gold miners given the recent rise in the gold price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust can also invest in bonds, debentures (a type of bond or debt instrument), royalties and stakes in private companies. The team uses its network and experience to capitalise on opportunities when they arise. At present 4% of the trust invests in royalty and unquoted investments. That includes 2.1% in securities linked to Vale’s iron ore and copper revenues, and stakes in mining technology company Jetti Resources and copper exploration company MCC Mining. During 2025 the team sold its BHP Brazil Royalty, realising an annualised pre-tax return of 40% - remember that past performance is not a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should be aware these unquoted assets are higher risk and tend to be more difficult to buy and sell than listed shares. The trust can also borrow money to invest with the intention of increasing returns (known as gearing) and use derivatives. These could magnify losses in a falling market and increase risk. As at 31 December 2025 the trust had gearing of 4.7%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s biggest commodity exposure is to gold, which made up 42.3% of its assets as at 31 December 2025. Copper accounted for 25.0% and iron ore 15.0%. There was also a small amount of exposure to steel, platinum, aluminium and other commodities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock is the largest asset manager in the world, with around $14 trillion of assets under management globally as of December 2025. The company was founded in 1988 by eight partners including current CEO Larry Fink and is known for both active and passive strategies. Employees at BlackRock are encouraged to hold shares in the company so that they are engaged with helping the company perform well and grow.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The culture within the teams across BlackRock is also strong. At all levels, debate and challenge is encouraged. Managers make good use of the overlap with other teams, which helps with idea generation but also spurs conversation around industry trends.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock was an early signatory to the PRI and has offered ESG-focused funds for several years, including through its iShares range of passive products. However, it only made a company-wide commitment to ESG in January 2020. Following that announcement, the company promised to expand its range of ESG-focused ETFs, screen some thermal coal companies from its actively managed funds and require all fund managers to consider ESG risks.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock’s Investment Stewardship Team aims to vote at 100% of meetings where it has the authority to do so. The Investment Stewardship team engages with companies, in conjunction with fund managers, and the results of proxy votes can be found on the BlackRock website’s ‘proxy voting search’ function, complete with rationales for votes against management. The firm also outlines its work on voting and engagement in an annual ‘Voting Spotlight’ report, and quarterly ‘Engagement Summary’ reports.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"BlackRock has faced sustained criticism in recent years for the limited support it has given to shareholder resolutions focused on climate and other environmental and social issues. While the firm has increased transparency around its voting activity and now routinely provides rationales for key votes, its support for environmental and social shareholder proposals has declined sharply, from around 40% in 2021 to less than 2% in 2025. BlackRock argues that many such proposals are overly prescriptive, lack economic merit or do not promote long-term shareholder value, although this position was met with scepticism by some stakeholders.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In 2024, BlackRock’s US arm stepped back from the Climate Action 100+ collective engagement initiative, citing legal considerations, although its international arm remained a member.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust managers believe ESG considerations can be particularly important in mining given the long investment cycle and the impact of ESG practices on the ability of a mining company to maintain its social license to operate. ESG is one of the many factors the team assess during site visits and the team continues to engage with investee companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ongoing charge, over the trust's financial year to 31 December 2025, was 1.05%. This is slightly higher than the previous year’s figure of 0.95%. Investors should refer to the latest ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.blackrock.com/uk/literature/annual-report/blackrock-world-mining-trust-plc-annual-report.pdf"},"content":[{"nodeType":"text","value":"annual reports and accounts","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.blackrock.com/kiid/literature/kiid/uk_priips-blackrock-world-mining-trust-plc-class-1-dist-gb-gb0005774855-en.pdf"},"content":[{"nodeType":"text","value":"Key Information Document","marks":[],"data":{}}]},{"nodeType":"text","value":" for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA the HL platform fee of 0.35% (capped at £150 p.a.) per annum also applies. Our platform fee doesn't apply if held in a Junior ISA. As investment trusts trade like shares, both a buy and sell instruction will be subject to our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":" within any HL account except online deals in a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust launched in December 1993 and has delivered good returns for investors over that time. It’s also performed well under Hambro’s tenure. Since he took the helm in September 2000 the trust has returned 2,606%* (May 2026). Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the trust’s most recent financial year (December 2024 to December 2025), the total returns in NAV and share price terms were 74.2% and 74.1%, respectively. This was ahead of a strong performance from the reference benchmark (the MSCI ACWI Metals and Mining 30% Buffer 10/40 Index), which rose 64.2% over the same period.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"2025 was an exceptional year for commodities generally, and precious metals in particular. The gold price rose 64.7% in the year as both central bank and retail investors stepped up demand, while silver rose 149.1%. However, most of those moves were towards the back end of the year, with the earnings and cash flow benefits for miners expected to come through in 2026. If sustained that could result in higher dividends and capital returns in the second half of 2026 – though of course no dividends are guaranteed, and commodity prices can be volatile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Along with the sale of the BHP Brazil Royalty (detailed above) the standout performer in the year was Hycroft Mining, which rose 212% in 2025. Hycroft was acquired towards the end of the year following high-grade silver drilling at its Vortex deposit in Nevada. Copper miner Ivanhoe Mines was the weakest performer in the trust after flooding at its Kakula mine in the Democratic Republic of Congo hit production.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team note that supply remains constrained. Miners are maintaining their capital discipline, with expansionary capital expenditure still modest by historic standards and corporate balance sheets in good health. Instead, there has been an increase in acquisition activity. The team see this as a positive, as miners seek to achieve greater scale more cost effectively, often with a merger of equals which achieves meaningful efficiencies. For example, the trust’s seventh largest holding, Anglo American, has announced plans to merge with Canadian group Teck Resources, delivering synergies of $800 million a year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager is optimistic about the outlook for commodities over the medium term. Increased geopolitical tension is driving an increased focus on security of supply for key commodities. Meanwhile demand is being driven by accelerating infrastructure investment, the transition to lower carbon energy sources and increased energy demands from the roll out of AI.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At the time of writing the trust traded at a 1.76% discount to NAV, versus a 4.93% average for the previous 12 months (to May 2026).","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2zSNVNY4zSkWjFoO2tmfPB","type":"Entry","createdAt":"2026-06-12T12:11:11.154Z","updatedAt":"2026-06-12T12:11:11.154Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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Junior ISAs and Junior SIPPs can help you invest tax-efficiently for children and build a powerful financial head start.","publishedDate":"2026-06-11","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6MKi5bHCMe6pYvoGiLhypR","type":"Entry","createdAt":"2026-06-11T15:35:13.771Z","updatedAt":"2026-06-12T13:28:45.265Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Higher taxes and the growing financial challenges facing younger generations are leading more families to turn to ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/investment-services/junior-isa"},"content":[{"nodeType":"text","value":"Junior ISAs","marks":[],"data":{}}]},{"nodeType":"text","value":" (JISA) and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/pensions/junior-sipp"},"content":[{"nodeType":"text","value":"Junior SIPPs","marks":[],"data":{}}]},{"nodeType":"text","value":" (JSIPP) to help their offspring build financial security. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re now less than 12 months out from April 2027, when unused pensions are set to fall into the inheritance tax (IHT) net. Estimates suggest this could double the number of estates paying tax – and IHT takes a big 40% slice after any nil-rate bands and allowances. This could be behind the boom in popularity, prompting families to gift sooner rather than later. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Pension, ISA and tax rules can change, and benefits depend on your circumstances. If you’re not sure what’s right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Giving while living","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gifting during your lifetime can be one of the most effective ways of supporting loved ones, while also shrinking potential IHT liability – as long as you do not compromise your own financial security. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There’s also the added benefit that you get to actually see the impact of your gift. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Contributions from grandparents into a JISA or JSIPP are treated as gifts for IHT purposes, so annual gifting allowances can be used. Gifting anything bigger is treated as a potentially exempt transfer and only falls outside of IHT after seven years. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Beyond tax planning, there’s another powerful benefit – time. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Money invested early inside a JISA or JSIPP has years or even decades to grow free from UK income and capital gains tax through ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/investing-behaviours/your-most-powerful-investing-tool"},"content":[{"nodeType":"text","value":"compounding","marks":[],"data":{}}]},{"nodeType":"text","value":". This is where you can earn returns on past returns, so over time, small and regular gifts can become a life-changing financial head start. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Junior ISAs – a stepping stone for young adult milestones","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HL JISA openings in the first month of this tax year were up 136% on the same period last year – and have jumped a huge 380% when compared to the same time in 2023/24. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"You can invest up to £9,000 each tax year, with all interest and investment growth completely tax-free. Once the account is opened by a parent or legal guardian, anyone can contribute – either regularly or as a one-off.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"And starting early can make a big difference. Investing the full £9,000 allowance each year from birth could make a nest egg of around £269,000 by the time your loved one turns 18. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But contributing little and often can also make a meaningful difference. £100 a month – the equivalent of £1,200 a year – could grow to roughly £35,000 by age 18. But your contributions would be only £21,600, so over £13,000 comes from investment growth alone. These calculations assume 5% investment growth but do not factor in inflation or investment charges. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Try our ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/tools/calculators/regular-investing-calculator"},"content":[{"nodeType":"text","value":"regular investing calculator","marks":[],"data":{}}]},{"nodeType":"text","value":" and see what your monthly gift could grow to.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The money is locked away in a JISA until the child turns 18 – and it’s this long timeline that gives your gift such huge potential. Some parents might worry about handing over a lump sum at that age, but the data tells a different story. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"HL figures shows that young adults don’t rush to splash the cash, 85% of JISAs that matured in tax year 2024/25 still had money invested a year later. Even better, one in four young adults even added more money to the pot – suggesting these accounts can help build positive financial habits, from understanding market ups and downs to the power of a long-term approach. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2mUySwrNNAzlRNh024tN8z","type":"Entry","createdAt":"2026-06-11T15:35:13.786Z","updatedAt":"2026-06-11T15:35:13.786Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockCta"}},"locale":"en-US"},"fields":{"linkType":"link"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"24qIiGFLLayt1KiSxuK9SY","type":"Entry","createdAt":"2026-06-11T15:35:13.817Z","updatedAt":"2026-06-12T13:28:45.282Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Junior SIPPs – make your child a pension millionaire","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More families are thinking really long term and opening JSIPPs for the children in their lives. JSIPPs though less popular than JISAs are also rising in popularity, with HL account openings up 158% in the first month of tax year 2026/27 compared to last tax year 2025/26 – and 271% higher than tax year 2023/24. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While a JSIPP won’t help them buy their first home – the money is locked away until later life – those early contributions can take the heavy lifting out of retirement planning. Knowing they got a head start and that their SIPP is working hard for their retirement means they’ll have more flexibility as a young adult to deal with competing financial priorities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Maxing out a JSIPP each year from birth could mean they have a retirement pot of around £100,000 by age 18, giving them a big head start. If they made no further contributions, and the pension continued to achieve 5% annual growth, they’d be a pension millionaire by age 65. And further contributions over their working lives either to the SIPP or a workplace pension would really mean the sky’s the limit.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like a JISA, a JSIPP must be opened by the parent or legal guardian, and control will pass to the young adult at 18. Pension tax relief is available to non-earners, including children, on contributions up to £2,880 each tax year. Thanks to a £720 boost from HMRC it turns into £3,600. And if you need further incentive, just take to look at the maths when compounding works its magic over several decades.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paying in a regular £100 a month from birth – boosted to £125 with tax relief – could gift an 18-year-old a pension of around £43,650. The cost could be shared equally between parents and grandparents, creating a strong position for them to build on for their future. From here, the young adult maintaining contributions at £100 a month could give them a pension of £738,500 at age 65. These calculations assume 5% investment growth but do not factor in inflation or investment charges. ","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3zqVxsZIGBbPa3d8jB01Xe","type":"Entry","createdAt":"2026-06-11T15:35:13.947Z","updatedAt":"2026-06-11T15:35:13.947Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockCta"}},"locale":"en-US"},"fields":{"linkType":"link"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3deRJGk7ELjQWatqOSYuuC","type":"Entry","createdAt":"2026-06-11T15:35:14.081Z","updatedAt":"2026-06-12T13:28:45.371Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Fund ideas for investing for children","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. Investors should invest only if the fund’s objectives are aligned with their own and there’s a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest and make sure that any new investment forms part of a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":". ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund and its risks, use the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"8KyPgjPiSkC62mIYE95IB","type":"Entry","createdAt":"2026-06-11T15:35:14.095Z","updatedAt":"2026-06-11T15:35:14.095Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BMFXWS9","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Legal & General Future World ESG Tilted and Optimised Developed Index","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Global equity funds are a good foundation for an investment portfolio focused on long-term growth. Investing in companies across the globe provides a good level of diversification in a single fund. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/legal-and-general-future-wrld-esg-tilted-and-opt-dev-i-accumulation"},"content":[{"nodeType":"text","value":"Legal & General Future World ESG Tilted and Optimised Developed Index","marks":[],"data":{}}]},{"nodeType":"text","value":" provides broad exposure to a range of companies in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Developed%20markets,lower%2Drisk%20investments."},"content":[{"nodeType":"text","value":"developed markets","marks":[],"data":{}}]},{"nodeType":"text","value":", like the US, Japan and Europe, while being mindful of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/responsible-investment/esg-investing"},"content":[{"nodeType":"text","value":"environmental, social and governance","marks":[],"data":{}}]},{"nodeType":"text","value":" (ESG) issues.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund aims to track the performance of the Solactive L&G ESG Developed Markets Index. It won’t invest in tobacco companies, pure coal producers, manufacturers of armaments or persistent violators of the UN Global Compact Principles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An index tracker like this is one of the simplest ways to invest, and could be a good addition to a broader investment portfolio aiming to deliver long-term growth responsibly. The fund engages in securities lending and has a small amount of exposure to smaller companies, both of which add risk.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5LkWtCGCUS64osgu8BR2qK","type":"Entry","createdAt":"2026-06-11T15:35:14.111Z","updatedAt":"2026-06-12T13:28:45.547Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"BDD27J1","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"Schroder Asian Alpha Plus","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Asia offers plenty of opportunity for growth. Over the years, rapid industrialisation, growing populations, and a desire to succeed have helped transform countries in the Asia Pacific region. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A young and growing population, along with rising wealth, could be a key driver of growth over the coming years. Continued innovation from companies at the forefront of technology based there could also provide exciting growth opportunities for investors. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, younger economies mean potentially greater risks and more volatility should be expected. A long investment horizon is essential to help ride out the ups and downs, making the region a great addition to a JISA or JSIPP.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers of ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/s/schroder-asian-alpha-plus-class-l-accumulation"},"content":[{"nodeType":"text","value":"Schroder Asian Alpha Plus","marks":[],"data":{}}]},{"nodeType":"text","value":" look for what they believe are high-quality growth prospects in Asia and benefit from the support of a large team of analysts based across the region. The fund could be a good option within the Asian portion of a globally diversified portfolio. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For parents or guardians worried about the potential for future stock market losses, a fund like ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/troy-trojan-class-x-accumulation"},"content":[{"nodeType":"text","value":"Troy Trojan","marks":[],"data":{}}]},{"nodeType":"text","value":" could provide some comfort as part of a diversified portfolio. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It could form the foundation of a broad investment portfolio, has the potential to bring some stability to a more adventurous portfolio, or provide some long-term growth potential to a more conservative portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has the flexibility to invest in higher-risk smaller companies and although the fund contains a diverse range of investments, it’s concentrated, which is a higher-risk approach.","marks":[],"data":{}}]}]},"emailSignUp":"false"}}],"authors":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2worm6IIJJXTtv4ke653cc","type":"Entry","createdAt":"2023-12-11T17:09:32.368Z","updatedAt":"2026-05-05T14:52:13.556Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":161,"revision":14,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"author"}},"locale":"en-US"},"fields":{"titleAndPath":"Clare Stinton [@ clare-stinton]","profileImage":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5KIvn4pxWgA75jGu517lzs","type":"Asset","createdAt":"2025-04-08T09:20:12.656Z","updatedAt":"2025-04-08T09:20:12.656Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"locale":"en-US"},"fields":{"title":"Claire Stinton Apr 25.jpg","file":{"url":"//images.hl.uk/vvl3z0p6qtad/5KIvn4pxWgA75jGu517lzs/e7c304e6cc18866e063c4bfed61e4b10/Claire_Stinton_Apr_25.jpg","details":{"size":182480,"image":{"width":500,"height":500}},"fileName":"Claire Stinton Apr 25.jpg","contentType":"image/jpeg"}}},"name":"Clare Stinton","role":"Senior Personal Finance Analyst","shortBio":"Clare writes on all aspects of personal finance, and is a regular HL podcast host, as well as media commentator.","longBio":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Clare writes on everything personal finance, and is a regular HL podcast host and media commentator. 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[@ do-todays-winners-become-tomorrows-losers]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"Discover why top-performing investments don’t always stay ahead. Learn how shifting market trends, sector rotation and diversification can shape long-term returns.","publishedDate":"2026-06-04","categories":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2iCwlDaXowfjIF3WIQcu1Q","type":"Entry","createdAt":"2024-02-14T16:10:28.211Z","updatedAt":"2024-03-04T10:31:40.764Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":13,"revision":3,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"category"}},"locale":"en-US"},"fields":{"titleAndPath":"Investing insights [@ news/investing-insights]","parentCategory":"$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"}},"$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1jYZTRaDRSLOVp6OQOBosI","type":"Entry","createdAt":"2026-06-04T13:46:41.302Z","updatedAt":"2026-06-04T13:46:41.302Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s one of the most natural instincts in investing – to look at what’s performed well and assume it will keep doing so. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But looking back over the past 20 years, it’s not always straightforward. Sectors or regions that deliver standout performances in one year often are not leaders of the pack 12 months later. Similarly, areas that have disappointed can recover sharply, sometimes when investors least expect it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article is for information only and not personal financial advice. Investing can help your money grow, but the value of investments can rise and fall, so you could get back less than you put in. Investing is for the long term, typically 5 years or more.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If you’re not sure investing is right for you, a financial adviser can help.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Leadership does not stand still","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Leadership across the major Investment Association (IA) sectors has shifted regularly from one year to the next. Emerging markets, for example, have produced table topping returns in some years, with gains of more than 50% in 2009/10 and in the region of 40% in others. Yet it’s tended not to be one of the strongest performers the following year and has seen losses on some occasions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japan shows a similar pattern. Strong rallies, with returns exceeding 20% over several one-year periods, only to be followed by periods of weaker performance and occasional declines. We see similar trends in major regions like Europe and the UK.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"What’s clear is that no single region or sector consistently outperforms. Leadership rotates, sometimes gradually and sometimes abruptly. A market that’s leading one year can easily fall behind the next.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This matters because many investors make decisions based on recent performance. When a particular region has delivered strong returns, it’s easy to feel confident investing more. But by the time those returns are widely recognised, much of the upside may have already been realised.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The chart below represents the annual returns for several major IA sectors, to the end of April each year.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"3GZ0KiMDMRFtnkgWlqeRkC","type":"Entry","createdAt":"2026-06-04T13:46:41.403Z","updatedAt":"2026-06-04T13:46:41.403Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"assetType":"image","image":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5feyz4PIB0d7qAErZQwTq2","type":"Asset","createdAt":"2026-06-04T13:46:41.180Z","updatedAt":"2026-06-04T13:46:41.180Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"locale":"en-US"},"fields":{"title":"quilt full years","description":"","file":{"url":"//images.hl.uk/vvl3z0p6qtad/5feyz4PIB0d7qAErZQwTq2/477339fac604eef5dced08f55734088c/quilt_full_years.png","details":{"size":168379,"image":{"width":1666,"height":1297}},"fileName":"quilt_full_years.png","contentType":"image/png"}}},"position":"Center"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2gFLQHJ2YdXyJCkZ10gK9d","type":"Entry","createdAt":"2026-06-04T13:46:41.420Z","updatedAt":"2026-06-04T13:46:41.420Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Past performance isn’t a guide to future returns.","marks":[{"type":"bold"}],"data":{}},{"nodeType":"text","value":" Source: Lipper IM to 30/04/2026","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Even long-term winners have setbacks","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The US – the IA North America sector – stands out as one of the stronger performers over the period, particularly in the past decade. In recent years it’s been the strongest performer more than once, reflecting the strength of large US companies and the growth of sectors like technology.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But even here there are years of weaker performance where returns have been relatively modest compared to other regions. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors with a lot invested in a single region, this could be a risk. Strong long-term trends can persist, but they don’t move in a straight line.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The UK provides a different perspective. Over the last 20 years, the IA UK All Companies sector hasn’t performed as well, but it’s been the second-best performing sector on several occasions. It also provides important diversification, as more of the UK market is focused on sectors like financials and energy. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What about bonds?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s not just ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock markets","marks":[],"data":{}}]},{"nodeType":"text","value":" where patterns can change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"Bonds","marks":[],"data":{}}]},{"nodeType":"text","value":" are traditionally seen as steadier and more defensive – this means they don’t tend to demonstrate extreme market moves in the same way company shares might do. That said, they still experience both good and bad periods.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Corporate bonds and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/gilts"},"content":[{"nodeType":"text","value":"gilts","marks":[],"data":{}}]},{"nodeType":"text","value":" (UK government bonds) have generally delivered lower but more stable returns over the long term and can hold up better when stock markets fall. There have even been years – like in 2024/25 - when corporate and mixed bonds sat at the top of the performance table. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Perhaps most memorably, UK gilts and global bonds (as measured by the IA Global Mixed Bond sector) delivered a positive return during the fallout of the 2008 global financial crisis, whereas equity markets suffered steep losses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But there are also years when bonds have lost money. Bonds fell around 2021-23 when interest rates were rising – because ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yields","marks":[],"data":{}}]},{"nodeType":"text","value":" (a measure of the income bonds pay) look less attractive when the interest on cash starts to look more appealing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This doesn’t mean bonds no longer have a role to play, but their behaviour can change depending on the environment. Recently, higher ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" expectations have led to rising bond yields, and this could offer investors an interesting opportunity to take a closer look at this asset.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"The behavioural trap","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Despite the best-performing sector changing from year-to-year, there’s still a temptation to chase performance. 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It invests in small and medium-sized companies with a GARP (Growth at a Reasonable Price) investment style. This means the managers invest in companies they believe can grow earnings steadily, but where the share price is lower than the earnings potential suggests it should be. Many other European funds focus on larger, more established companies. The focus on smaller businesses increases risk though.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund could be used to diversify the European part of an investment portfolio, or a broader global portfolio focused on growth. A focus on smaller firms can also help diversify a long-term portfolio with a bias to larger companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nick Williams co-leads the Developed Market Equities team at Barings. He has over three decades of experience investing in Europe and has managed funds investing in companies of all sizes. We believe this has given him expert knowledge of the wider European market over the length of his career.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Williams joined Barings in 2004 and took over management of the Europe Select fund shortly after. There aren’t many fund managers with such a long and successful track record of investing in this less familiar area of the European stock market. He’s demonstrated a long-standing commitment to his investment process, a quality we rate highly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Williams is currently supported by two co-managers – Rosie Simmonds and William Cuss. Simmonds is due to step down as a co-manager and leave Barings at the end of September. She’s been with the firm for 16 years, so it’s disappointing to see the team lose valuable experience. That said, Cuss has spent 10 years working with Williams and they’ll use the same investment approach, which ensures continuity. In addition, they plan on recruiting another co-manager to join the team with existing experience investing in Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Zoe Deady joined the team in 2021 and is a dedicated European smaller companies analyst. The team also work closely with Barings broader team of analysts and fund managers, sharing research and collaborating on ideas.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’ll continue to monitor any ongoing changes to the team and the impact this may have on the fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Williams has followed the same investment process for many years – investing in companies he believes can grow earnings steadily, but where the share price is lower than the earnings potential suggests it should be.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Williams has instilled this focus across the team. Together they look for smaller European companies they believe are in good financial shape, have low levels of debt, and are run by quality management. The overall focus is ‘stock selection’, which means they focus on the prospects of individual companies and invest in those they believe will do well regardless of what’s going on in the economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers only invest in a company if they believe its share price can rise by at least 40%. If the shares hit their price target, the team either sells some shares and takes profits, changes the price target if they think there’s further room for growth, or sells fully and invests in a different opportunity. If the share price falls by 20% the team sells the investment and moves on. We like the team’s disciplined investment approach, which has served investors well over the longer term.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Currently the fund is focused on sectors including financials, industrials and companies that could benefit from discretionary consumer spending. Sectors like real estate tend to be avoided as companies here don’t often meet the quality and growth characteristics the managers look for.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recent new investments include Scout24, a German online property portal. Concerns around potential AI disruption to online platforms gave the team an opportunity to invest at a lower share price. They believe the concerns are overstated and are encouraged by the firm’s recent profit growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Swiss firm Inficon was also added. It makes specialised instruments that help factories detect gases and monitor processes, so they run safely and efficiently. These sensors are used in high-end manufacturing and means the company provides exposure to growth in semiconductor manufacturing equipment.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view Williams as the key manager behind this fund, and currently most of our conviction lies with him. But we’re satisfied by the fact he's built a collaborative team around him. All team members follow the same process, and they're encouraged to bring challenge and debate to each other's investment ideas, which we think is important. We’re mindful of recent and upcoming team changes though, which we’ll continue to monitor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team is also influential throughout Barings, among other analysts and portfolio managers, which reflects their strength and fund management abilities.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Barings believes that incorporating ESG (Environmental, Social and Governance) factors into its analysis provides a more thorough understanding of the complex issues, risks and value drivers that may impact its funds over time. All Barings fund managers therefore incorporate ESG criteria into their investment processes, with the aim of improving returns. They use an ‘ESG assessment’ to identify improving or deteriorating ESG standards, and this can impact the assessment of a company.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Barings fund managers discuss ESG issues when they meet companies. The manager or analyst responsible for the financial analysis is also responsible for the ESG analysis, which means it’s fully integrated into the investment process. 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Fred Jeanmaire will step down as lead manager of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/c/ct-european-select-class-z-accumulation"},"content":[{"nodeType":"text","value":"CT European Select","marks":[],"data":{}}]},{"nodeType":"text","value":" fund and leave the business at the end of May to join another asset management firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dan Ison, a senior member of CT’s European equities team, will replace Jeanmaire as the fund’s lead manager, alongside existing co-manager Paul Doyle and deputy manager Charlotte Burrows.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We are disappointed to hear about the upcoming change in management, especially so soon after a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/ct-european-select-fund-manager-change"},"content":[{"nodeType":"text","value":"previous change","marks":[],"data":{}}]},{"nodeType":"text","value":" in January. Since then, our conviction has been with Jeanmaire as lead manager and, while changes should be expected from time to time, we prefer to see a lower level of turnover and more consistency and continuity in a fund’s management team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Ison is an experienced investor with 30 years’ experience investing in European companies, mainly for institutional investors. While this provides him with valuable fund management experience, it hasn’t been directly for retail clients. We expect the fund to continue to be managed using a similar investment philosophy and approach, but naturally all fund managers will have some difference in views, and we expect some changes to the fund over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeanmaire’s departure, and the fact two senior members of the team are leaving in close succession, means we have some concerns around retention and the level of stability within the team. For these reasons, we have decided to remove the fund from the Wealth Shortlist.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Although we're removing the fund from the Wealth Shortlist, this isn't a recommendation to make any changes to an investment portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. 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This pause followed a similar move by the US ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the BoJ has signalled that further rate increases are possible, ongoing uncertainty – particularly around the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/middle-east-crisis"},"content":[{"nodeType":"text","value":"Middle East","marks":[],"data":{}}]},{"nodeType":"text","value":" – may lead policymakers to wait for clearer signals before further rises.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japan’s economy has been recovering moderately, but the outlook, like most economies globally, remains uncertain. Policymakers are closely monitoring geopolitical risks and energy markets, which could influence both growth and inflation. Inflation is expected to temporarily dip below 2% before potentially rising again, partly driven by higher oil prices.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strengthening wage growth also suggests Japan might continue to move away from its long period of low inflation. If sustained, this could support consumption and corporate earnings over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elsewhere, continued reforms led by the Tokyo Stock Exchange are encouraging better corporate governance and capital efficiency from companies, which could support shareholder returns over the long term. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prime Minister Sanae Takaichi is also keen to accelerate reform. For example, she’s encouraging companies to use large cash balances to increase wages and reinvest back into their businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While risks remain, particularly around geopolitics and inflation, improving domestic conditions and ongoing reforms could continue to support Japanese markets.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have Japanese stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the quarter, from the end of 2025 to the end of March 2026, the Japanese ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" as measured by the MSCI Japan Index grew 3.39%*. This masks a period of volatility though with the market performing strongly in February before falling back when the US and Iran conflict escalated in March. Remember this is a short time frame, and past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year to the end of March, the market grew 23.21%. This is a strong return for any stock market over a one-year period and Japan has benefited from renewed investor interest away from markets like the US as well as a pickup in inflation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since our last review, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Value%20investing,price%20should%20be."},"content":[{"nodeType":"text","value":"value companies","marks":[],"data":{}}]},{"nodeType":"text","value":" continued to outperform ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Growth%20investing,established%2C%20stable%20stocks."},"content":[{"nodeType":"text","value":"growth companies","marks":[],"data":{}}]},{"nodeType":"text","value":". Over the year, the MSCI Japan Value Index grew 29.25%, while the MSCI Japan Growth Index grew 17.12%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors have recently favoured more economically sensitive sectors like financials and energy, while more growth-oriented areas, including artificial intelligence (AI) related companies, have been weaker. Software in particular has come under pressure as developments in AI raise questions about the durability of existing business models. While AI presents long-term opportunities, the pace and scale of disruption remain uncertain, weighing on sentiment.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5ipMgneNudV4ObTOgEDt8U","type":"Entry","createdAt":"2026-04-29T14:05:07.057Z","updatedAt":"2026-04-29T14:05:07.057Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":14,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockHighchart"}},"locale":"en-US"},"fields":{"highchartsEditorJson":{"chart":{"type":"line","width":null,"height":500,"inverted":false,"backgroundColor":"#ffffff","plotBackgroundColor":"#ffffff"},"title":{"text":"Japan stock market - one year 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This is largely due to its make-up, with many of the largest companies listed in the UK from more mature industries. These companies tend to focus less on rapid growth and more on cashflow generation that can be distributed to shareholders via dividends. This makes it a great place to invest for income.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The UK stock market performed well in 2025, outperforming the global stock market. The banking sector has seen particularly strong gains. With HSBC, Barclays, Lloyds and Natwest all in the top 15 biggest companies in the index, this helped to drive performance.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4nR3zEpYwCSuTa6N4YtyUy","type":"Entry","createdAt":"2026-03-23T15:51:43.988Z","updatedAt":"2026-03-23T15:51:43.988Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockQuote"}},"locale":"en-US"},"fields":{"text":"While there are no guarantees the UK will continue to outperform, many companies have seen improved profits. 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They look for companies they believe will deliver a resilient income, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We view this as a more conventional UK equity income fund that could work well alongside other asset classes in an income focused portfolio. It could also complement a portfolio focused on growth, where investors who don’t need the income can benefit from the compounding effect of reinvesting it.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has a yield of 3.25% as of 28 February 2026. 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When it comes to income, individual investments come with the risk that the expected income won’t be paid. There are plenty of unforeseen circumstances that can result in individual companies cutting their dividend or defaulting on their bond payments. When this happens, investors can be left with a lower level of income than they were expecting.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"One way to reduce this risk is to diversify. The most common ways to do this are by region, sector and asset class. Investing across multiple countries reduces the potential impact of political or economic instability within a single country. When it comes to sectors, by diversifying, investors are reducing potential regulatory risk. For asset classes, different economic environments can impact performance.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1RgW0XevIgm5Haj8fzPi7v","type":"Entry","createdAt":"2026-03-23T15:51:44.062Z","updatedAt":"2026-03-23T15:51:44.062Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockQuote"}},"locale":"en-US"},"fields":{"text":"Investing in a diversified way across all these areas has potential to reduce changes in overall income received over time – where one area might produce less income, another might offset that by producing more.","underline":true,"position":"Inline"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"58VON5Y3dSfYMbv3P7e2jB","type":"Entry","createdAt":"2026-03-23T15:51:44.074Z","updatedAt":"2026-04-09T14:02:52.208Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":11,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/b/baillie-gifford-monthly-income-class-b-income"},"content":[{"nodeType":"text","value":"Baillie Gifford Monthly Income","marks":[],"data":{}}]},{"nodeType":"text","value":" invests across three broad investment areas: shares, real assets (such as property) and bonds. It aims to increase the income paid to investors by more than the increase in the consumer prices index (CPI - a measure of inflation) over the long term. The fund focuses on providing a resilient income over time, which means while the income provided may not be the highest available, it can be expected to be more consistent.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests evenly between the three areas noted above, but the real assets section is largely made up of companies listed on the stock market, meaning that usually more than half of the fund is invested in shares.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There are four managers and each has a different area of expertise. This combination of knowledge and experience is important when managing a fund with such a large opportunity set. 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This makes bond funds, or those that mainly invest in bonds, even more appealing to use within a portfolio focused on generating income.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/n/ninety-one-diversified-income-class-i-income"},"content":[{"nodeType":"text","value":"Ninety One Diversified Income","marks":[],"data":{}}]},{"nodeType":"text","value":" fund aims to provide an income with potential for capital growth, while limiting the ups and downs to less than half of the UK stock market. The fund mainly invests in bonds from around the world, but also invests in some company shares too. The amount invested in shares varies over time, but the maximum is 35%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers have increased the amount invested in developed market government bonds in recent years, due to higher yields being available. These make up a large portion of the fund. 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Adding and investing new cash early can help maximise your returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ISAs and pensions are a powerful long-term tool, shielding investments from income tax and capital gains tax, which makes them well suited to building wealth over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"None of our picks this year are designed to be standalone solutions, but as part of a broader, diversified portfolio aligned to your objectives and attitude to risk. You could invest in one, two or all three.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these ETFs isn’t right for everyone. This article is not a personal recommendation to buy, sell or hold any particular investment. If you’re not sure an investment is right for you, please speak to a financial adviser. As always, investments can fall as well as rise in value so you could get back less than you invest. ISA, pension and tax rules change and benefits depend on personal circumstances. 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","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5kyBTVsJmq1pa0Cz4ijr9r","type":"Entry","createdAt":"2026-03-24T10:04:44.302Z","updatedAt":"2026-03-24T10:04:44.302Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockQuote"}},"locale":"en-US"},"fields":{"text":"The ETF mostly invests in larger companies, but also some smaller and medium-sized businesses – this could boost growth potential, but investment in small companies increases risk.","underline":true,"position":"Inline"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"7dV7tXD6MwL2M0Q99MPN27","type":"Entry","createdAt":"2026-03-24T10:04:44.331Z","updatedAt":"2026-03-24T10:04:44.331Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The ETF uses a partial replication approach, investing in most companies in the index to help keep costs and trading efficient while still closely tracking performance. 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Investment grade bonds are deemed to be more likely to pay off their debts than some higher-risk bonds, such as high yield bonds.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This ETF aims to track the performance of the Bloomberg Global Aggregate Corporate Bond Index. It does this by investing in most, but not all, of the companies in the benchmark. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Geopolitical tensions, particularly the escalating conflict between the US and Iran, have added volatility to markets and raised fresh questions about the path for ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" and growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So, what does this all mean for Europe and our Wealth Shortlist picks?","marks":[],"data":{}}]}]},"title":"europe sector review - intro"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"51JIyL1bGJgQQ2srTfKRtQ","type":"Entry","createdAt":"2026-03-20T17:00:08.119Z","updatedAt":"2026-03-20T17:00:08.119Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":12,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"internalTitle":"Iran conflict - the investment case for doing nothing article","image":false,"position":"Pull out right"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5RsJF2rdewawYg5GnkcaFS","type":"Entry","createdAt":"2026-03-20T17:00:08.151Z","updatedAt":"2026-03-20T17:00:08.151Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure an investment is right for you, ask for financial advice. Investments can fall as well as rise in value, so you could get back less than you invest. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does the Iran war mean for Europe?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Iran conflict has disrupted energy markets, with concerns over shipping pushing up oil and gas prices. For Europe, which remains reliant on imported energy, higher prices could place renewed pressure on both businesses and households if they persist.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4xJiz8BWq046AK3pETHnGT","type":"Entry","createdAt":"2026-03-20T17:00:08.164Z","updatedAt":"2026-03-20T17:00:08.164Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockEditorialArticle"}},"locale":"en-US"},"fields":{"image":false,"position":"Pull out right"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"2B00PxbVVx4yoMNaEl3kRV","type":"Entry","createdAt":"2026-03-20T17:00:08.190Z","updatedAt":"2026-03-20T17:00:08.190Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These developments come at a time when inflation in the Eurozone had already shown signs of ticking up. Annual inflation rose to 1.9% in February, slightly above economists’ expectations and up from 1.7% in January. While still below the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=European%20Central%20Bank,called%20the%20Eurozone."},"content":[{"nodeType":"text","value":"European Central Bank’s","marks":[],"data":{}}]},{"nodeType":"text","value":" (ECB) 2% target, the increase highlights how sensitive the outlook still is to energy price movements.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other price pressures also remain present. Core inflation, which excludes food and energy, rose to 2.4%, while services inflation increased to 3.4%, suggesting domestic price pressures continue in parts of the economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A prolonged period of elevated energy prices could push inflation higher and weigh on economic activity across the region, although some economists believe the overall impact may be limited if global energy supply expands. European governments are monitoring the situation closely and considering measures to soften the impact on consumers and businesses if needed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The European Central Bank (ECB) responded to this by keeping interest rates on hold at 2% for a sixth consecutive meeting but is cautious as energy prices rise. Policymakers warned the recent surge in oil and gas could impact inflation, with forecasts for this year revised up to 2.6%. At the same time, growth expectations have been lowered as higher energy costs weigh on activity.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Looking ahead, the outlook for interest rates has become more uncertain. Markets have shifted to pricing in potential rate increases later this year, although the ECB will only act depending on data. Rates may stay higher for longer if energy-driven inflation persists, but any rises will depend on how the conflict and growth backdrop evolve.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have European stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the past year to the end of February 2026, the broader European ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":", as measured by the MSCI Europe ex UK index, grew 23.01%*. It far surpassed the US, one of the world’s major markets. 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These are businesses built on durable infrastructure, long-standing customer relationships, and products or services unlikely to become obsolete quickly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Europe and the UK, many firms in these sectors fit this profile, highlighting the potential value of steady, asset-heavy businesses amid rapid technological change and periods of heightened geopolitical tension.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why old economy companies still matter","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Interest in old economy businesses is growing as technology, particularly artificial intelligence (AI), continues to reshape industries. The key question for investors is – which companies will remain resilient no matter how fast innovation accelerates?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Companies built around physical infrastructure or long-term customer loyalty could be less vulnerable to disruption than those relying on the latest software or platform. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Many of these businesses are large and capital-intensive or provide essential goods or services. This means demand can be more stable, and pricing power (the ability to raise prices without impacting demand) could maintain profitability even in volatile markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Periods of geopolitical uncertainty can reinforce this resilience. Energy companies have benefited from higher commodity prices. Meanwhile, utilities and consumer staples tend to see steadier demand even when economic confidence weakens.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While these sectors may not experience the rapid share price rises of tech firms, they also tend to be less exposed to sudden declines. This can matter more in regions like Europe as its markets are exposed more to traditional industries. Markets like the UK in particular have greater representation in defensive sectors like energy, utilities and consumer goods, which can sometimes provide stability when global markets become more volatile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recent performance of these sectors underscores the importance of diversification. Energy, industrials, consumer staples, and utilities have performed well amid global uncertainty.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Market rotations like these are not unusual. When one theme dominates, portfolios can become concentrated in certain sectors, increasing risk. By maintaining some investments in old economy companies, investors can balance the high-growth potential of the new economy with the stability of established sectors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"AI still needs infrastructure","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The rise of AI doesn’t diminish the importance of old economy sectors. Large-scale technology deployment requires physical support. Data centres need electricity, specialised components must be manufactured, and logistics networks must operate efficiently. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Industrials, construction firms, and energy companies are integral to this infrastructure, providing the “picks and shovels” behind the new digital economy. Even in a tech-driven world, old economy companies are essential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Rethinking what quality means","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Traditionally, ‘quality’ investing focused on asset-light firms with high margins and strong returns on capital – traits often associated with tech. But the most resilient companies may be those with tangible assets, durable market positions, and loyal customer bases. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recognising these traits allows investors to balance potentially high-growth investments with stability, helping to balance risk across an investment portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Whether or not ‘HALO’ becomes a lasting investment theme, it highlights an important lesson. Market leadership changes, and no single sector dominates forever.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, maintaining exposure across sectors, geographies, and different economic models remains essential. 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Plus 3 investment ideas.","publishedDate":"2026-03-05","categories":["$10:props:data:authorArticles:14:fields:categories:0","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory","$10:props:data:authorArticles:11:fields:categories:1"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"6ZNZRKOYh1am4fgK3bK0L","type":"Entry","createdAt":"2026-03-05T16:38:50.750Z","updatedAt":"2026-03-05T16:38:50.750Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Escalating conflict in the Middle East has driven gold prices higher, as demand for so-called ‘safe haven’ assets increases. The gold price is off the all-time high we saw earlier this year, but up near 20% since the start of 2026. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This rally builds on two strong years of performance through 2025 and 2024, driven higher as global central banks built up allocations – favouring the precious metal over the US dollar reserves. Past performance isn’t a guide to the future. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trend is likely to continue to provide a tailwind for gold, or at the very least, a floor. Goldman Sachs estimates that central banks will target around 20% of reserves in the precious metal, while China currently sits around 8%. 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Gold is the perceived ‘safe haven’ that investors turn to in times of geopolitical uncertainty, and there has been plenty in recent years – the Russia-Ukraine war, tensions in the Middle East, questions over the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/federal-reserve"},"content":[{"nodeType":"text","value":"Federal Reserve’s","marks":[],"data":{}}]},{"nodeType":"text","value":" independence, and ever-changing trade tariffs. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. Remember, investments rise and fall in value, so you could get back less than you invest. 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","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The war in the Middle East has impacted equity, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"bond","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/commodity"},"content":[{"nodeType":"text","value":"commodity","marks":[],"data":{}}]},{"nodeType":"text","value":" prices, and will likely continue until both sides can reach a resolution, there’s a stable leadership in place and – crucially for markets – global trade of oil and gas can normalise.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But the Middle Eastern conflict is not the only source of potential volatility or risk facing investors this year. The Russia-Ukraine war continues, trade tariff uncertainty remains, and the US Mid-Term Elections have the potential to spur inflammatory narrative from President Trump which could impact markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Because of this, we don’t expect the sharp rally of recent history to be repeated or sustained, but we do think that gold has an important role to play in portfolios this year, though as always, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversification","marks":[],"data":{}}]},{"nodeType":"text","value":" remains key. ","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What are the benefits of investing in gold?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Gold has historically always been seen as a portfolio diversifier. That’s because it’s tended to perform well during more turbulent times. Though this might not always be true.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Holding gold can potentially shelter your portfolio in difficult times, rather than shooting the lights out. 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But what does it mean for investors, and how could they gain exposure.","publishedDate":"2026-02-17","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"71xBTaYjtJAUjYbn80Q7BE","type":"Entry","createdAt":"2026-02-17T10:55:09.928Z","updatedAt":"2026-02-17T10:55:09.928Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":6,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"After just three months in office, Prime Minister Sanae Takaichi called an election to secure a clear mandate. The result gives her a commanding position in parliament and gives markets a rare dose of political certainty.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Her Liberal Democratic Party (LDP) won a two-thirds majority in the lower house, the first time this has happened in post-war Japan, and it means the government now has the numbers to pass legislation far more easily. The election result ushers in a period of political stability in Japan, something investors tend to welcome, particularly in an uncertain global environment.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure an investment is right for you, ask for financial advice. Remember, all investments and any income from them can rise and fall in value, so you could get back less than you invest. Past performance isn’t a guide to the future.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does the result mean for Japan’s economy?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Takaichi’s election campaign focused on change, presenting herself as a leader who understands the pressure rising prices are putting on households. She has spoken about cutting consumption tax and supporting consumers through subsidies for energy bills, while also promising to project a stronger Japan on the global stage.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She has signalled support for greater investment in strategic industries like technology, semiconductors, AI and defence. These areas are seen as important for boosting productivity at home and strengthening Japan’s position internationally. The election result gives her more freedom to push these priorities forward, though the detail is still to come.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That lack of clarity has left some businesses cautious as companies are wary of higher government borrowing and potential tax changes. There are also concerns about labour shortages. Japan’s population is ageing rapidly and Takaichi has taken a tougher tone on immigration. But some businesses argue that access to foreign workers is essential to support growth.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some of the recent fiscal support is also seen as election driven. Measures like subsidies for electricity and gas were designed to ease ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" in the short term. Capital Economics expects inflation to fall by around 1% this year, helped by these policies. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, the proposed suspension of consumption tax may not take effect until next year. With the economy already growing modestly and government debt high, the scope for significantly more spending could be limited.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How did markets react?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japanese markets responded positively and jumped sharply the day after the election, hitting record highs.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors appear encouraged by the size of the LDP’s victory and the prospect of stable government. While a short timeframe, Japanese ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/shares"},"content":[{"nodeType":"text","value":"shares","marks":[],"data":{}}]},{"nodeType":"text","value":" have outperformed global markets since Takaichi took office last October, helped by promises of fiscal support, improving corporate governance and a weak yen.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"Bond","marks":[],"data":{}}]},{"nodeType":"text","value":" markets were more cautious, but moves were modest. Japanese government bond ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yields","marks":[],"data":{}}]},{"nodeType":"text","value":" edged higher but had already risen in the run up to the election reflecting expectations for increased borrowing. Rising yields have caused some concerns around Japan’s financial strength, but others view this as a period of normalisation as yields are now more in line with international peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Japanese yen was subdued. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Normally, higher bond yields support a currency. But ongoing weakness in the yen reflects uncertainty over how future spending plans will be funded and ongoing questions about Japan’s long-term growth prospects.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What does this mean for investors?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For investors, the election result removes a key source of uncertainty. Political stability tends to be supportive for markets, and Japan now stands out as having a clear, long-term administration in place.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, currency movements will be important. A recovery in the yen could be a headwind for Japanese shares in the short term. Overseas investors would feel the effects more as a stronger currency reduces returns once converted back into sterling. That said, a stronger yen is good for importers and domestic manufacturers, and more of an issue for exporters.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Elsewhere, Japanese markets still look attractively valued compared with its long-term average and some global markets, including the US, which could offer longer-term support for share prices if company earnings grow or remain robust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For bond investors, higher yields might continue as the economy improves. The Bank of Japan remains cautious, and while there may be tweaks to bond buying later this year, any major shift in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/monetary-policy"},"content":[{"nodeType":"text","value":"monetary policy","marks":[],"data":{}}]},{"nodeType":"text","value":" looks unlikely unless there’s a serious economic shock.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For currency investors, the picture’s mixed. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The yen is very weak by historical standards, and with election risk now behind us, it may be more likely to strengthen than weaken from here, though ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=price%20should%20be.-,Volatility,-Volatility%20is%20a"},"content":[{"nodeType":"text","value":"volatility","marks":[],"data":{}}]},{"nodeType":"text","value":" should be expected.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Investment ideas for Japan","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For those seeking exposure to Japan, here are two ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/funds"},"content":[{"nodeType":"text","value":"fund","marks":[],"data":{}}]},{"nodeType":"text","value":" ideas that use different approaches to investing in the region.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investing in these funds isn’t right for everyone. Investors should only invest if the fund’s objectives are aligned with their own, and there’s a specific need for the type of investment being made. Investors should understand the specific risks of a fund before they invest, and make sure any new investment forms part of a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified","marks":[],"data":{}}]},{"nodeType":"text","value":" portfolio.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For more details on each fund, its charges, and specific risks, use the links to their factsheets and key investor information.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5EIDa34FlhuJBncEQq8j8V","type":"Entry","createdAt":"2026-02-17T10:55:09.945Z","updatedAt":"2026-02-17T10:55:09.945Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"B0119B5","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Man Japan CoreAlpha","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/m/man-japan-corealpha-professional-accumulation"},"content":[{"nodeType":"text","value":"Man Japan CoreAlpha","marks":[],"data":{}}]},{"nodeType":"text","value":" aims to provide investors with long-term growth. The fund managers are contrarians and invest in larger, more-established Japanese companies that are currently unfashionable and out of favour, with the potential to recover. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=V-,Value%20investing,-Value%20investing%20is"},"content":[{"nodeType":"text","value":"value investing","marks":[],"data":{}}]},{"nodeType":"text","value":" and the fund managers' discipline in this style sets them apart from their peers. The managers tend to invest in relatively few companies, so each one can make a significant contribution to returns, although it increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this fund could work well in a global investment portfolio designed to provide long-term growth or sit well alongside a Japanese fund using a growth-style investment approach or focused on smaller or medium-sized companies.","marks":[],"data":{}}]}]},"emailSignUp":"false"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"76ae3ky4bpg87FTqN26TK5","type":"Entry","createdAt":"2026-02-17T10:55:09.962Z","updatedAt":"2026-02-17T10:55:09.962Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContentWithCompanyInformation"}},"locale":"en-US"},"fields":{"sedol":"0601113","investmentType":"fund","content":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford Japanese","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/b/baillie-gifford-japanese-class-b-accumulation"},"content":[{"nodeType":"text","value":"Baillie Gifford Japanese","marks":[],"data":{}}]},{"nodeType":"text","value":" focuses on larger companies but invests more in medium-sized companies than some other funds in the Japan sector. 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It also aims to grow investors' money over the long term, but with less ups and downs (volatility) compared with its benchmark and peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in larger European companies that are undervalued. These are companies that might be out of favour or where the manager doesn’t feel the share price matches the company’s longer-term potential but has the potential to bounce back. Overall, the manager takes a more conservative approach, which means the fund could provide greater stability than others during tougher times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This makes the fund different from other European funds that focus on companies with high-growth expectations. The fund could be a good addition to an investment portfolio focused on income or provide some diversification to other European or global funds focused on growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nick Davis, the fund’s lead manager, has 18 years' experience in the investment industry and is a contrarian at heart, which is reflected in the way he manages the fund. He began his fund management career in January 2011 at Columbia Threadneedle (CT) where he managed the Pan European Equity Dividend fund and was deputy manager of the European Select fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Davis joined Polar Capital in September 2014 and has managed the European ex-UK Income fund since it launched in June 2015. He’s managed other European funds over this time, but his sole focus is currently this fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Davis is supported by deputy manager Dan Tse who joined Polar Capital in June 2013. Tse has a technical background and is quantitatively focused, a skillset he uses to support Davis in managing the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Raniyah Qureshi, a previous analyst on the fund, left Polar Capital in August 2025 to explore opportunities outside the fund management industry. We’re comfortable Davis and Tse can handle the responsibilities of managing the fund between them and having a relatively small team is in line with how other funds are managed at Polar Capital.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Davis also makes use of the wider resources at Polar Capital, including their ESG (Environmental, Social and Governance) team. That said, our conviction in this fund primarily lies with him.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund aims to pay an income at least 10% higher than that of the MSCI Europe ex-UK index, alongside some capital growth over the long term. Davis looks for undervalued European companies that pay an income and have potential to improve over time. This investment style is known as value investing, though he also focuses on companies that could provide some stability during tougher times.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager focuses on companies he believes can achieve at least a 10% annual total shareholder return, which includes dividend and earnings growth potential, over the medium term. Davis believes other investors underestimate the long-term potential of these companies.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager invests in companies that yield (a measure of income) at least 2.5% with the potential to be able to grow their dividends over time. He focuses on balance sheet strength and the competitive landscape. To help limit volatility he considers how cash generative a business is, and how resilient they could be in a market downturn.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in around 25-50 companies, currently 33. Investing in a relatively small number of companies means each investment could have a big impact on performance, which increases risk. The managers also have the flexibility to use derivatives which can magnify any gains or losses and increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Recent additions to the fund include Wolters Kluwer, a software solutions provider, and Veolia, which offers water, energy and waste recycling solutions.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, several insurance companies were sold, some of which were sold following a period of good performance. This includes Zurich Insurance Group, Munich Re and Swiss Re. Hannover Re was recently added to the fund as Davis now views it as a higher-quality option in the insurance sector.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Polar Capital was founded in 2001 and prides itself on its collegiate investment culture. Each investment team has autonomy, which allows them to develop and apply their own investment process and philosophy, but with sufficient challenge and oversight.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The culture within the European team is strong and debate is encouraged. While Davis is the ultimate decision maker, he's supportive of the team challenging investment decisions to add rigour to the process. He also has meaningful ongoing interactions with the group’s Investment Risk team and CIO (Chief Investment Officer) – while we’re pleased Davis has stayed true to his overriding process, we view it positively he’s prepared to make enhancements to improve performance over time.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm has a strong focus on shareholders' interests and ensures that fund managers are aligned accordingly and appropriately incentivised.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Each investment team at Polar Capital has autonomy over its own investment strategy. This means they all take slightly different approaches to ESG (Environmental, Social and Governance) integration, and some are more advanced than others. That said, the firm makes third party ESG data and research available for all fund managers and all Polar Capital funds exclude companies involved in the production or marketing of controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Alexander Macdonald, Head of Sustainability, coordinates the firm’s sustainability-related initiatives and helps the investment teams frame their thinking around ESG and incorporate ESG analysis in a robust way. His aim is to further develop Polar Capital’s funds’ integration of ESG factors as well as enhancing their responsible investment and stewardship capabilities.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Polar Capital fund managers engage with the companies they invest in where they feel it will have a positive impact on company performance and enhance shareholder value. Fund managers are also responsible for voting, but their views are informed by third party proxy voting specialist Institutional Shareholder Services. A summary voting record is provided annually, but the full voting record is not provided. Overall, Polar Capital is less transparent on its ESG-related activities than some peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As at the end of December 2025 this fund invests 17.80% in companies involved with the extraction of oil, gas or coal. This could leave the fund vulnerable to fluctuations in commodity prices, regulatory changes aimed at reducing carbon emissions, and potential shifts in consumer preferences towards sustainable alternatives.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.73%. This makes it one of the lowest-cost actively managed funds in the European sector available through HL. The HL platform fee of up to 0.45% per year also applies, apart from in the Junior ISA where there is no platform fee. From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Please note the fund's charges are taken from capital rather than income. This increases the yield but reduces the potential for capital growth.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the fund launched in June 2015, it's delivered returns of 123.94%* compared with 147.48% for the average fund in the IA Europe ex UK sector. As always past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While the fund has underperformed peers over this time, this isn’t its only aim. It also aims to be less volatile than the peer group and broader European market, as well as pay an attractive income. This is something it’s achieved, and the fund’s performance has also been much smoother. Over the longer term, the fund has tended to lag a rising market but hold up better when markets are falling. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As an example of how the fund performs in different market conditions, it went through a more difficult period in 2019 and 2020. Growth-focused companies that Davis tends not to invest in, including those in the technology sector, did well which was a headwind. In 2022, the value style of investing returned to favour, and this helped performance. It also held up well during the ‘Liberation Day’ market selloff in April 2025.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently, over the past year, the fund has grown 12.77% compared with the IA Europe ex UK sector average return of 15.87%. Sectors including banks, aerospace and defence, and mining have been some of Europe’s strongest performers over this time. But Davis tends not to invest as much in these sectors as they don’t tend to meet the quality threshold needed to make it into the fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This is broadly how we’d expect the fund to perform in this environment – it’s still provided a good return, but not kept pace with a rapidly rising market, particularly in more economically sensitive parts of the market. We expect it to perform better when more defensive businesses do well or the broader market stumbles.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund has continued to pay an attractive income to investors, as it has done over the long run. 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The managers mainly invest in larger, more-established European businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think it could be a good choice for exposure to Europe within a global investment portfolio or to sit alongside other European funds using different investment styles, such as value or income investing, within a broader portfolio.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fred Jeanmaire took over as the fund’s lead manager from Ben Moore in January 2026. Moore is expected to leave Colombia Threadneedle (CT) to join BlackRock’s European equities team in March 2026. You can find out more about the changes and our decision to keep the fund on the Wealth Shortlist ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/research-and-news/ct-european-select-fund-manager-change"},"content":[{"nodeType":"text","value":"here","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeanmaire joined CT’s European equities team in 2011 and previously worked at Bank of America Securities as an equity research analyst. He also currently manages the CT Pan European Focus fund and is co-manager of the CT European fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Paul Doyle joined the team in 1995 and has been lead manager of CT European since 2014. He’s previously been involved in the management of the European Select and European Smaller Companies funds. Charlotte Burrows joined the European team as an equity analyst in September 2023. She joined CT in 2019, initially as an analyst in the global equities team where she developed a good working relationship with the managers of the Europe Select fund before joining the European team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dave Dudding is no longer a deputy manager on this fund, though his role and involvement remain similar. He currently manages a global fund, which also invests in Europe and uses a similar investment process. Dudding continues to regularly attend the European team’s meetings and remains influential within the team.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team remain supported by the broader European equities team at CT. This group of analysts act as an important source of ideas for the managers and provide challenge and debate when it comes to investment decisions.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers look for high-quality companies they believe offer sustainable returns and strong growth potential over the long run. They prefer companies that are in industries with relatively few competitors and boast strong pricing power - the ability to pass on rising costs to consumers without denting demand too much. A competitive advantage that others struggle to replicate is another trait the managers like.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We expect all fund managers to have some difference in views, even when they use the same overriding process. For example, Jeanmaire is open to investing in some companies that don’t quite meet his quality threshold but have a clear path to getting there. If this transformation is successful it could lead to a rising share price. He’ll also invest in slightly fewer companies than when the fund was managed by Moore. We’re comfortable this isn’t a significant deviation from the existing process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So far, Jeanmaire has only made a few changes to the fund, which we feel demonstrates consistency in investment philosophy and process, while ensuring it aligns with his conviction. He’ll continue to invest in a relatively concentrated number of companies, meaning each investment could have a big impact on performance, which increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The manager sold an investment in music streaming company Spotify following a disappointing period of performance, and another in Intesa Sanpaolo due to greater conviction elsewhere in the banking sector. He’s also reduced the amount invested in higher-risk small and medium-sized companies as he feels his expertise lies in larger businesses.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"On the other hand, an investment in Siemens Energy, a German manufacturer of gas turbines used for power generation, was added. Jeanmaire views it as a beneficiary of the increased power demand stemming from data centres and AI. The company also has an order backlog, as its product is required for Europe to modernise its power grid.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The range of European funds is an important one for CT. A number of good-quality managers have come through the ranks within the European equities team and broadly speaking their funds have performed well over the years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"There have been several changes within the team in recent years though, which is something we're mindful of. Overall, we’re pleased to see that the relationship between existing team members appears strong and collaborative, but team changes are something we’ll continue to monitor.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"CT believes well-managed companies that look to the future are better positioned to navigate the risks and challenges inherent in business. In recent years the firm’s developed several ESG (Environmental, Social and Governance) tools and our meetings with CT fund managers suggest these are relatively well-used, and managers are generally aligned with the view that an understanding of ESG factors is essential if you want to get a full view of a company’s risk/reward profile.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Engagement with companies generally focuses on the current and emerging ESG issues that the team thinks will have the greatest impact on long-term investment returns. The team also undertakes event-driven engagement in response to unscheduled or controversial events. All engagement is tracked in a company-wide database and accessible to all research analysts and portfolio managers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"ESG issues form a part of this fund team’s research, and they engage with companies on multiple factors. They believe this is especially important when assessing the sustainability of a company’s competitive advantage and the scope to produce long-term returns. Culture and governance analysis has played an ever more important role in their process. They believe these factors can have a significant impact on the long-term sustainability of a business, and governance should be at a high standard for a company to make it into the fund.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund is available at an annual ongoing fund charge of 0.64%, after a 0.15% discount available through the HL platform. The charge before the discount is 0.79%. This makes it one of the lowest-cost actively managed funds in the European sector available through HL.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee currently of up to 0.45% per year also applies, apart from in the Junior ISA where there is no platform fee. From March 2026, the amount clients pay to invest with us will change. ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/accounts/fee-changes"},"content":[{"nodeType":"text","value":"Find out more about these changes","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, quality growth investing has lagged value investing, and this trend intensified in 2025. More cyclical, or economically sensitive, sectors like banks and aerospace & defence, have been among the standout performers. While sectors with more ‘defensive’ characteristics have lagged. You can read more on this phenomenon in our recent ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/news/why-quality-funds-have-struggled-and-what-it-means-for-your-portfolio"},"content":[{"nodeType":"text","value":"article","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has impacted all funds using a quality growth approach, including CT European Select. Over the past year, the fund’s grown 4.31% compared with 15.87% for the average fund in the IA Europe ex UK sector, as funds with a value-focused approach took the lead. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund had some individual stock selection issues too. Some of the weakest performers were chemicals distributor IMCD, software company SAP and advertising company Publicis. On the other hand, engineering company Sandvik and semiconductor business ASML performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It’s important to note that this performance isn’t fully attributable to Jeanmaire as he took over the fund in January 2026. But he does manage funds using a similar investment approach that have performed in a similar way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In terms of his own longer-term track record, Jeanmaire is an experienced investor in his own right and has managed funds that invest in European companies since 2014. During his time managing CT Pan European Focus, it’s grown 246.64%* compared with 150.42% for the MSCI Europe Index and 156.38% for the average fund in the IA Europe including UK sector. It’s a strong track record and performance has been supported by good stock selection (the ability to invest in companies that go on to perform well rather than taking a view on individual sectors or countries) over the long term, which we view positively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeanmaire and the team continue to focus on the fund’s long-standing investment philosophy and process, which is something we like to see. They’ll continue to focus on high-quality companies which offer sustainable returns and strong growth potential over the long run. This has the potential to help the fund hold up better than some peers during difficult markets.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4GkPBXqkXgvRG0RHHl6Tg","type":"Entry","createdAt":"2026-02-09T16:03:53.305Z","updatedAt":"2026-02-09T16:03:53.305Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":8,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockTable"}},"locale":"en-US"},"fields":{"position":"Center","equalColumnWidths":false,"heading":{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Annual percentage 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*Lipper IM to 31/01/2026.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$10:props:data:authorArticles:0:fields:authors:1"],"newsLetterSignUp":"$10:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"79ocAGB5oBMzHuPwp7Gux6","type":"Entry","createdAt":"2026-02-09T16:03:53.326Z","updatedAt":"2026-02-09T16:03:53.326Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"CT European Select: February 2026 fund update | HL","seoMetaDescription":"In this fund update, Lead Investment Analyst Kate Marshall shares our analysis on the manager, process, culture, ESG integration, cost and performance of the CT European Select fund.","seoIndexingRules":"index,follow","snippetSettings":true,"openGraphType":"website","twitterCardType":"summary_large_image"}},"sedols":["B8BC5H2","B98WQ46"],"showImageOnArticle":true,"featuredImage":"$10:props:data:authorArticles:16:fields:featuredImage"}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"5NRVErZeMkqLGaGSAGaJZU","type":"Entry","createdAt":"2026-02-02T19:27:54.573Z","updatedAt":"2026-02-02T19:27:54.573Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":23,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"article"}},"locale":"en-US"},"fields":{"theme":"Millennium Mint","titleAndPath":"Japan sector review – 2025’s stock market performance and what might lie ahead [@ japan-sector-review-2025s-stock-market-performance-and-what-might-lie-ahead]","articleType":"$10:props:data:authorArticles:1:fields:articleType","intro":"With 2025 firmly in the rear-view mirror, we look at how the year treated Japan and discuss what might lie ahead.","publishedDate":"2026-02-02","categories":["$10:props:data:authorArticles:0:fields:authors:1:fields:categories:1","$10:props:data:authorArticles:0:fields:authors:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4rJbkYPOJUEki9Q8mXtLzM","type":"Entry","createdAt":"2026-02-02T19:27:54.634Z","updatedAt":"2026-02-02T19:27:54.634Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It was an eventful year for global markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For Japan, its ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":" ended strong. The TOPIX, Japan’s main stock market, reached a new all-time high during December. By the end of the year the MSCI Japan Index had grown 16.02%. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But what story did the previous 11 months tell us, and what might the future hold?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We’re delving into last year’s performance, the latest on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":", and consider the effects February’s snap general election may have.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're unsure whether an investment is right for you, seek financial advice. All investments can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Rising interest rates","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In December, the Bank of Japan (BoJ) raised interest rates to 0.75% (from 0.50%) – the highest level since 1995. The move was widely anticipated following comments earlier in the month from the BoJ’s Governor Kazuo Ueda, and so markets took it largely in their stride. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While rates were held steady in January, comments from the BoJ suggest an upward trajectory, with the pause in hiking linked to February’s upcoming snap election.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Bond yields rose and a snap election called","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Prime Minister Sanae Takaichi recently announced her decision to dissolve parliament and call a snap general election on 8 February. The move came just three months into her premiership, following a run of opinion polls showing strong personal approval ratings. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Takaichi is framing the election as a chance to secure a clear mandate for major policy change and is keen for her leadership to secure broader public backing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Prime Minister has already pledged new stimulus to support economic growth, alongside plans to curb the country’s debt and strengthen the country’s military and defence.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"She’s also considering a two-year suspension of the 8% sales tax on food. This may provide a lift to consumers and growth overall, but the prospect of such a move leading to increased borrowing has pushed government bond ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/yields"},"content":[{"nodeType":"text","value":"yields","marks":[],"data":{}}]},{"nodeType":"text","value":" to multi-decade highs as it could add to Japan’s already heavy debt burden.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Japan’s currency, the yen, briefly weakened following the election call. This follows an ongoing period of weakness for the currency, which recently fell to its weakest level against the US dollar in 18 months. While a weaker currency is good for exporters, it’s more of an issue for importers and domestic manufacturers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Government policy focused on growth and a weakening currency – both could apply upward pressure on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What this means for investors","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The election outcome could be a key driver for Japanese markets in early 2026, with political noise often creating short-term ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Volatility,than%20you%20invested."},"content":[{"nodeType":"text","value":"volatility","marks":[],"data":{}}]},{"nodeType":"text","value":".","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"A decisive win could give Takaichi more freedom to pursue stimulus, deregulation and structural reforms. Such actions could support corporate earnings and have a positive knock-on effect to the stock markets. However, if her policies prompt investors to question her ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/fiscal-policy-explained"},"content":[{"nodeType":"text","value":"fiscal","marks":[],"data":{}}]},{"nodeType":"text","value":" discipline it might increase pressure on ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/bonds"},"content":[{"nodeType":"text","value":"bond","marks":[],"data":{}}]},{"nodeType":"text","value":" markets and the yen.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Other long-term themes remain intact. Corporate governance continues to improve, and many Japanese companies are still at an early stage of reform. While risks around debt, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" and geopolitics remain, a combination of political change and structural progress could prove beneficial.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have Japanese stock markets performed over the year?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the year to the end of December 2025, the MSCI Japan Index rose 16.02%*.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Like many global stock markets, Japan saw a sharp dip in April 2025 following US President Trump’s tariff announcements on the nation’s so-called ‘","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://economictimes.indiatimes.com/news/international/us/what-is-liberation-day-that-donald-trump-has-declared-heres-what-to-expect-on-that-day/articleshow/119804980.cms"},"content":[{"nodeType":"text","value":"Liberation Day’","marks":[],"data":{}}]},{"nodeType":"text","value":". 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*Lipper IM, to 31/12/2025.","caption":"Past performance isn't a guide to future returns."}}],"authors":["$10:props:data:authorArticles:0:fields:authors:1"],"newsLetterSignUp":"$10:props:data:authorArticles:0:fields:newsLetterSignUp","dropCap":"Standard","metadata":{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4gqV6CoxIUWQKRLeqIW6au","type":"Entry","createdAt":"2026-02-02T19:27:54.745Z","updatedAt":"2026-02-02T19:27:54.745Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":4,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"pageMetadata"}},"locale":"en-US"},"fields":{"seoTitleTag":"Japan sector review –2025’s stock market performance and what might lie ahead | HL","seoMetaDescription":"We look back at Japan’s sector performance in 2025 and examine what might lie ahead in the coming months. 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[@ 5-funds-to-watch-for-2025-how-did-our-picks-perform]","articleType":"$10:props:data:authorArticles:0:fields:articleType","intro":"In another year characterised by unsettled market conditions, heightened volatility and uncertainty, we look back on our five funds to watch to see how they fared. 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","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/inflation"},"content":[{"nodeType":"text","value":"Inflation","marks":[],"data":{}}]},{"nodeType":"text","value":" pressures eased in some areas but lingered in others, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rates","marks":[],"data":{}}]},{"nodeType":"text","value":" were cut – though perhaps not as much as some anticipated – and geopolitical risks remained heightened. Markets generally performed well over the year but tested conviction along the way.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So how did our five funds to watch for 2025 perform? 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Investors should only invest if the fund’s objectives are aligned with their own, and there’s a specific need for the type of investment being made.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investors should understand the specific risks of a fund before they invest and make sure any new investment forms part of a ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/diversification"},"content":[{"nodeType":"text","value":"diversified portfolio","marks":[],"data":{}}]},{"nodeType":"text","value":". For more detail on each fund, its charges and specific risks, please see the links to their factsheets and key investor information below.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t personal advice or a recommendation to invest. 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He’ll leave the group to join BlackRock’s European equities team in March 2026. David Dudding is also no longer the fund’s deputy manager, but remains a fund manager at CT.","publishedDate":"2026-01-23","categories":["$10:props:data:authorArticles:3:fields:blocks:2:fields:article:fields:categories:1","$10:props:data:authorArticles:3:fields:blocks:2:fields:article:fields:categories:0","$10:props:data:authorArticles:0:fields:authors:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"Rm5rnr8l83xWbdl4V4hh2","type":"Entry","createdAt":"2026-01-23T12:46:29.446Z","updatedAt":"2026-01-23T12:46:29.446Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":3,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Fred Jeanmaire has taken over the fund’s management alongside existing deputy manager Charlotte Burrows. Paul Doyle, Head of European Large Cap, has also been appointed co-manager.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeanmaire joined CT’s European equities team in 2011 and previously worked at Bank of America Securities as an equity research analyst. He also currently manages the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/c/ct-pan-european-focus-class-z-accumulation"},"content":[{"nodeType":"text","value":"CT Pan European Focus","marks":[],"data":{}}]},{"nodeType":"text","value":" fund and is co-manager of the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/c/ct-european-class-z-accumulation"},"content":[{"nodeType":"text","value":"CT European","marks":[],"data":{}}]},{"nodeType":"text","value":" fund. Doyle joined the team in 1995 and has been lead manager of CT European since 2014. He’s previously been involved in the management of the European Select and European Smaller Companies funds.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Our view","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We have a positive view of Ben Moore as an investor and are disappointed to see him leave.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"However, since the announcement of his departure we have met Fred Jeanmaire and Charlotte Burrows several times and carried out analysis of Jeanmaire’s track record.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeanmaire is an experienced investor in his own right and has managed funds that invest in European companies since 2014. During his time managing CT Pan European Focus, it’s grown 230.07%* compared with 150.42% for the MSCI Europe Index and 150.67% for the average fund in the IA Europe including UK sector. It’s a strong track record and performance has been supported by good stock selection (the ability to invest in companies that go on to perform well rather than taking a view on individual sectors or countries) over the long term, which we view positively. As always though, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"It's important to note the Pan European Focus fund is different as it invests in both European and UK companies, whereas European Select mainly focuses on Continental Europe. We’re mindful Jeanmaire hasn’t been lead manager of a European ex UK fund in the past, but we’re comforted that he has plenty of experience investing in European companies as part of Pan European Focus and as co-manager of CT European, which ","marks":[],"data":{}},{"nodeType":"text","value":"focuses","marks":[],"data":{}},{"nodeType":"text","value":" on Continental Europe.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The same investment process is used throughout CT’s European equities team, so there’s continuity in the approach used to manage all their funds. The managers will continue to look for high-quality companies they believe offer sustainable returns, strong growth potential over the long run, and a competitive advantage that others struggle to replicate.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"That said, we expect all fund managers to have some difference in views, even when they use the same overriding process. For example, Jeanmaire is open to investing in some companies that don’t quite meet his quality threshold but have a clear path to getting there. If this transformation is successful it could lead to a rising share price. He’ll also invest in slightly fewer companies than currently. We’re comfortable this isn’t a significant deviation from the existing process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"So far, Jeanmaire has only made a few changes to European Select, which we feel demonstrates consistency in investment philosophy and process, while ensuring it aligns with his conviction. He’ll continue to invest in a relatively concentrated number of companies, meaning each investment could have a big impact on performance, which increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Finally, while Dave Dudding is no longer deputy manager, his role and involvement remain similar. He currently manages a global fund, which also invests in Europe and uses a similar investment process. Dudding continues to regularly attend the European team’s meetings and remains influential within the team. Jeanmaire, similar to Moore, was also trained by and worked closely with Dudding earlier in his career. Jeanmaire also has the ongoing support of Burrows who remains deputy manager and Paul Doyle, another experienced manager.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, we believe Jeanmaire is a well-developed fund manager with a considered approach to investing. Because of this, the continuity in process, and his impressive track record, the fund remains on the Wealth Shortlist. That said, we’ll continue to monitor the fund, including changes in investments or performance, and let investors know if our views change.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This isn’t a recommendation to make any changes to a portfolio. Investors should make sure any investments match their investment goals and attitude to risk. 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It invests in companies of all sizes, including higher-risk small and medium-sized businesses. The trust is managed in line with Baillie Gifford's growth-focused investment philosophy, with a focus on companies with high or sustainable growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This trust could be used to diversify a global investment portfolio and add long-term growth potential. It could also be used to sit alongside other funds or trusts using a value investment style and a focus on companies that have recovery potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matthew Brett is the trust’s lead manager. He has 22 years’ experience in the investment industry, all of which have been spent at Baillie Gifford. This means he’s well-embedded in the firm’s culture and style of investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brett joined Baillie Gifford’s Japan team in 2003 and became lead manager of the Japan Trust in 2018. He became co-manager of the Baillie Gifford Japanese fund (which has significant overlap with the trust) in 2008, alongside Sarah Whitley, another experienced investor in Japan, and later became the fund’s lead manager. He continued to work closely with Whitley until she retired and left Baillie Gifford in 2018 and learned a lot from her knowledge and experience during their time working together.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brett also co-manages the Baille Gifford Income Growth fund with Karen See. This has similarities with the Japan Trust, though it focuses more on providing an income. His primary focus is on the Japanese fund and investment trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe Brett’s fund management responsibilities are manageable given the overlap in investments and process. He also has the support of and works with the wider Japanese team. We like the collaborative approach, with ideas coming from across the team and a focus on developing talent.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s philosophy is aligned with other Baillie Gifford funds. This means Brett focuses on the fundamentals of individual companies and their long-term potential for growth. He invests in what he believes to be some of the best companies in Japan with at least a five-year view.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust invests in companies at different stages of growth, and is segmented into four buckets:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Secular Growth - companies with high growth potential","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growth Stalwart - steady compounders that may deliver steadier rates of growth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Special Situations - larger conglomerates or businesses trading on a low share price that the managers don’t believe reflects their true worth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyclical Growth - companies that could be more sensitive to changes in the health of the economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, this makes the manager a ‘growth’ investor. But he’s flexible and invests in a range of companies with different drivers of growth, and some that are lowlier valued and may not be typical of a growth investor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, each business must demonstrate resilience and have an adaptable or durable enough competitive advantage that could help them deliver growth over the next 5-10 years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has led the trust to have a bias towards online and digital businesses, automation-related companies, and companies that could benefit from rising consumption across Asia. On the other hand, they currently tend to avoid industries they believe are in long-term decline, such as autos, ‘old-fashioned’ financial companies and banks, and iron and steel.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Computer gaming is an area that’s recently increased. Global revenue from gaming was $187.7bn in 2024, far surpassing other media forms like music and film. The managers believe Japanese gaming companies with strong heritage and well-known characters, which are conservatively managed could benefit from this appeal and growth over the long term. Sega Sammy and Square Enix were therefore recently added to the trust.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford is an independent private partnership founded in 1908. It's owned by partners who work full time at the firm. This ownership structure means senior managers have a vested interest in the company, and its funds, performing well. Brett is a partner in the firm, which means he’s well-incentivised for this trust to perform well, as well as to ensure he makes a valuable contribution to the wider business and its success.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this has helped cultivate a culture with a long-term focus, where investors' interests are at the centre of decision making. We also like that fund managers are incentivised in a way that aligns their interests with those of long-term investors and should retain talented managers.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG Integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"All of Baillie Gifford’s funds are run with a long-term investment horizon in mind. The firm’s fund managers see themselves as long-term owners of a business, not short-term renters. So, assessing whether society will support, or at the very least, tolerate, the business model over the long term, and whether management will act as good stewards of shareholders’ capital is an important part of the investment process.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment teams, including the Japan team, have access to dedicated ESG (Environmental, Social and Governance) specialists, and the firm also has a Climate team and ESG services team which is responsible for voting operations and ESG data. Individual investment teams are responsible for voting and engagement for the companies they invest in. Investment in controversial weapons and companies involved in recreational drugs are prohibited across the firm.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Baillie Gifford courted controversy in 2024 when it left the Net Zero Asset Managers’ Initiative, a group of asset managers that have committed to achieving net zero carbon emissions by 2050, and the Climate Action 100+ collaborative engagement scheme. It claimed membership of the organisations “has become contested”, adding “this risks distracting from our core responsibilities”. This is disappointing but we’re encouraged the net zero and engagement-related commitments remain unchanged.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Within this trust, sustainability and ESG issues form a key part of the manager’s research and analytical framework. We feel ESG is always considered when the team researches all companies, though this is not a specialist responsible or sustainably invested trust.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The trust’s ongoing annual charge for the year to 31 August 2025 is 0.71%. Investors should refer to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx/?type=sl.ra.full&id=d5238170-d86f-41b4-9c6d-49ae45cb15f8&user=wM7Z0Op5eZVeVYUCHb3lcrZV5y8CUSLmVNLoWord0tJOwcfOxu7%2bDInLQj2c3koG&r=1"},"content":[{"nodeType":"text","value":"latest annual report and accounts","marks":[],"data":{}}]},{"nodeType":"text","value":", and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.fundslibrary.co.uk/FundsLibrary.DataRetrieval/Documents.aspx?type=packet_fund_unit_doc_priip_kid&docid=555657c7-2db3-42cf-9fe0-4adb378cdc0d&user=TOQ3v%2frvPKgH%2bh5wJIyNoskKH2JKfsyELpDlc7WHYIQ%3d"},"content":[{"nodeType":"text","value":"Key Investor Information","marks":[],"data":{}}]},{"nodeType":"text","value":" for details of the risks and charging structure.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"If held in a SIPP or ISA the HL platform charge of 0.45% (capped at £200 p.a. for a SIPP and £45 p.a. for an ISA) per annum also applies. Our platform charge doesn’t apply if held in a Fund and Share Account. As investment trusts trade like shares, both a buy and sell instruction will be subject to the ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/shares/share-dealing/dealing-charges"},"content":[{"nodeType":"text","value":"HL share dealing charges","marks":[],"data":{}}]},{"nodeType":"text","value":". There is no dealing charge within a Junior ISA.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Brett became the trust’s lead manager, it’s grown 18.50%* in share price terms compared with 56.25% for the average trust in the AIC Investment Trust Japan sector. As always past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Given the trust’s growth-focused investment style, it tends to perform better when growthier companies are in favour, and this was the case for the first few years of Brett’s management. But the trust struggled from 2021 until early 2024 when value-focused companies or those undergoing a recovery performed better and the manager’s growth investment style was out of favour. Smaller companies have also been weaker than larger ones over this time, also acting as a headwind for the trust.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"More recently over the past 12 months the trust’s grown 27.66%, an attractive return for investors and ahead of the sector, which grew 26.11%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An investment in internet services company Softbank was one of the strongest performers over the year, due to rising investor interest in its links to AI (artificial intelligence). Fanuc, which provides automation products, Raksul, an online platform providing cloud-based printing, and Sumitomo Metal Mining also performed well.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term we expect the managers to deliver performance from good stock picking, and when growth and smaller companies investing is in favour, though there are no guarantees.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund currently uses gearing (borrowing to invest) of 15%, which increases returns when markets rise but losses when they fall, so it increases risk. 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[@ europe-funds-review-what-does-improving-european-growth-mean-for-markets]","articleType":"$10:props:data:authorArticles:1:fields:articleType","intro":"As we reach the end of the year, Europe’s economy has remained steady, navigating a backdrop of trade tensions, inflationary pressures, and political uncertainty throughout the year.","publishedDate":"2025-12-19","categories":["$10:props:data:authorArticles:0:fields:authors:1:fields:categories:1","$10:props:data:authorArticles:0:fields:authors:1:fields:categories:0:fields:parentCategory"],"featureArticle":false,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"1A4y4dg3z4WKxjhsogaHDi","type":"Entry","createdAt":"2025-12-22T11:04:32.444Z","updatedAt":"2025-12-22T11:04:32.444Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":9,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has prompted some investors to take a closer look at the region, particularly as ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/shares"},"content":[{"nodeType":"text","value":"share","marks":[],"data":{}}]},{"nodeType":"text","value":" price valuations in parts of Europe continue to offer value compared with other major markets.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you’re not sure an investment is right for you, ask for financial advice. Investments can fall as well as rise in value, so you could get back less than you invest.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Europe growth outlook improves","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Learn%20more-,European%20Central%20Bank,-The%20European%20Central"},"content":[{"nodeType":"text","value":"European Central Bank","marks":[],"data":{}}]},{"nodeType":"text","value":" (ECB) President Christine Lagarde has suggested the bank is likely to upgrade its growth forecasts for the region again at its December meeting. This would follow September’s revision, when the ECB raised its 2025 GDP (a measure of economic growth) projection from 0.9% in June to 1.2% – the first upward revision in more than a year.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Eurozone grew 0.2% in the third quarter (July to September), exceeding expectations and despite concerns about trade tensions and a challenging global backdrop. Investment in areas like digital services helped underpin activity and means the economy has held up better than some feared when the year began.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Inflation has also moved slightly higher, reaching 2.2% in November and sitting above the ECB’s 2% target for the third month in a row. Combined with stronger growth, this has led investors to increase expectations of a potential ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/base-interest-rate"},"content":[{"nodeType":"text","value":"interest rate","marks":[],"data":{}}]},{"nodeType":"text","value":" rise in 2026.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Quality takes a back seat","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In markets, there’s been a clear shift in investment style leadership. Quality investing, which focuses on companies with strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/balance-sheet"},"content":[{"nodeType":"text","value":"balance sheets","marks":[],"data":{}}]},{"nodeType":"text","value":", dependable cash flows and sustainable competitive advantages, fell firmly out of favour in 2025, though still grew in value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Europe’s benchmark of quality companies is 23 percentage points behind value since the start of the year to the end of November 2025.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Several factors have driven this rotation. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyclical (more economically sensitive) sectors like banks and aerospace and defence have surged, supported by stronger demand and heightened geopolitical tensions. Sectors often associated with quality, like healthcare, consumer staples and telecoms, have struggled to keep up.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Investment styles move in and out of favour though, and historically quality companies have shown resilience over full market cycles, particularly during tougher times. For patient, long-term investors, the current environment might offer opportunities, with many strong European businesses trading at more attractive valuations after a challenging period.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"How have European stock markets performed?","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since the start of 2025 to the end of November, the broader European ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/stock-market"},"content":[{"nodeType":"text","value":"stock market","marks":[],"data":{}}]},{"nodeType":"text","value":", as measured by the MSCI Europe ex UK index, grew 24.21%*. This makes it one of the world's best performing markets over this time. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Southern European markets have led performance over the year so far, after previously being shunned by investors following the peak of the Eurozone debt crisis in 2012. Greece has led the way with returns of 71.01%, while Spain and Italy have grown 61.95% and 42.19%, respectively.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Europe attracted investor attention this year after Germany announced a fiscal stimulus package and defence spending increased significantly across the continent. This helped markets like Germany’s, which has risen 24.14% over the same time. But many investors have turned to overlooked markets in southern Europe that offer greater value.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Stronger economic growth and improved political stability in the southern region has also helped. As has the performance of banking shares, which make up a much greater portion of these countries’ markets. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The financials sector makes up half of Italy’s main market, and because of the strength of Greece’s banks, the sector now makes up almost three quarters of the Greek market compared with 44% three months ago.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Returns in northern Europe have been more muted. It’s been a noticeably painful time for Denmark, whose stock market has lost 21.79% over the calendar year to the end of November. This has a lot to do with pharmaceutical giant Novo Nordisk’s share price falling dramatically due to downgraded growth forecasts, disappointing clinical trial outcomes, and rising competition from US firm Eli Lilly.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"European smaller companies returned to form over the year, growing 24.32%. When investor sentiment improves it can benefit higher-risk smaller companies that rely more on the strength of their domestic economies for success. This has helped performance in recent months.","marks":[],"data":{}}]}]}}},{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"4pRbCVfQD4ktt8H8ji37Xw","type":"Entry","createdAt":"2025-12-22T11:04:32.461Z","updatedAt":"2025-12-22T11:04:32.461Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":17,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockAsset"}},"locale":"en-US"},"fields":{"heading":{"nodeType":"document","data":{},"content":[{"nodeType":"heading-3","data":{},"content":[{"nodeType":"text","value":"European stock market performance in 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The fund managers are contrarians and invest in larger, more-established Japanese companies that are currently unfashionable and out of favour. This is a style known as value investing and the fund managers' discipline in this style sets them apart from their peers.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We think this fund could work well in a global investment portfolio designed to provide long-term growth or sit well alongside a Japanese fund using a growth-style investment approach or focused on smaller or medium-sized companies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jeff Atherton, Head of Japanese Equities at Man Group, has managed Japanese funds since 1990. He's worked for several companies including Insight Investment and Société Générale. Over this time, he's built a deep understanding of the Japanese market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Atherton joined GLG (which later became part of Man Group) in 2011 as co-manager of the Japan CoreAlpha fund. He took over as lead manager in January 2021 after former lead manager Stephen Harker and co-manager Neil Edwards announced their retirement. Atherton worked alongside Harker for over a decade, using the same value and contrarian investment philosophy, and it's a style he's used throughout his career.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Emily Badger is deputy manager, which means she’s also involved in the day-to-day decision making on how the fund’s managed. Atherton and Badger have the support of portfolio managers Adrian Edwards and Stephen Harget, who help with analysis, idea generation and provide challenge around investment decisions. The team is dedicated only to the Japan CoreAlpha strategy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Atherton is a highly experienced Japanese equities investor, and we believe he's capable of leading the team and fund successfully going forward.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team uses a longstanding value focused investment process – investing in companies at a lower share price than what they believe to be the true worth of the business. Lower valuations are crucial to their process, and they aren’t afraid to invest in companies when others are fearful.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team doesn't invest in companies purely because they're cheap, they need to believe the company has the potential to recover. Sometimes a company's assets or profit potential isn't fully reflected in its share price, which could be for several reasons. It might be they've not hit their targets, perhaps there's been a change of management, or maybe there's just a gloomy investor outlook for their part of the market. If this is the case, and the company undergoes a turnaround, the true value of the company could be realised, and the share price could rise. This style is known as value investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The team focuses on companies they believe are dominant in their industry, in a good financial position and run by quality management teams. When they feel the company is popular again and the share price has recovered, they'll sell and move onto the next opportunity. This discipline means the managers tend to invest in relatively few companies, so each one can make a significant contribution to returns, although it increases risk.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The largest sectors currently in the fund are transportation equipment, which includes autos, and banks, with around 13.0% in each. The managers believe these sectors offer the most contrarian investment opportunities and the fund’s largest investments currently include carmakers Nissan and Honda.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Another large investment is convenience store Seven & I Holdings. The managers previously sold some of their shares in the company following a period of strong performance, but they recently bought more following the appointment of a new CEO.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"An investment in internet services company Softbank was reduced – the stock performed well and is now more widely held by other investors. The managers therefore took the opportunity to take profits from an investment no longer considered out of favour.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Culture","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"GLG was founded in 1995 and established itself as one of the largest alternative asset managers in the world. In April 2009 GLG took over the London-based division of Société Générale Asset Management (SGAM), which expanded GLG's investment capabilities and distribution network. GLG was acquired by Man Group in 2010 and was initially known as Man GLG before becoming Man Group.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Man Group offers a diverse range of funds encompassing equities, fixed interest and alternative investments. The firm continues to invest in talent, technology, and research, giving fund managers every opportunity to perform well over the long term. They promote an open and collaborative culture where the sharing of ideas and debate is encouraged.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The managers and the wider team invest a significant amount of their own money in this fund. We feel their incentives are aligned with those of investors.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"ESG integration","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"As a firm, Man Group recognises the importance of Environmental, Social and Governance (ESG) factors. It allows each fund manager autonomy to apply ESG analysis in a way that works for their investment strategy. Each investment team has access to Man Group's ESG Analytics tool, which helps the team monitor non-financial risks and analyse ESG factors on both a single company basis and across the strategy. All Man Group funds are prohibited from investing in controversial weapons.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The firm's Stewardship team exercises all voting rights where practicably possible, in accordance with their voting policy, with basic headline voting statistics published on their website quarterly. Fund managers also engage with the companies they invest in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund’s managers integrate ESG analysis into their investment process. They work with the in-house Responsible Investment team, identifying companies that use more sustainable practices and those that don't. A low ESG score isn't necessarily a reason for them not to invest though, and this fund can invest in sectors that aren’t typically rated highly for their ESG credentials, such as oil & gas.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund also has one of the highest ESG risk profiles of the 100 funds under HL’s research coverage. The companies within the fund could therefore face increased regulatory scrutiny, reputational damage, and operational challenges, potentially impacting the fund's future performance.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Cost","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund usually has an ongoing annual charge of 0.90%, but we've secured HL clients an ongoing saving of 0.10%. This means you pay a net ongoing charge of 0.80%.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Performance","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Atherton joined Man Group as a portfolio manager in 2011, the fund's performed better than the TOPIX benchmark. As with any fund or investment style though, there have been times when the value investment style hasn’t been in favour and the fund has underperformed.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Since Atherton became lead manager in 2021, the fund’s returned 114.69%* versus 42.50% for the average fund in the IA Japan sector. Looking at the past year, the period covering the 12 months to the end of November 2025, the fund grew 25.11% compared with 20.00% for the sector average. As always, past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Strong performance from the value investing style more broadly helped performance. However, the managers’ stock selection contributed the most to performance. We view this positively as it demonstrates an ability to pick and invest in companies that perform well regardless of the managers’ investment style or what sector they’re in.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The strongest performers over the past year include Softbank, financial services company Mizuho Financial Group and Sumitomo Electric Industries, which makes electric wire and optical fibre cables.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Nissan Motor was the weakest performer but given the managers’ positive view of the company they used this as an opportunity to buy more shares at a lower price.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Over the longer term, we expect the fund to perform well when value investing is in favour, though the reverse is also likely to be true. 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","publishedDate":"2025-12-10","categories":["$10:props:data:authorArticles:0:fields:categories:1","$10:props:data:authorArticles:0:fields:categories:1:fields:parentCategory"],"featureArticle":true,"blocks":[{"metadata":{"tags":[],"concepts":[]},"sys":{"space":{"sys":{"type":"Link","linkType":"Space","id":"vvl3z0p6qtad"}},"id":"qYQ3YOIXHALBGZkYfULnN","type":"Entry","createdAt":"2025-12-10T16:32:55.728Z","updatedAt":"2025-12-10T16:32:55.728Z","environment":{"sys":{"id":"master","type":"Link","linkType":"Environment"}},"publishedVersion":2,"revision":1,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"blockContent"}},"locale":"en-US"},"fields":{"content":{"nodeType":"document","data":{},"content":[{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"At a time when investors seem increasingly focused on rapid growth, quality investing has fallen out of the spotlight. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Dependable companies with strong ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary/balance-sheet"},"content":[{"nodeType":"text","value":"balance sheets","marks":[],"data":{}}]},{"nodeType":"text","value":" and steady earnings used to appeal to investors. But this ‘quality’ part of the stock market hasn’t been in favour recently and that’s impacted the performance of many funds that use a quality, or quality growth, investment approach. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This article isn’t personal advice. If you're unsure whether an investment is right for you, seek financial advice. All investments can fall as well as rise in value, so you could get back less than you invest. Past performance isn’t a guide to future returns.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Quality vs value investing","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In recent years, quality investing has lagged ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=V-,Value%20investing,-Value%20investing%20is"},"content":[{"nodeType":"text","value":"value investing","marks":[],"data":{}}]},{"nodeType":"text","value":", and this trend has intensified in 2025. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Globally, outside the US, there has been a rotation – in Europe, its quality market is 23 percentage points behind value so far this year, while in ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/learn/glossary#:~:text=Learn%20more-,Emerging%20markets,-Shares%20in%20%27emerging"},"content":[{"nodeType":"text","value":"emerging markets","marks":[],"data":{}}]},{"nodeType":"text","value":" the gap is over 15 points and in the UK it’s 13. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In the UK and Europe more cyclical, or economically sensitive, sectors, like banks and aerospace & defence, have been among the standout performers. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"These sectors typically benefit when the economic outlook looks stronger, and this year they’ve been supported by rising geopolitical tensions and calls for increased defence spending. They don’t tend to feature heavily in quality-focused funds, so those that favour high-quality businesses have captured less of this upswing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"In Asia and emerging markets, high-growth technology companies, particularly those linked to artificial intelligence (AI), have attracted the most attention. Quality-focused funds might invest in some established technology businesses, but they’re more likely to avoid the most speculative or fast-moving areas. As a result, they haven’t kept pace with the strongest parts of these markets either.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Sectors commonly viewed as “defensive”, including healthcare, consumer staples, and telecoms, have still grown in value but lagged. These areas often form the backbone of quality-focused funds because they’re expected to offer steady demand and reliable earnings. But when investors are more optimistic about economic conditions, defensive sectors can fall behind.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Why these investing trends matter","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"When a particular investment style goes out of favour, it can feel uncomfortable for investors who hold funds using that approach. But it’s important to remember this is normal in long-term investing. Value, growth, quality and momentum all take their turn leading the market.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Quality investing focuses on companies with durable business models, strong finances and management teams capable of navigating uncertainty. These traits don’t always shine when investors are upbeat and perhaps chasing more cyclical or speculative themes. But historically, quality companies have tended to hold up better during tougher periods or provided more stability over the long run.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some fund managers believe the current environment has created opportunities. In a recent discussion with a Japanese manager, they highlighted two areas they believe are attractive. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"First, companies harnessing AI not just for headline-grabbing growth, but to improve productivity and efficiency across their operations. Second, businesses producing essential goods, like household items or hygiene products, where customer demand is more likely to stay steady through economic ups and downs. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"But companies stuck somewhere between the two, neither leveraging new technologies nor providing everyday essentials, may find it harder to keep pace.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"What this means for Wealth Shortlist funds","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Several ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/help-choosing-funds/wealth-shortlist"},"content":[{"nodeType":"text","value":"Wealth Shortlist","marks":[],"data":{}}]},{"nodeType":"text","value":" funds have been affected by this shift in market leadership. Most notably, ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/l/liontrust-uk-growth-class-i-accumulation"},"content":[{"nodeType":"text","value":"Liontrust UK Growth","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/c/ct-european-select-class-z-accumulation"},"content":[{"nodeType":"text","value":"CT European Select","marks":[],"data":{}}]},{"nodeType":"text","value":", both of which focus on high-quality, financially robust businesses with long-term competitive advantages, have faced headwinds as value or AI-driven areas have dominated.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The Liontrust fund has had an additional challenge. It invests a meaningful amount in higher-risk small and medium-sized UK companies. This part of the UK market has also been out of favour, which means the fund has faced two simultaneous style headwinds. ","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"While uncomfortable in the short term, styles don’t stay out of favour forever, and this could provide long-term opportunities if sentiment towards the UK and smaller companies improves.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Some other quality growth funds on the Wealth Shortlist have experienced similar pressures. This includes ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/f/fssa-asia-focus-accumulation"},"content":[{"nodeType":"text","value":"FSSA Asia Focus","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/troy-trojan-global-income-class-o-accumulation"},"content":[{"nodeType":"text","value":"Troy Trojan Global Income","marks":[],"data":{}}]},{"nodeType":"text","value":", ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/t/troy-trojan-income-class-x-accumulation"},"content":[{"nodeType":"text","value":"Troy Trojan Income","marks":[],"data":{}}]},{"nodeType":"text","value":" and ","marks":[],"data":{}},{"nodeType":"hyperlink","data":{"uri":"https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/b/barings-europe-select-class-i-gbp-accumulation"},"content":[{"nodeType":"text","value":"Barings Europe Select","marks":[],"data":{}}]},{"nodeType":"text","value":". While each of these funds have had their own specific challenges, this doesn’t mean the investment approach is broken because investors reward different company characteristics at different times.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Staying diversified matters most","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"No one can reliably predict when, or if, market leadership will change. Value outside the US could continue to perform strongly, or investors may remain focused on high-growth narratives centred on AI. But over full market cycles, companies with reliable earnings, strong finances and competitive advantages have often proved resilient.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"For most investors, staying well-diversified across regions, sectors and styles is the most effective approach. 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It focuses on larger companies but invests more in medium-sized companies than some other funds in the Japan sector. Investments in smaller businesses adds risk. The fund is managed in line with Baillie Gifford's growth-focused investment philosophy, with a focus on companies with high or sustainable growth potential.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This fund could be used to diversify a global investment portfolio and add long-term growth potential. It could also be used to sit alongside other funds using a value investment style and a focus on companies that have recovery potential.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Manager","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Matthew Brett is the fund’s lead manager. He has 22 years’ experience in the investment industry, all of which have been spent at Baillie Gifford. This means he’s well-embedded in the firm’s culture and style of investing.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brett joined Baillie Gifford’s Japan team in 2003. He became co-manager of the Japanese fund in 2008, alongside Sarah Whitley, another experienced investor in Japan, and later became the fund’s lead manager. He continued to work closely with Whitley until she retired and left Baillie Gifford in 2018 and learned a lot from her knowledge and experience during their time working together.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Brett also manages the Baillie Gifford Japan Trust, which has significant overlap with this fund. He also co-manages the Baille Gifford Income Growth fund with Karen See. This has similarities with the Japanese fund, though it focuses more on providing an income. His primary focus is on the Japanese fund and Japan investment trust though.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Jared Anderson became co-manager in January 2025. He joined Baillie Gifford in 2016 and has previously been a member of its Global Alpha and Japanese Equities teams. This meant he was already familiar with the fund’s investment process. Anderson also co-manages the Baillie Gifford Smaller Companies fund and Shin Nippon Investment Trust. The smaller companies identified for these funds are used as potential future opportunities for the Japanese fund.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"We believe Brett and Anderson’s fund management responsibilities are manageable given the overlap in investments and process. Both managers also have the support and work with the wider Japanese team. We like the collaborative approach, with ideas coming from across the team and a focus on developing talent.","marks":[],"data":{}}]},{"nodeType":"heading-2","data":{},"content":[{"nodeType":"text","value":"Process","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund’s philosophy is aligned with other Baillie Gifford funds. This means Brett and Anderson focus on the fundamentals of individual companies and their long-term potential for growth. They invest in what they believe to be some of the best companies in Japan with at least a five-year view.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"The fund invests in companies at different stages of growth, and is segmented into four buckets:","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Secular Growth - companies with high growth potential","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Growth Stalwart - steady compounders that may deliver steadier rates of growth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Special Situations - larger conglomerates or businesses trading on a low share price that the managers don’t believe reflects their true worth","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Cyclical Growth - companies that could be more sensitive to changes in the health of the economy.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Overall, this makes the managers ‘growth’ investors. But they’re flexible and invest in a range of companies with different drivers of growth, and some that are lowlier valued and may not be typical of a growth investor.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"Importantly, each business must demonstrate resilience and have an adaptable or durable enough competitive advantage that could help them deliver growth over the next 5-10 years.","marks":[],"data":{}}]},{"nodeType":"paragraph","data":{},"content":[{"nodeType":"text","value":"This has led the fund to have a bias towards online and digital businesses, automation-related companies, and companies that could benefit from rising consumption across Asia. On the other hand, the

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