Quarter 2, 2026 - Investment Performance Report

Performance over the last year (up to Friday 3 July 2026)

The last year has seen all portfolios deliver strong returns. Given some of the unsettling headlines we have seen in recent weeks and months, that may come as a pleasant surprise. It is also a useful reminder that news coverage can sometimes make short-term events feel more alarming than the actual impact on a well-diversified portfolio.

Those who are comfortable taking more investment risk have generally seen strong double-digit returns over the past twelve months. More cautious investors have also seen positive returns, helped by the benefits of diversification.

Longer-term performance over the last 10 years (up to Friday 3 July 2026)

The ten-year returns show why patience matters. Investing for higher long-term returns means accepting periods of volatility along the way. The early stages of the COVID pandemic in spring 2020 were a clear example of how uncomfortable markets can feel in the short term, even when the long-term outcome remains positive.

Performance over the last year (up to Friday 3 July 2026)

Performance from the values portfolios has been broadly similar to our standard portfolios over the last year. This shows that it is possible to reflect an investor’s values while still aiming for strong long-term investment returns. Growth has been slightly lower over the year, largely because energy companies have performed well following the rise in oil prices linked to events in the Middle East. Our values portfolios screen companies based on carbon emissions, which means they exclude many of the large oil companies.

Longer-term performance over 10 years (up to Friday 3 July 2026)

The values portfolios have only been available to our investors for five years. The chart below shows a longer ten-year view to illustrate how this type of approach can perform over a full investment cycle.

Over the longer term, the values portfolios have shown robust growth. The past decade has included strong performance from growth assets, particularly US equities, but also has included difficult periods such as the Covid pandemic and the return of inflation after Russia’s invasion of Ukraine in 2022.

The table below shows the performance of a number of asset classes in 2026 so far and the return over the last year as at close of play on Monday 30 June 2026.

The overall picture for growth assets over the last year has been very positive, with good performance across most equity markets. Even with recent uncertainty in the Middle East, most areas are positive so far in 2026.

We have also seen the benefits of diversification. Some of the portfolio tilts, including emerging markets and value companies, have also performed well and contributed to returns.

Your portfolio is not reliant on one region, one company, or one type of investment. Exposure to value companies, smaller companies, emerging markets, commercial property and high-quality bonds all helps provide different sources of return. That is exactly what a diversified portfolio is designed to do.