Overview

Meeting Date: THURSDAY, 19 FEBRUARY 2026

“Resilience, Rotation & Return Realism”

We are pleased to share a high-level summary of our latest Investment Committee Meeting, centred on portfolio positioning for 2026, ETF integration, and evolving return expectations in a more complex market environment.

Key Discussion Highlights

1. Portfolio Strategy & 2026 Positioning

  • Model portfolios have been updated to reflect our 2026 CIO Playbook views and current asset class opportunities.
  • Market conditions and forward return forecasts suggest a more measured return environment ahead.
  • The Committee discussed framing return expectations within ranges rather than fixed targets to better reflect market cycles and variability.

2.  ETF Integration & Investment Framework

  • Reviewed global ETF capabilities as part of ongoing portfolio enhancement.
  • ETFs may be utilised selectively as cost-efficient and liquid tools within our broader investment framework.
  • Continued emphasis on rigorous due diligence, pricing efficiency, and benchmark integrity.

3. Risk Management & Market Developments

  • Monitoring sector rotation and changing market leadership dynamics.
  • Assessing relative opportunities across global markets, including emerging economies.
  • Maintaining disciplined asset allocation amid evolving inflation and interest rate conditions.

4. Governance, Monitoring & Continuous Improvement

  • Enhancing portfolio oversight through improved monitoring systems.
  • Exploring technology-enabled reporting solutions to strengthen risk management processes.
  • Ongoing commitment to governance discipline, transparency, and scalable infrastructure.

5. Key Focus Areas Ahead

  • Continued refinement of model portfolios in line with evolving market conditions.
  • Ongoing investment due diligence across active and passive strategies.
  • Further enhancement of monitoring and reporting frameworks to support consistent client outcomes.

Next Steps

  • Ongoing refinement of model portfolios as market conditions evolve.
  • Continued evaluation of both active and passive investment opportunities.
  • Strengthening monitoring and reporting frameworks to support consistent, risk-aware client outcomes.
  • Communicating return expectations with greater clarity around potential variability across market cycles

Our Commitment

Our Investment Committee meets regularly to review markets and refine strategy. We remain focused on disciplined decision-making and long-term outcomes for our clients.

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