LEANING IN, NOT BACKING AWAY: PUTTING CASH TO WORK THROUGH A VOLATILE Q1 2026

Discipline is rarely tested when markets are rising. It’s tested when conflict flares, headlines turn alarming, and prices move sharply in a matter of weeks. The first three months of 2026 brought exactly that; geopolitical tension in the Gulf sent oil above US$100, lifted inflation expectations, and saw rate-cut hopes shelved across the US, UK, and Europe. Equity markets fell hard into the end of March before recovering much of that ground by April.

In our latest quarterly webinar, our investment team explained why none of this changed how we invest. Our approach remains what it has always been: buy good-quality companies at sensible prices and pay close attention to what you pay. Rather than retreat, we used the weakness to put some of our clients’ cash to work while still holding a meaningful cash position across both strategies, ready to keep buying as further opportunities emerge. One clear theme was the market’s fear of AI disruption, which has, in our view, badly mispriced a number of genuinely high-quality software businesses.

That thinking shaped the quarter’s activity. In the domestic portfolio, we introduced Steadfast Group and Xero, two capital-light businesses trading at unusually attractive valuations. Globally, we added industrial conglomerates Honeywell and Siemens, alongside Intuit and Procter & Gamble, while trimming chip holdings and banks after exceptionally strong runs. Each decision came back to the same question: is the price sensible relative to the quality and the long-term return on offer?

The webinar offers a candid look at how we think about navigating uncertainty, why we see volatility as a source of opportunity rather than a reason to react, and why discipline, not prediction, remains the foundation of our approach. Watch the full recording to hear our team explain it in their own words.

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