Pyrford Global Total Return Sterling B GBP Acc

March 2026

Overview

The fund has three aims. At the centre and core to the philosophy is not losing investor's money and aiming to preserve capital over rolling 12 month periods. The fund also aims to provide a real level of capital accumulation over the long-term as well as maintain a low level of volatility. The manager targets a return which is in excess of UK Consumer Price Index (CPI), and whilst there is no formal performance target ahead of inflation, we expect this to be between 1%-3% p.a. over the medium to long-term. In the current environment and given the managers' positioning, we believe the lower end of this target is a more realistic expectation. Investors should be aware that the nature of the underlying investments means that the fund will not be immune to drawdowns over very short time periods and therefore the holding period should be long-term, or at least 5 years.

Square Mile’s Expected Outcome

We believe a return of 1-3% p.a. ahead of UK CPI over five years is a reasonable expectation for this fund.

Square Mile’s Opinion

This fund has a triad of objectives, which include aiming to deliver low volatility, positive returns over 12-monthly periods and inflation beating returns. The team have been successful at delivering the first two objectives but have struggled to provide returns ahead of inflation over recent years. Whilst disappointing we understand the reasons for this, which includes higher levels of inflation, coupled with the portfolio's lower equity exposure, in particular within the US stock market.

In a space where investors continue to look for new asset classes and alternative strategies to help build diversified portfolios, this fund follows a simple and easily understandable approach, investing only in equities, sovereign bonds and cash. We like that the team focus on what they are good at, which we see as asset allocation and stock selection. Within stock selection their edge lies in highly detailed analysis, buying at competitive prices and showing patience once a company is purchased. The team believe this level of detail is necessary in order to avoid nasty surprises, particularly from a capital drawdown perspective.

Pyrford has a successful history of managing flexible, unconstrained multi-asset strategies, and this dates back to 1994. Their success has partly been driven by their experienced and well-resourced investment team. However, the collegiate nature of the team and the firm's ability to retain talent has ensured the investment approach has remained consistent. The long-term nature of the approach and focus on compounding returns over time means investors should adopt a similar time horizon for their investment. They also need to accept that there may be periods when the fund's returns will be below its longer-term expectations, due to the managers' unwillingness to take excessive risk at times when they believe it is not being rewarded, or during periods of high inflation, both of which we have experienced more recently.

Fund Manager’s Formal Objective

The Fund seeks to provide a stable stream of real total returns over the long term with low absolute volatility and significant downside protection.

Outcome: Capital Accumulation	Domicile: Ireland
Active/Passive: Active	Benchmark: UK Consumer Price Index
Asset Class: Multi Asset	IA Sector: IA Flexible Investment
Yield: 81.11%	Fund size: £625M
Fund Manager: Team based approach	Distribution Pay Date: January, April, July, October
Fund Price: 15.0 Pounds	Dividend Frequency: Quarterly
Currency of Share Class: GBP	Share Class Launch Date: 11/12/2015
NAV: 15.0 Pounds	Year end: 31/12/2025
Discount/Premium: 0.00%	Gearing: -
Permission to distribute from Capital: -	Fees charged: -

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Pyrford Global Total Return Sterling B GBP Acc

Asset Manager Overview

Pyrford is part of Columbia Threadneedle Investments but operates as an independent, investment boutique. It believes in the power of their boutique structure and in making autonomous investment decisions to support the long-term objectives of the fund. Established in 1987, Pyrford managed c. £5.3bn as at December 2025, across long only equity and absolute return strategies.

Fund Manager/Team Overview

Primary responsibility for the fund lies with group CIO, Daniel McDonagh who took up this role in 2025. Mr McDonagh has been with Pyrford for over 25 years, and he is ably supported by a long-standing and experienced investment team. Asset allocation decisions are formulated based on the insights and views of the investment team. Idea generation for stock selection is undertaken by the small but specialist European, US and Asian team's.

Investment Philosophy & Process Overview

The fund is focused on generating real returns but without taking excessive absolute risks in order to achieve this. The team do not believe in benchmarks and are unconstrained by indices and peer group averages. Their philosophy is to have a long-term outlook and combine this with a flexible approach to asset allocation using simple and transparent building blocks. A collaborative team-based approach is adopted but with clear lines of accountability for the investment decision-making.

The team consider four key drivers when constructing the portfolio; asset allocation, duration management, currency exposure and equity selection. They start with a blank sheet of paper and have no asset class preference. Their largely in-house research helps them build an understanding of the potential returns and current valuations and how this compares to long-term trends. Valuation is a key focus for the team.

The team only invest in very high-quality government bonds, those which are rated AA or greater. These assets provide the fund with liquidity and allow them to directly and actively manage the portfolio's interest rate sensitivity. The majority of the portfolio is likely to be held in sterling based assets or hedged back to sterling but the team actively manage this risk factor. In doing so they look at how a currency is currently trading based on its historical average. The fund will only hold equity positions in developed markets and selected emerging markets they deem to be of investable quality. The level of exposure to each equity region is formulated as part of the asset allocation process. Working within these boundaries the equity teams select securities to populate their individual country allocation. Consistent with their philosophy, the equity teams target attractively valued high-quality businesses that can generate attractive returns over the long-term. Once they have identified businesses that fit their criteria they undertake detailed analysis to understand the level and drivers of company profits. They then seek to forecast what this might look like in the future. Those with the best prospects are selected for the portfolio.

The portfolio will typically contain between 65 and 95 holdings. The permitted equity range is 10%-90% but historically this has not been above 50%. The maximum individual stock position is 5% and there is a 25% cap on holding cash. Portfolio turnover tends to be low.

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Pyrford Global Total Return Sterling B GBP Acc

ESG Integration

Fund ESG Integration

This is an actively managed multi-asset fund. ESG considerations are tightly integrated into several aspects of the group's investment process. Whilst not a controlling factor in this particular fund, ESG assessment does form part of the portfolio construction and stock selection process. Standards of corporate governance are a factor which determine whether Pyrford includes a country within its investible equity universe. In deciding this universe, issues such as disclosure requirements, voting structures, takeover regulations and accounting standards are considered. The guiding principle is that all shareholders should be treated equally and that minority shareholders are not disadvantaged.

Company ESG ratings are also included within the investment team's stock sheet summary document, prepared by the analyst, and are one of the outputs from the company selection process. It is therefore a contributing factor in the fund's security selection. It is also a consideration when the team forecast their return on equity assumptions for businesses. ESG is an agenda item at the team's monthly Global Stock Selection Committee meeting and so is regularly reviewed and discussed.

While this fund, and Pyrford overall, score highly from an ESG perspective investors need to be aware that the fund does not explicitly exclude any stocks, sectors or industries on ethical or responsible grounds. Therefore, the fund may hold exposure to companies in industries which may be deemed harmful by some investors, for example tobacco if they believe the investment case is attractive having considered ESG risk factors.

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Pyrford Global Total Return Sterling B GBP Acc

Risk Summary

The team aim to not lose money in any 12 month period. Whilst this is an aim of the team it is not guaranteed and this is a long only strategy so will fall in value in line with the performance of the underlying portfolio of stocks and bonds. In addition, there may be very short-term periods when the fund does experience relatively high levels of drawdown and investors need to appreciate the period over which the team seek to achieve this objective. This is a multi-asset fund however the asset classes available for investment are narrower than many other multi-asset funds with a similar objective. There may, therefore, be periods when the fund struggles to keep pace with peers that have greater flexibility. The team's focus on minimising capital loss means that during periods when valuations are high, particularly within equity markets, the portfolio is likely to be positioned defensively. Should this environment persist for an extended period of time then the fund is likely to lag peers that have less of a capital preservation focus and whose investment horizon is shorter-term.

Additional Information

Annualised Return: 5.94%

Annualised Volatility: 4.10%

Max Drawdown: -3.82%

Max Gain: 3.77%

Max Loss: -1.95%

Sharpe Ratio: 1.23

Sortino Ratio: 1.27

(3 years data to last month end unless otherwise stated)

Qualitative Risk Assessment

	Significant	Potentially Significant	Not Significant
Equity Risk
Interest Rate Risk
Credit Risk
Exchange Rate Risk
Liquidity Risk
Emerging Markets Risk
Derivative Risk
Manager Risk
Gearing Risk
Discount/Premium Risk

For the full summary of the risks, click here

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Pyrford Global Total Return Sterling B GBP Acc

3 Year Rolling Sector Outperformance

Maximum Drawdown (Rolling 12 Months)

Calendar Year Performance To Quarter End

Period	Fund (%)	Sector (%)
2025	9.0	13.0
2024	3.1	9.8
2023	5.3	7.9
2022	1.4	-9.7
2021	3.3	12.3

Value for Money

The fund's Ongoing Charge Figure (OCF) is above the median for the peer group. The equities and bonds which the investment team favour are highly liquid and therefore transaction costs involved in buying and selling them tend to be reasonable, with the fund's transaction costs around the peer group median. These factors combine to give the fund a total cost of investment above the peer group median. We therefore believe the fund represents fair value for money for investors when considering the experience of the team and strong long-term track record they have generated, however, we acknowledge the fund has struggled to provide capital growth in line with our expecatations over more recent periods.

OCF v Peer Group

0.89%

Transaction Costs v Peer Group

0.13%

TCI v Peer Group

1.02%

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Pyrford Global Total Return Sterling B GBP Acc

Rating Changes

The Square Mile ratings are reviewed every 6 months. For full details on the methodologies, click here.
For a full list of all Square Mile rated funds, click here.

Rating Changes over last 12 months	Time & Date rating changed

Disclaimer

This document is issued by Square Mile Investment Consulting and Research Limited which is registered in England and Wales (08791142) and is a wholly owned subsidiary of Titan Wealth Holdings Limited (Registered Address: 101 Wigmore Street, London, W1U 1QU).

Unless otherwise agreed by Square Mile, this factsheet is only for internal use by the permitted recipients and shall not be published or be provided to any third parties. This factsheet is for the use of professional advisers and other regulated firms only and should not be relied upon by any other persons. It is published by, and remains the copyright of, Square Mile Investment Consulting and Research Ltd (“SM”). SM makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SM at the date of issue but may be subject to change without reference or notification to you. SM does not offer investment advice or make recommendations regarding investments and nothing in this factsheet shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This factsheet shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SM shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SM does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein. Unless indicated, all figures are sourced by LSEG Lipper (all rights reserved). Past performance is not a guide to future returns.

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