The Cirilium Blend Portfolios delivered positive returns over the second quarter of 2026, with returns ranging from 4.4% for the Conservative Blend Portfolio, through to 12.6% for the Adventurous Blend Portfolio. Expectations of a resolution of the conflict between the US and Iran, combined with a more positive outlook for AI related companies, led to significant returns for equities, which were the key driver of returns for the portfolios. Our tactical asset allocation was a positive overall, but manager selection was a detractor. Broadly, our underperformance was concentrated in those markets and managers who remained underweight AI.
The performance figures shown refer to past performance. Past performance is not a reliable indicator of future performance.
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