Schroders, EPIC Investment Partners and Quilter's WealthSelect range have taken the top spots across the three defensive model portfolio sectors over the past decade, Trustnet research has found.
We've grouped the six FE fundinfo model portfolio service (MPS) sectors into two broad categories: defensive and growth. The defensive group covers the UK MPS 0%-15% Growth, UK MPS 15%-30% Growth and UK MPS 30%-45% Growth sectors, where growth assets, mainly equities, make up less than 45% of the portfolio.
The UK MPS 30%-45% Growth sector holds cautious to balanced portfolios, with a meaningful equity allocation, though bonds and other defensive holdings still make up the larger share. In the 15%-30% Growth sector, portfolios are cautious, with some equity exposure but still weighted heavily towards bonds and defensive assets, while the very defensive portfolios in the 0%-15% Growth sector sit mostly in bonds, cash and other lower-risk assets, with minimal equity exposure.
Source: FinXL. Total return in sterling between 1 Jul 2016 and 30 Jun 2026.
EPIC MPS Risk Target Managed 3 leads the sector with a 101.6% total return, nearly double the peer group average of 56.7%. Managed by Simon Newell, the portfolio aims for long-term capital growth from a globally diversified multi-asset mix, targeting above-average returns for its risk level.
As at its most recent factsheet, dated May 2026, the portfolio held 44% in fixed income, 33.2% in equities, 10.5% in 'uncorrelated' strategies, 6.7% in commodities and 5.6% in cash.
Its largest holdings included iShares £ Corporate Bond 0-5yr UCITS ETF, SPDR Bloomberg Global Aggregate Bond ETF and Vanguard FTSE 100 UCITS ETF, alongside Jupiter Gold & Silver and Aspect Diversified Trends for diversification away from mainstream markets.
In second place is Schroder Active Portfolio 5, up 93% over the decade. It sits in the middle of Schroders' nine-strong Active Portfolio range, targeting risk level 5 with an average volatility of 50%-65% of global stock markets over a rolling five-year period. It is managed by Philip Chandler and Ryan Paterson.
Rather than holding underlying funds directly, the portfolio invests through a layer of Schroders' own regional and strategy-specific model portfolios, including Schroder Active Asset Allocation Portfolio, Schroder Alternative Portfolio and Schroder's regional equity portfolios for North America, the UK, Europe, Japan and emerging markets.
Its overall asset mix is 51.2% in equities, 23% in alternative and other strategies, 20.5% in bonds and 5% in cash. Within the equity sleeves, Artemis US Select and JPM US Equity Income are among the largest named holdings.
Third is Rivers Cautious, with a 77.9% return. Run by Rivers Capital Management, the portfolio targets modest long-term returns above inflation at controlled volatility, built from what the manager calls 'Anchors', 'Enhancers' and 'Diversifiers': low-risk capital preservation holdings, return-seeking but more volatile assets and low-correlation diversifiers respectively.
As at 30 June 2026, the portfolio held 58% in Anchors, above its 43% strategic target, with 28% in Enhancers and 14% in Diversifiers (both below strategic targets), reflecting a defensive tactical stance. By asset type, government bonds made up the largest single slice at 36%, followed by developed market equities at 22% and low-volatility absolute return strategies at 14%.
Its largest holdings included iShares UK Gilts All Stocks Index, AXA Global Short Duration Bonds and Aegon Absolute Return Bond.
Source: FinXL. Total return in sterling between 1 Jul 2016 and 30 Jun 2026.
Leading the UK MPS 15%-30% Growth sector is Quilter's WealthSelect Blend Managed Portfolio 3, up 56.4% over the decade versus 39% from its average peer.
It's one of eight risk-graded portfolios in Quilter's WealthSelect range, run by Stuart Clark, Helen Bradshaw and Bethan Dixon. It targets volatility of 25%-35% of global equities, a notch below the risk band the 30%-45% sector portfolios sit in.
According to the most-recent factsheet, the portfolio held 44.9% in fixed interest, 27.9% in alternatives, 14.5% in developed market equities ex UK, 6.2% in cash, 4.8% in UK equities and 1.7% in emerging markets, as at 31 May 2026.
As the 'Blend' in its name suggests, it mixes active and passive funds: its single largest holding is iShares North American Equity Index, sitting alongside active bond funds such as Aviva Investors Global Sovereign Bond and Quilter Investors Corporate Bond.
Second is WealthSelect Active Managed Portfolio 3, up 54.5%. It shares the same managers, risk target and near-identical asset allocation as the Blend version above, differing mainly in fund selection.
Where the Blend range leans on index trackers for parts of its equity exposure, Quilter's eight-strong Active model portfolios use actively managed funds, among them Quilter Investors US Equity Income and Quilter Investors North American Equity.
Third is Schroder Active Portfolio 3, up 53.2%. Like Active Portfolio 5 covered in the 30%-45% sector, it's managed by Philip Chandler and Ryan Paterson and built from Schroders' own regional and strategy building blocks.
It sits two risk levels lower, targeting volatility of just 30%-45% of global equities and its asset mix reflects that: 44.6% in bonds, 27.4% in equities and 22.9% in alternatives and other strategies, with 5% in cash. The Royal London International Government Bond fund was its largest single holding, at 30.4%, well ahead of the Schroder Active Asset Allocation Portfolio at 20.4%.
Source: FinXL. Total return in sterling between 1 Jul 2016 and 30 Jun 2026.
Schroder Active Portfolio 2 is at the top of the UK MPS 0%-15% Growth sector, with a 34.5% return against the 18.9% average. It's the lowest-risk portfolio in Schroders' nine-strong Active range, targeting volatility of just 15%-30% of global equities and, like its stablemates, is built from Schroders' underlying building-block portfolios.
The portfolio currently comprises 46.9% in bonds, 18.1% in equities, 17.6% in cash and 17% in alternatives and other strategies. Its largest single holding is Royal London International Government Bond, followed by Royal London Short Term Money Market.
Second and third are both from Parmenion: Multi Option Growth (Risk Managed) 2, up 27.1%, and Passive Growth (Risk Managed) 2, up 25.6%.
Both sit within Parmenion's risk-graded ranges, running from risk grade 1 to 10, with each grade holding a different mix across 14 core asset classes.
Multi Option allows advisers to choose active or passive funds asset class by asset class, while Passive Growth invests entirely through index-tracking funds selected by Parmenion's own due diligence process.
Parmenion runs eight of the 10 MPS in the table above, but this is largely a function of the sector's composition. There are 21 model portfolios in this peer group and Parmenion manages 17 of them.