Diversified by design. Resilient by nature.
A portfolio seeking to preserve and grow the real value of investors capital;
balancing the two primary drivers of asset prices – growth and inflation;
using a tried and tested blend of bonds, equities and commodities;
to deliver a smoother return profile, over the long-term.
Background
Investors spend a lot of time trying to predict what markets will do next. They invest today based on what they think will happen tomorrow. But the biggest risks to markets are often the ones you don’t see coming. In its all seasons approach to investing, the portfolio is built for the unexpected. We believe investors should be able to sleep easy at night knowing that their money is working away, without taking undue risk.
What is the Four seasons portoflio?
The Four Seasons portfolio is an investment strategy designed to deliver smoother returns across economic environments and market cycles. There are all sorts of surprises in markets, but the general pattern of surprises can be broken down into the volume of economic activity (growth) and its pricing (inflation). The four seasons name reflects the four market environments of growth and inflation either moving above, or falling below, trend. By allocating risk evenly across the four environments, the strategy seeks to create a truly balanced portfolio capable of generating smoother returns over the long-term, while mitigating downside risk along the way.
What are the key hallmarks of the Four seasons portfolio?
- The strategy aims to protect and grow the real value of investors capital, over the medium term (5+ years);
- Using a tried and tested blend of bonds, equities and commodities, with long-term expected returns of 5%, 9% and 7% respectively.
- The asset allocation structure is backed by 50 years’ worth of return data; covering a full spectrum of economic and inflation environments.
- Overseeing the Four Seasons portfolio is an experienced investment team, operating within a controlled process and environment.
Accessing the Four Seasons strategy
The Four Seasons strategy is available as a Unitised Fund (VT Aspen Four Seasons Fund) and Managed Portfolio, across most adviser platforms.
Background
Investors spend a lot of time trying to predict what markets will do next. They invest today based on what they think will happen tomorrow. But the biggest risks to markets are often the ones you don’t see coming. In its “all seasons” approach to investing, the portfolio is built for the unexpected. We believe investors should be able to sleep easy at night knowing that their money is working away, without taking undue risk.
What is the Four seasons portoflio?
The Four Seasons portfolio is an investment strategy designed to deliver smoother returns across economic environments and market cycles. There are all sorts of surprises in markets, but the general pattern of surprises can be broken down into the volume of economic activity (growth) and its pricing (inflation). The four seasons name reflects the four market environments of growth and inflation either moving above, or falling below, trend. By allocating risk evenly across the four environments, the strategy seeks to create a truly balanced portfolio capable of generating smoother returns over the long-term, while mitigating downside risk along the way.
What are the key hallmarks of the Four seasons portfolio?
- The strategy aims to protect and grow the real value of investors capital, over the medium term (5+ years);
- Using a tried and tested blend of bonds, equities and commodities, with long-term expected returns of 5%, 9% and 7% respectively.
- The asset allocation structure is backed by 50 years’ worth of return data; covering a full spectrum of economic and inflation environments.
- Overseeing the Four Seasons portfolio is an experienced investment team, operating within a controlled process and environment.
Accessing the Four Seasons strategy
The Four Seasons strategy is available as a Unitised Fund (VT Aspen Four Seasons Fund) and Managed Portfolio, across most adviser platforms.
- Name: VT Aspen Four Seasons Fund
- Launch Date: 28th May 2025
- Investment Manager: Aspen Advisers Ltd
- Fund Managers: Andrew Johnston / Andrew Spence
- Authorised Corporate Director & Administrator: Valu-Trac (VT)
- Domicile: UK OEIC
- Currency: GBP
- Dealing Frequency: Daily
- Assets Under Management: £15m
- Share classes:
- I GBP Accumulation Shares (ISIN: GB00BN91TN09)
- X GBP Accumulation Shares (ISIN: GB00BN91TJ62)
- Costs:*
- I GBP
- Initial Charge: 0.00%
- Annual Management Charge: 0.55%
- Ongoing Charges (OCF): 0.86%
- X GBP
- Initial Charge: 0.00%
- Annual Management Charge: 0.45%
- Ongoing Charges (OCF): 0.76%
- I GBP
*A professional adviser’s initial and ongoing charge may be applied, subject to agreement between client and adviser. Other charges may also apply. OCF figure will vary.
Investment Manager
Aspen Advisers
4 Albyn Place,
Edinburgh, EH2 4NG
Contact
Lewis Brasseaux
07799 554607
lewis.brasseaux@aspenadvisers.com
Authorised Corporate Director & Administrator
Valu-Trac Administration Services
Orton
Moray, IV32 7QE
Contact
+44 (0)1343 880 344
www.valu-trac.com
What type of investor is the Four Season portfolio for?
Building the Four seasons portfolio
Performance simulation
Be it the Great Depression; world wars; economic booms; economic busts; as well as inflation shocks. All of these were shifts in the economic environment relative to expectations - this allocation framework has weathered them all.
Below is a performance simulation of the Four Seasons strategic asset allocation over the last 50 years, net of fees*.
- Annualised return from the simulated strategy was is 7.1%*.
- This has been delivered with less than half the volatility of equities.**
- The maximum drawdown in any 12-month period was less than 10%, as compared to a drawdown of nearly 50% for global equities.**
- The strategy simulation did not record a loss in any rolling 3-year period.
Past performance is not a guide to future returns.
*Net of fees, assumed to be 0.50%
**Using market capitalisation weighted global equity indices in local currency
Source: Dimensional Returns Data. Aspen. For longer term data, Aspen have used proxy indices, where preferred index is not available.
This is the case for some indices prior to 1991.
Investment principles
Key principles of investing, tried and tested, over decades:
Stay Invested
Assets typically go up over the long-term
Since 1975, bonds, equities and gold/commodities have risen. But the path is rarely smooth.
Asset class returns - £100 invested in 1975
*Equities are represented by the IA Global Equities sector, Bonds are represented by the IA USD Mixed Bond (Hedged to GBP) sector, Gold is represented by the World Bank Gold Price (Hedged to GBP).
DIVERSIFY
No One Asset Class Stays on Top Forever
Portfolios that are concentrated in any asset class can experience prolonged periods of underperformance, even wealth destruction. Market leadership rotates. What led in the last few years, or even decades, may not lead again for a long time.
Rolling 3 Year Annualised Returns
*Equities are represented by the IA Global Equities sector, Bonds are represented by the IA USD Mixed Bond (Hedged to GBP) sector, Gold is represented by the World Bank Gold Price (Hedged to GBP).
PREPARE
For the Unexpected
Investors often look to the recent past as a gauge of what the future might hold, but rarely do things stay the same. It can be valuable to prepare for the unexpected with a portfolio which is diversified by design and resilient by nature.
Past performance is not a guide to future returns.
If you would like any further information, please contact us
Edinburgh, EH2 4NG
Created by Huddle Creative.
‘Aspen’ and ‘Aspen Advisers’ are trading names of Aspen Advisers Limited, a company authorised and regulated by the Financial Conduct Authority with FRN: 1007296, registered in England and Wales with company number 14115281.