Courtiers Wealth Management
Courtiers Wealth Management

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How are the Funds holding up?


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In short, they’ve done, “actually pretty well”, explains Gary, adding they’ve taken some losses in current markets but “they’re not big,” certainly not in the ranks of the big growth funds that have been “absolutely hammered”.

The Team puts performance down to good diversification, plus the fact Courtiers isn’t directly invested in Russian equities and with very little in emerging markets generally.

While Gary’s careful not to be too upbeat, conscious from his own view that “you’ve still lost a bit of money for clients during this crisis”, he feels the funds and strategies currently in place have done “extremely well”.

As clients know, long-term investing will highly likely see ups and downs along the way and Gary makes clear this is the cost for long-term outperformance. As long as capital is set aside for emergencies and immediate capital expenditure, something Courtiers Advisers make sure is the case with clients, you “sit it out and get on with things”, which Gary points out is “effectively what [the Investment Team’s] doing.”

Changes in strategic direction?

Asked how ongoing tensions might be affecting investment strategy, Gary compares opportunities that might have existed “before this broke out”. Examples include PJSC Rosneft Oil Company, and PJSC Gazprom Energy. “Technically, we could have, if we wanted to, have bought [them]…and I guess today we definitely wouldn’t be buying those stocks.”

The Investment Team would also be “very, very careful” of companies like Evraz PLC, a steel manufacturing and mining company, its largest investor being Roman Abramovich. While today’s news includes sanctions placed on Abramovich by the UK Government, the Evraz website is currently inaccessible in the UK.

Having been around “for as long as mankind’s been on the planet,” Gary makes clear that wars bring more uncertainty than anything else. When a conflict comes around as we’re witnessing today, there will come with it a lot of unknowns, so it’s important to be very careful with liquidity. To be cautious and confident, the Team needs to look at whether anything they might want to buy has got any risks that might “come to the fore” as a result of this crisis.

It’s equally important to look for opportunities that uncertainty can create. Uncertainty sees the market “tend to operate indiscriminately, so good stocks get punished as well as bad ones” and in doing so, it’s important to respect what the world’s trying to do to squeeze Russia as a result of its recent actions – and “be mindful of not violating any of the spirit of the sanctions as well as the letter of them.”

Will we see what we saw before?

Comparing the impact on markets following news of a global pandemic to the dip seen during the period following Putin’s invasion of Ukraine, the Total Return Growth Fund shown below, designed to accommodate above average risk and the most volatile of the three Courtiers Multi-Asset Funds, saw fund prices dip from above £2.10 to below £1.50 and above £2.60 to below £2.50 respectively. The windows in which these events occur are highlighted below:


Asked whether we might see a drop in markets as acute as that caused by the pandemic, Gary explained that the portfolios comprise assets of good value. “You want stocks that are under-priced with a margin of safety, and that means you can stick out the ups and downs and work your way back again.”

The Courtiers Total Return Fund lost ground in the Summer of 2020 and climbed back, at which point it “shoots the lights out of virtually all time periods over the last ten years.”

The Investment Team works to ensure they’ve got assets that even if punished by short-term market sentiment can represent good long-term investment. “That’s very much what you’ve got to do in this situation at the moment,” Gary says.

Wars are periods of enormous uncertainty. Very often, in conflict, markets start to discount the end and pick up strongly. “In terms of the effects on asset prices, the worst is a financial crisis which will tend to depress for a longer period, which you saw happen in 2007-8. Wars do have a negative effect, but they tend to affect bonds more than they affect equities.” Gary goes on to explain Courtiers has very little bond risk for reasons he emphasises often.

Gary closes his insight by saying Courtiers won’t pick up “the pain from the interest rate hikes,” which he’s been forecasting for quite a while.

Important information

Issued by Courtiers Asset Management Limited, CAM0322546. Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Tel: 01491 578368.

Past performance is not a reliable indicator of future returns. The value of investments, and the income from them, can go down as well as up and is not guaranteed and you may not get back the amount originally invested. Any forecast, projection or target where provided is indicate only and is not guaranteed in any way. Certain types of funds might carry a greater investment risk than other investment funds. Further details of the risks are associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at


This communication is for information purposes only and should not be relied upon in making an investment decision. The views expressed by individuals and the business are based on market conditions at the date of issue and are subject to change without notice. The mention of any stocks or shares should not be taken as recommendation to deal and does not take into account the individual investor’s investment objective or risk profile. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. Any third party sites, or pages which are linked to the document, have not been reviewed by us and therefore we accept no responsibility for the authors or content of external link or pages. If you are interested in any of Courtiers Asset Management Limited’s range of funds, or require any financial advice, please speak to a financial adviser.

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