Academic research project. Hypothetical walk-forward performance — no foreknowledge, not a live track record. Not investment advice, not FCA-authorised, capital at risk.
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Portfolio Factsheet

Simple Core

The honest baseline: a cheap, low-turnover blend of a global equity index, government bonds and a money-market sleeve, monthly rebalanced to fixed weights. No optimisation, no cleverness — this is the 'a cheap index-and-bonds mix is as good as most people will get' reference. It's the one product a typical investor could simply hold; the sophisticated products are measured against it. Shown for both HL Retail and IB Pro cost profiles.

Inception: January 2019

Benchmark:

Last updated: June 2026

Final Value

£35,658

vs benchmark: £62,186

Annual Return

8.05%

vs benchmark: 16.39%

Volatility

9.2%

vs benchmark: 16.1%

Max Drawdown

-16.7%

vs benchmark: -25.5%

Equity Curve

HL Retail ISA is shown net of all costs and is genuinely tax-free. IB Pro is shown net of dealing/spread/FX costs but gross of UK tax — a higher-rate taxpayer would face dividend tax, CGT and interest tax that add ~80-150 bps/yr of further drag. See Methodology for full details.

Simple Core — portfolio versus benchmark equity curve

Monthly Returns

Year JanFebMarAprMayJun JulAugSepOctNovDec Total

Performance Metrics

Metric HL ISA IB Pro Benchmark

Drawdown

Allocation over time

HL ISA (UCITS only)