Being underweight banks pays off with strong global performances

Given the volatile trading conditions in January to March, the popularity of cautious products is not surprising. But Ms Morrissey also sees it as evidence that “holistic portfolios” – considered dated by some – are still the most convenient option for retail investors.

“Newton has never been afraid not to be fashionable, but ironically now we are quite current,” she says. “People are realising the traditional stuff you can actually understand is not so bad after all.”