Annual review 2025: the numbers, unedited

Our flagship balanced mandate returned 9.8% in 2025, net of fees. The full review, with nothing smoothed or left out.

9.8%

flagship balanced mandate return in 2025, net of fees

Our flagship balanced mandate returned 9.8% in 2025, net of all fees. Over ten years the annualised figure is 11.4%.

Three holdings did most of the work. Two disappointed, and we explain both in full, including what we got wrong about one of them.

Every number in the review comes straight from the custodian’s statement. Nothing is smoothed, rounded up or left out. Capital is at risk, and past performance is not a guide to future returns.

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Ledger & Co.

14 Hanover Square, London W1S 1HP

Authorised and regulated. Capital at risk. Past performance is not a guide to future returns.