Real assets and the inflation question

What actually holds value

Inflation is a tax you never voted for. Over a generation it quietly transfers wealth from savers to owners of scarce, productive assets. Our real-asset mandate exists to sit firmly on the owning side of that transfer.

Not all real assets are equal. We favour those with pricing power and contractual income — assets whose cash flows rise with the price level rather than merely surviving it. Scarcity without yield is speculation; yield without scarcity is fragile.

A long-horizon hedge

These holdings rarely make headlines, and that suits us. They are ballast — the part of the portfolio designed to be dull, durable, and quietly compounding while everything louder takes its turn in the spotlight.