Geopolitical disruption and oil price shocks haven’t hindered returns for the Majedie Investments trust, as it posted a net asset value total return of 4.4% and a share price total return of 10.4% in the six months to 31 March 2026, with its trading discount narrowing from 14% to 9.3% and its quarterly dividend rising 9.8% to 4.5p per share.
Dan Higgins, chief executive of Marylebone Partners and investment manager of Majedie, attributed the result to the differentiated portfolio.
"In a period marked by volatility and an unpredictable backdrop, the portfolio's well-constructed, bottom-up composition is proving its worth," he said. "We have been able to generate positive returns largely independent of broader market moves."
Below, Trustnet looks at the major changes to the Majedie portfolio over the period, including where managers took profits, deployed capital and held their nerve.
Taking profits
The most significant activity during the half-year was a round of profit-taking across winning positions. Copper had been a standout contributor, with the Global X Copper Miners exchange-traded fund (ETF) adding 62 basis points, so exposure was meaningfully reduced as the metal rallied. Helikon Long-Short Equity, which had contributed strongly on gold mining exposure, also saw significant profits taken.
Majedie has not abandoned commodities, but selected copper and uranium as “two metals where the case for ownership is supported by secular demand and constrained supply,” the report read.
The CQS Credit Multi Asset fund was redeemed in full. In equities, SS&C Technologies was sold.
Where the money went
The most structurally significant change was the increased allocation to Brown Advisory Global Focus, which Marylebone is now positioning as its preferred vehicle for exposure to world-class compounders.
“The fund's disciplined process aligns perfectly with our philosophy,” the report read.
Following Brown Advisory's acquisition of Marylebone in November 2025, the strategy is available to Majedie shareholders without additional fees.
That acquisition also triggered fee reductions across all tiers of Majedie's management charge: down 10 basis points to 0.8% on market capitalisation up to £150m, 7.5 basis points to 0.675% between £150m and £250m, and 5 basis points to 0.6% above £250m.
"The portfolio's allocation to equities has focused on bottom-up opportunities away from the first-order effects of the AI debate," the managers said. "Many holdings are listed outside the US, with a bias towards Asia."
A new position in Fearnley Energy Alpha, a low-net-exposure equity long/short fund, was established and became one of the largest absolute-return contributors as energy security moved to the foreground following disruption to traffic through the Strait of Hormuz.
LIFE Korea Engagement Fund was added – the market has been on a streak since it started a corporate governance reform – as was US logistics and freight transportation company ArcBest Corp.
Where conviction held despite losses
Praesidium Strategic Software Opportunities was the heaviest single detractor, contributing -105 basis points as the market priced in an increasingly severe AI-disintermediation threat to software business models.
Rather than cutting it, Marylebone added to it.
"Investors increasingly fear that AI will erode both growth and the cash-flow margins of software companies, even though there is limited evidence of that so far," the report read. "That strikes us as too blunt an assessment."
Companies with proprietary customer data, systems-of-record status and deep operational embedding are, in their view, structurally harder to displace than the current sentiment implies.
Recently, several managers have expressed similar views on Trustnet, including veteran Nick Train and Troy’s George Viney.
Exposure to Niatross Investments Asia Opportunities and Strategic Capital's Japan-up was also increased during the market weakness.
"As markets navigate a more uncertain path, with the oil shock and inflation threatening growth, and with policy expectations continuing to change, we believe our approach, which focuses on idiosyncratic return sources and disciplined capital deployment, continues to represent a compelling proposition for long-term investors seeking inflation-beating absolute returns," Higgins said.