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The fund is run by a very experienced team, the majority have more than 20 years industry experience, having worked at Pyrford for at least 10 of those
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We like their long-term, disciplined investment philosophy, which has been in place for many years
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Long term performance has been delivered with much lower levels of volatility compared to broader global stock markets
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The fund is on our Wealth Shortlist of funds chosen by our analysts for their long-term performance potential
How it fits in a portfolio
The Pyrford Global Total Return fund aims to deliver stable returns ahead of inflation over the long term and provide some shelter for investors’ money in times of hardship. While it won’t shoot the lights out, the managers try to grow investors’ wealth modestly over the long run, without all the significant ups and downs of investing fully in the stock market. Like all investments it will still rise and fall in value, so investors could get back less than they invest.
We believe this fund could be a good option for a more conservative portfolio, or a way to bring some stability to a broader investment portfolio.
Manager
The team behind this fund is made up of a number of highly experienced investors. Tony Cousins is Investment Chairman and has worked at Pyrford for more than three decades. Cousins has previously been Chief Executive Officer (CEO) and Chief Investment Officer (CIO) of Pyrford, but stepped back from these additional responsibilities in August 2025. This allows him to be fully focussed on the fund and investment decision making.
Cousins has handed over the roles of CEO and CIO to Paul Simons and Daniel McDonagh respectively. They initially moved to a co-CEO and co-CIO structure, with Cousins working alongside Simons and McDonagh for a period of time to allow a smooth transition, before Cousins stepped back from these roles in August. Simons and McDonagh have handed over their previous Head of Portfolio Management roles for the Asian and European regions, to Stefan Bain and Peter Moran respectively.
These changes have been planned for some time and appear to have been managed well. They’ve provided important career progression for a number of senior members of the team and allow Cousins to remain part of the business going forward.
These more senior members of the investment team also make up Pyrford’s Investment Strategy Committee, who are in charge of broader decisions such as the portfolio’s asset allocation – the amount invested in various assets, such as shares, bonds and cash. This committee is made up of Cousins, Simons (CEO), McDonagh (CIO), Moran (Head of Portfolio Management, Europe), Bain (Head of Portfolio Management, Asia-Pacific), Suhail Arain (Head of Portfolio Management, North America) and Faazil Hussain (Portfolio Manager). The experience of the committee is significant, with over 175 years in the industry between them.
Process
The Pyrford Global Total Return Fund launched in 2009 and Cousins and the team have three key aims. Their first is not to lose money over a 12-month period. Their second is to deliver an inflation-beating return over the long term, and thirdly, to do this with low volatility – fewer significant ups and downs in value than a fund invested entirely in shares.
In order to achieve this, the team invest flexibly in three main assets – shares, government bonds and cash. They can invest in companies across the globe, with the flexibility to invest in emerging markets, which increases risk if used. The shares are expected to perform well and generate most of the fund’s growth over the long term, but can be quite volatile in the short term. The bonds and cash are expected to perform differently and bring some stability to the portfolio.
When the team’s outlook is more positive, when stock markets have fallen a lot and have the potential to rebound, they invest more in shares. They have a structured approach to decisions about how much of the fund to invest in different assets such as shares or bonds.
The team consider a combination of the dividend yield available on shares as well as forward looking earnings growth projections over the next five years. When the combined value of dividend yield and future earnings growth increases, the team tend to buy more shares and sell bonds. Similarly, when this combined value falls, they tend to sell shares and buy bonds. They monitor a number of different stock markets on this basis and have pre-determined levels that trigger the team to formally consider whether to change how much they have invested in each asset class.
The team haven’t made any changes to the amount invested in shares, bonds and cash over the last 12 months. They’ve had 30% invested in shares, 68% in bonds and 2% in cash during this period.
The team adjusted the duration position of their bonds in January 2025, from a target of 3 years to 6 years. Duration is measured in years and reflects how sensitive the fund is to interest rate and yield changes. The higher the duration value, the more sensitive the fund is to interest rate changes. The reason for the change was that bond markets sold off sharply at the start of 2025, meaning the team felt they were offering much better value and that bond yields were likely to fall (meaning prices would rise). They therefore wanted to increase their sensitivity to these changes.
Please note as this is an offshore fund you are not normally entitled to compensation through the UK Financial Services Compensation Scheme.
Culture
Pyrford International was established in 1987 and previously owned by the Bank of Montreal. Pyrford is now part of Columbia Threadneedle Investments, the global asset management business of Ameriprise Financial Inc, following an acquisition completed on 8 November 2021.
Pyrford continues to operate as a fully independent boutique and retains control over its investment activities, staying true to the philosophy it’s developed over many years.
We like that Pyrford is home to a stable and close-knit investment team. There has been little turnover within the team and most members have spent the bulk of their investing careers at the group. This reflects well on the culture they have cultivated over the years. We think the team has done a good job at employing investors that share a similar mindset, which should ensure continuity in the philosophy. We would prefer their variable compensation to be more closely linked to fund performance, but we still think the team is well motivated to deliver returns for clients.
ESG Integration
The team at Pyrford integrates Environmental, Social and Governance (ESG) considerations through a combination of internal analysis and specialist external independent research. They have one investment process across all portfolios, which focuses on quality, value and the long-term sustainability of earnings and dividends. They think sustainable earnings can only be achieved through responsible environmental and social practices and that shareholders only fully benefit from these at well-managed companies. Fund managers therefore assign an ESG rating to every stock they cover, derived by examining 15 factors from greenhouse gas emissions to health & safety and executive compensation.
The team also use MSCI ESG reports. If a company’s MSCI rating falls, an alert is sent to the relevant portfolio manager or analyst and the reasons for the downgrade are discussed in detail by the Pyrford investment team. Depending on the severity, the rating downgrade might also trigger an engagement with the company. When it comes to voting, Pyrford considers every resolution individually and casts a proxy vote on each issue with the best interests of clients in mind.
The fund does not apply strict exclusions though and the team is happy to invest in some companies that others might consider controversial. Examples include tobacco and oil & gas companies. Overall, we believe that the team’s ESG integration framework allows them to adequately identify material ESG risks.
Cost
This fund has an ongoing annual charge of 0.90%, but we’ve secured HL clients an ongoing saving of 0.26%. This means you pay a net ongoing charge of 0.64%. Part of this discount is achieved through a loyalty bonus, which could be subject to tax if held outside of an ISA or SIPP. The HL platform fee of up to 0.45% per year also applies, except in the HL Junior ISA, where no platform fee applies.
Performance
The fund’s official benchmark is the retail price index (RPI). RPI is a measure of inflation. Since launch at the start of 2009, the fund has outperformed this benchmark, returning 97.50%* compared with 91.36% for RPI. For a long time, the fund was ahead of this benchmark, however the fund significantly lagged the high levels of inflation during the 2021-2023 period. Performance has picked up again more recently.
The growth delivered by the fund since launch has been achieved with much lower levels of volatility compared to the broader global stock market, limiting losses in times of hardship. Since 2009, the managers have lost money in just one calendar year –2018. This is an impressive achievement, though it’s a reminder that even conservative funds can lose money. Past performance isn’t a guide to the future.
Over the 12 months to the end of October, the fund produced a positive return of 9.57%, ahead of RPI. Positive returns came across the board at a high level, with UK government bonds and overseas shares providing the biggest returns within the fund. As the amount invested in UK government bonds has been around 50% over the year, it’s expected that their performance will have had a big impact on overall returns. Cash and UK shares also added value overall.
Investments in tobacco companies British American Tobacco and Imperial Brands provided particularly positive returns over the year. As did investments in Norwegian telecommunications company Telenor and UK consumer goods company Reckitt Benckiser. However, some of their other investments have lost value, including the shares of Bunzl, Croda International and Woolworths (Australia).
While the fund’s conservative positioning will limit returns if markets rise, it should cushion against market falls. We expect the team to remain prepared to capitalise on any opportunities to invest more adventurously, by increasing the fund’s allocation to shares, when valuations are attractive.
Annual percentage growth
Oct 20 – Oct 21
Oct 21 – Oct 22
Oct 22 – Oct 23
Oct 23 – Oct 24
Oct 24 – Oct 25
Pyrford Global Total Return
7.67%
0.57%
2.04%
8.38%
9.57%
UK Retail Prices Index
6.01%
14.17%
6.06%
3.41%
4.27%
Past performance isn’t a guide to future returns.
Source: *Lipper IM to 31/10/2025.
