St. James’s Place (SJP) has implemented a series of adjustments across its fund ranges in April 2026, continuing the evolution of portfolio construction aimed at balancing resilience with long‑term growth across a range of economic and market environments.
The changes reflect the outcome of our disciplined long‑term research and portfolio review process, rather than a reaction to recent market volatility. They build on adjustments made over the past year and are grounded in our core portfolio construction principles, with the aim of strengthening diversification, improving risk adjusted outcomes and supporting consistent long‑term client objectives.
Strengthening defensive resilience
SJP has increased allocations to inflation‑linked sovereign bonds, with exposure rising by 2-7 percentage points across multi‑asset portfolios, depending on the strategy and risk profile. This increase sits within the overall sovereign bond allocation, which remains broadly unchanged.
This adjustment builds on positions introduced in late 2025 and reflects the team’s conviction in the long‑term structural role inflation‑linked bonds can play within defensive allocations. Combined with conventional government bonds, inflation‑linked bonds are intended to improve portfolio resilience across a broader range of macroeconomic conditions, including both growth driven and inflationary environments.
Importantly, this change does not increase overall defensive exposure, but refines its composition to improve diversification and consistency of outcomes.
Broadening equity return drivers
SJP has also increased exposure to small‑cap equities, with allocations rising by 2-8 percentage points, depending on the fund’s objectives and risk profile.
Small‑cap equities remain attractively valued relative to large‑caps and offer broader market exposure at a time when major equity indices have become increasingly concentrated. The increase in small‑cap exposure is largely funded by a reduction in large‑cap equities, particularly in the US, widening the set of potential long‑term return drivers within portfolios.
InRetirement: rebalancing equity and bond exposure
Across the InRetirement range, equity exposure has been reduced by around 3 percentage points.
This rebalancing supports the long‑term objective of the InRetirement strategies, which aim to generate sufficient returns to support withdrawals while limiting exposure to significant drawdowns.
A consistent, long‑term process
These changes have been implemented across SJP’s multi‑asset fund ranges, including Polaris, Polaris Multi‑Index and the InRetirement funds. The scale of adjustments varies by strategy, reflecting different client goals, risk profiles and implementation approaches, using both active and passive components as appropriate.
Crucially, the adjustments are part of an ongoing, disciplined portfolio construction process rather than a reaction to a specific market event. By continuing to refine the balance between defensive protection and upside participation, SJP aims to ensure portfolios remain diversified, resilient and positioned to navigate a wide range of market outcomes.
Commenting on the changes, Robin Ellis, Director of Multi‑Asset Portfolio Management at St. James’s Place, said: “These adjustments reflect our continued focus on disciplined, long‑term portfolio construction. By refining defensive exposures, increasing diversification within equities and rebalancing where valuations and return prospects have evolved, we believe portfolios are better positioned to navigate uncertainty while remaining firmly focused on long‑term client outcomes.”
