Quarterly performance and risk pack

Who it is for

Investment committees, charity trustees, family offices, and discretionary managers in the United Kingdom who must explain a period of results without sitting inside a dealing room.

What you receive

A dated pack (PDF plus a short walkthrough call) that a chair can circulate before a meeting: returns against the agreed benchmark, risk charts, sleeve contribution, and a plain-English note on what moved the numbers.

Scope

One named portfolio or one sleeve, one reporting period (usually a calendar quarter, with a year-to-date appendix). Currency as recorded in the custodian file you send.

Included

• Time-weighted return versus the benchmark named in the engagement letter
• Peak-to-trough drawdown chart for the period and a longer look-back if holdings history allows
• Annualised volatility and tracking error where the series is long enough
• Contribution by sleeve or sector using the grouping you already use with trustees
• A two-to-four page risk commentary: concentration, liquidity notes, and what the charts do not show
• A one-hour review call after delivery, recorded only if you ask in writing

Not included

• Regulated investment advice, product recommendations, or a view on whether to buy or sell
• Custody, valuations as a substitute for the administrator, or live screens
• Restating every historic period unless that work is commissioned separately
• Legal opinions on trustee duties

Who prepares it

Helena Croft leads the pack. Marcus Adeyemi drafts the risk pages. Priya Shah builds the contribution tables. A second reader checks figures against the source file before the pack leaves the office.

How the work runs

1. You send a holdings and transaction extract (or administrator report) plus the benchmark series you want used.
2. We reconcile opening and closing market values and flag gaps (missing prices, intra-period cash, stock-in-specie) within three working days.
3. Charts and tables are drawn to the house layout: muted paper, numbered exhibits, footnotes for method.
4. Commentary is written last, after the numbers are locked.
5. You receive the pack and a calendar link for the review call.

Timing

Ten working days after we confirm the file is complete. Rush work is possible in five working days when the file is already clean; it is priced separately.

Where the work is done

Prepared from Toller Fratrum with remote delivery across the United Kingdom. In-person walkthroughs can be arranged in London by appointment; travel is billed at cost.

What to send

Send the custodian or administrator export, the mandate’s benchmark name and source, any known corporate actions, and the committee date so we can work backwards from circulation.

Limits we will not paper over

We will not invent a benchmark if none is agreed. Illiquid holdings stay at the last provided price and are labelled as such. If the file cannot support time-weighted return, we say so and stop rather than approximate in silence.

Fees

From £2,400 per quarter for a single UK-listed and cash sleeve of ordinary complexity. Multi-currency, private assets, or more than eight sleeves are quoted after we see a sample file.

Request a scoping note from the contact page and attach a redacted holdings extract if you can.