A reweighting across three asset classes, in light of the rate regime.
This memorandum proposes an adjustment to the current allocation, aligned with the family goals set out in the Q4 conversation. The aim is less volatility at a nearly unchanged payout.
Four numbers on this memo.
A surgical move, not a reversal: twelve percent of the portfolio is reweighted, the liquidity horizon stays untouched.
- Assets under management
- EUR 184 M
- Proposed reweighting
- EUR 22 M (12 %)
- Expected risk adjustment
- −2.1 vol pts p.a.
- Liquidity horizon
- unchanged > 24 months
A new rate regime calls for a new balance.
After years of zero rates, high-quality bonds deliver real returns again. That fundamentally changes the logic of allocation for wealthy families.
Reduce volatility, preserve payout.
The family’s mandate is capital preservation, not return maximisation. This memo is bound to that mandate.
The rate turn is complete, but its effects are not yet priced into every asset class. The reweighting does not pursue maximum return, but a reduction in volatility at a nearly unchanged payout.
The market environment supports the move.
Researched market context, backed by sources. The move follows what institutional capital is already doing.
- 1
Bonds deliver income again
The higher rate level has brought high-quality bonds back as a high-yielding, low-volatility class.[3]
- 2
Family offices are adjusting
Wealthy families are raising their allocation to fixed income and private markets.[1]
- 3
Diversification stays the shield
Spreading across asset classes remains the most robust protection against volatility.[2]
Market context, researched. Full references in the Sources section.
Current versus proposed.
As of 31.12.2025 (left) against the proposal for Q2/26 (right). The shift is targeted, not sweeping.
- Developed-market equities38% → 34%
- Emerging-market equities8% → 6%
- Bonds IG24% → 32%
- Bonds HY6% → 4%
- Private equity12% → 11%
- Direct holdings7% → 8%
- Real estate3% → 3%
- Cash2% → 2%
Δ allocation, proposal minus current.
Eight percentage points move from equities and high yield into investment-grade bonds and direct holdings.
Three scenarios over five years.
What matters: the base case stays nearly unchanged, while the downside band narrows noticeably.
Assumptions: 10th / 50th / 90th percentile of historical paths, inflation-adjusted.
Why Signum.
Independent, fee-transparent, long-term. Four numbers on the durability of the mandate.
Four tranches over 12 months.
Staggered to avoid timing risk. Each tranche requires separate approval.
- 1
Q2 2026: tranche 1 (6 M)
Reduce emerging-market equities, build investment grade.
- 2
Q3 2026: tranche 2 (6 M)
Reduce high yield, further extend investment grade.
- 3
Q4 2026: tranche 3 (5 M)
Build direct holdings from the existing deal flow.
- 4
Q1 2027: tranche 4 (5 M)
Final adjustment of the equity quota, rebalancing.
Three steps to approval.
- 1
Advisory conversation
Personal discussion of the proposals with the family.
- 2
Written consent
Formal confirmation of the allocation change per tranche.
- 3
Quarterly report
Regular reporting, extended by the status of the tranches.
References and market sources.
Every market claim above is backed by publicly available industry sources.
- 1Global Family Office Report
- 2Global Private Wealth, Private Markets
- 3Global Asset Management Report