Majedie Investments PLC (MAJE), the investment trust managed by Marylebone Partners LLP, has published its Portfolio Manager Commentary for the fourth quarter of its financial year ended 30 September 2026. The quarter delivered effectively flat performance, with August gains reversed in September amid volatile markets. The Portfolio Manager responded by raising cash, reducing portfolio beta to approximately 70%, and deploying a significant portion into short-dated gilts to preserve flexibility for selective reinvestment as opportunities arise.

Key Points

  • Majedie Investments PLC (MAJE) — UK-listed investment trust targeting net annualised total returns of at least 4% above UK CPI over rolling five-year periods
  • Q4 performance for the year ended 30 September 2026 was effectively flat; portfolio beta reduced to approximately 70% via cash-raising and short-dated gilt purchases
  • New position initiated in Marex Group, a financial infrastructure business with return on equity above 30%; DCC plc and Stabilus SE positions exited
  • Investors should watch for how the Portfolio Manager deploys available liquidity as valuations evolve across UK, European and Asian markets

Flat Q4 Performance as September Volatility Reverses August Gains for Majedie Investments

Majedie Investments' portfolio delivered effectively flat performance in the fourth quarter of its financial year ended 30 September 2026. Direct Investments provided the principal positive contribution, led by strong earnings at Computacenter plc and Weir plc, alongside gains from the Brown Advisory Global Focus Fund and the portfolio's exposure to copper. Absolute-return external managers also contributed positively, with Fearnley Energy Alpha leading those gains. Detracting from performance were uranium equities and semiconductor-exposed external managers. Despite this reversal, Portfolio Manager Marylebone Partners stated it sees no material change in underlying investment fundamentals sufficient to warrant revising its investment assumptions.

Marylebone Partners Raises Cash and Reduces Beta to 70% Ahead of Anticipated Market Weakness

Anticipating potential market weakness, Marylebone Partners raised cash at the quarter-end, principally by rebalancing external-manager allocations following strong performance. A significant portion of the proceeds was invested in short-dated gilts, with the announcement stating this reduced portfolio beta to approximately 70%. The Portfolio Manager described this as providing the flexibility to deploy capital selectively when valuations offer appropriate compensation for risk. The trust's objective is to deliver long-term capital growth while preserving shareholders' capital, targeting net annualised total returns of at least 4% above UK CPI over rolling five-year periods.

Marex Group Position Initiated as Majedie Exits DCC and Stabilus Within Direct Investments

Within Direct Investments, a new position was established in Marex Group, described in the announcement as a financial infrastructure business generating returns on equity above 30%, with what the Portfolio Manager characterised as attractive valuation and earnings prospects. The Company also exited its position in DCC plc following a takeover approach, and sold its holding in Stabilus SE. Within Special Investments, a position was initiated in Project Bramble, a co-investment targeting operational improvements and value creation in UK-listed industrial businesses, while the position in specialist credit manager Eicos was exited.

Marylebone Partners Targets UK Industrials, Asian Equities and Biotech Away From Crowded Markets

Looking ahead, the Portfolio Manager continues to identify opportunities away from mainstream investments, particularly among UK and European industrial and business services companies, Asian equities accessed through specialist managers, and selected US biotech and software businesses. Specialist credit remains the largest absolute-return allocation, where the announcement notes increasing dispersion between stronger and weaker borrowers is creating openings for skilled managers. With minimal interest-rate duration exposure and liquidity available for reinvestment, the emphasis remains on fundamental research and disciplined valuations. Investors may be watching how Marylebone Partners — itself set to become part of Brown Advisory following a November 2025 announcement — allocates that available capital in the months ahead.