
Opinion: An insight into fiduciary manager performance and actions in Q1 2020
Lessons learnt from our first duathlon
Opinion: An insight into fiduciary manager performance and actions in Q1 2020

A duathlon is a multi-sport event, consisting of run-bike-run, whereby participants quickly transition between each sport. Similarly, we saw investment markets enter a significant transition period of their own during Q1 2020. We moved from a prolonged period of assets trending upwards, to that of severe volatility and uncertainty. As the bike leg of the duathlon event begins for fiduciary managers, the road now appears hilly and uncertain. Nobody has been quite sure of the course ahead, but what lessons can be learnt so far?
This paper follows our initial observations piece published in April 2020. We have drawn on our client experience, Global Investment Performance Standards (GIPS) data and a questionnaire that we issued to fiduciary managers to provide insight. Looking at performance in Q1 2020, what changes have fiduciary managers made to their portfolios and, importantly, what does this mean for pension schemes using fiduciary management?