--- title: "Necker All Weather, multi-asset discretionary mandate" description: "Necker All Weather is a discretionary mandate in US dollars that spreads risk across bonds, gold, commodities and equities. Past performance, fees and risks." url: "https://necker-finance.com/en/services/all-weather/" lang: "en" alternate: "https://necker-finance.com/fr/services/all-weather/ (fr)" site: "Necker Finance Mauritius" --- Discretionary investment mandate # Necker All Weather Multi-asset risk-parity strategy · US dollar · Interactive Brokers account A mandate built to grow capital over several years without depending on a single market or a single economic scenario. [Speak to an adviser](https://necker-finance.com/en/contact/?subject=all-weather) [Request the presentation](https://necker-finance.com/en/contact/?subject=all-weather&request=presentation) - **Annualised return**: **7.02%** since launch - **2026 return**: **+4.37%** January to August - **One-year return**: **+8.23%** to end August 2026 - **Volatility**: **6.45%** since launch - **Sharpe ratio**: **1.09** since launch Calculated with a risk-free rate of 0%: the annualised return divided by the volatility. - **Maximum drawdown**: **−5.58%** since launch The largest peak-to-trough decline in value, calculated on monthly data, here from August to October 2023. Aurora All Weather strategy, managed by Aurora Investment Solutions. Data at 31 August 2026, net of fees, in US dollars. Past performance is not a guide to future performance. All Weather ## How the portfolio is built In a classic portfolio, equities carry most of the risk even when they make up only half of the money invested. The mandate spreads risk across asset classes that react differently to the same economic conditions: government bonds, inflation-linked bonds, gold and commodities, equities. The aim is steady progress over several years, with limited declines. - Bonds **69.75%** - Gold and commodities **21.25%** - Equities **9%** The six holdings - **US fixed-rate government bonds Benefit from weak growth or falling inflation**: 38% - **US floating-rate government bonds Track short-term rates, little sensitivity to rate rises**: 21% - **US inflation-linked government bonds Indexed to inflation, useful when it runs high**: 10.75% - **Commodities — energy Benefit from high inflation or strong growth**: 10.75% - **Gold Benefits from high inflation and periods of uncertainty**: 10.5% - **Equities Benefit from strong growth**: 9% Each holding is a listed, liquid, low-cost ETF held directly in your account. The three bond holdings are invested only in US government bonds, rated AA+ by S&P, chosen for their liquidity and the diversification they bring. The allocation is reviewed every month. Capital allocation, not risk allocation. It changes with rebalancing. No holding protects in every case. Track record ### Since inception Aurora All Weather · base 100 in October 2022 · US dollar · net of fees · data at 31 August 2026 Move along the curve, with the mouse or the arrow keys, to read each month. Indicative curve reconstructed from the rounded monthly returns; it may differ slightly from the original. ### Calendar-year results Aurora All Weather · net of fees, in US dollars. - **2022 November to December**: +2.62% - **2023 full year**: +4.49% - **2024 full year**: +6.16% - **2025 full year**: +9.17% - **2026 January to August**: +4.37% Past performance is not a guide to future performance. The value of investments can go down as well as up and invested capital is not guaranteed. **All monthly returns** | Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022 | – | – | – | – | – | – | – | – | – | – | +2.77% | -0.15% | +2.62% | | 2023 | +3.35% | -3.77% | +2.79% | +0.78% | -1.87% | +0.58% | +1.77% | -1.82% | -3.12% | -0.73% | +5.11% | +1.74% | +4.49% | | 2024 | -0.48% | -0.73% | +3.63% | -0.90% | +0.39% | +1.60% | -1.05% | +3.71% | +1.51% | -1.72% | -0.02% | +0.22% | +6.16% | | 2025 | +1.42% | +0.36% | +0.62% | +0.58% | -0.33% | +0.87% | -0.09% | +1.75% | +1.57% | +0.75% | +1.00% | +0.33% | +9.17% | | 2026 | +2.72% | +1.92% | -1.16% | +1.39% | +0.07% | -3.36% | +0.44% | +2.42% | – | – | – | – | +4.37% | ## The mandate in practice - **Minimum investment**: **USD 5,000** to open, then additional investments from USD 1,000 - **Suggested horizon**: **At least three years** - **Reference currency**: **US dollar** - **Risk level**: **4 out of 7** - **Nature**: Discretionary investment mandate, signed with Necker Finance - **Management**: Fully discretionary, monthly rebalancing - **Account**: Individual Interactive Brokers account opened in your name by Necker Finance; segregated assets, direct access to the platform and the IBKR Mobile app - **Instruments**: Liquid, low-cost listed ETFs, held directly - **Exit**: Withdrawal possible at any time, under the terms of the mandate ### Fees - **Management fee**: **1.25% per year** on the portfolio value - **Performance fee**: **20%** of the performance, under the terms of the mandate, not of capital The basis, the calculation period and the costs of the ETFs and the account are set out in the mandate documentation. ## Risks Invested capital is not guaranteed. - **Capital**: Not guaranteed. The value of the portfolio can go down as well as up. - **Diversification**: It spreads the sources of risk; it removes neither fluctuations nor losses. A simultaneous rise in real interest rates weighs on several asset classes at once. - **Exposures**: Markets, interest rates, ETF liquidity, and exchange-rate risk on the dollar depending on your reference currency. - **Exit**: Possible at any time, but an early exit may take place in unfavourable conditions. Next ## A first conversation with an adviser An adviser reviews your objectives, horizon, liquidity needs and capacity for loss with you. [Speak to an adviser](https://necker-finance.com/en/contact/?subject=all-weather) [WhatsApp](https://wa.me/23057787583) In French or in English. Document The mandate presentation Detailed allocation, terms, fees and risks. Request the presentation (https://necker-finance.com/en/contact/?subject=all-weather&request=presentation) Further reading [Building an all-weather portfolio in 2026](https://necker-finance.com/en/research/building-all-weather-portfolio-2026/) The figures are the strategy’s at 31 August 2026; a client’s portfolio may differ from them. This page is not personalised advice. Before any decision, read the mandate documentation; it is for you to check, with independent advice if you wish, that the mandate suits your situation. --- Necker Finance · Regulated by the [Financial Services Commission](https://www.fscmauritius.org/), Mauritius · Licence C114013750.