MGTS Qualis Funds – Three Years On

A strong start built on diversification, discipline and fund selection.

Three years ago, the MGTS Qualis Funds were launched to give investors access to carefully managed, diversified portfolios designed to respond to changing markets.

Since then, investors have faced a challenging environment. Portfolios have been tested by inflation, higher interest rates, volatile Government Bond markets, shifting equity leadership and geopolitical uncertainty. Through all of this, the Qualis investment approach has remained consistent: diversify properly, select strong underlying funds, and avoid relying on any single market view being right.

That discipline has been rewarded –

Since it’s launch, MGTS Qualis Growth has returned 49.91%, while MGTS Qualis Defensive has returned 19.06%. These results are not the outcome of one individual decision, but of a repeatable investment process that has helped the funds capture opportunities while managing risk.

Diversification that has added value

Diversification is often discussed as a way to manage risk. For the MGTS Qualis Funds, it has also been an important source of return. Rather than building portfolios with excessive exposure to one region, asset class or investment style, the funds have been spread across a carefully selected range of opportunities. This has allowed them to benefit from areas of the market that have performed well, while reducing reliance on any single theme.

This became particularly important from the beginning of 2025, when equity market leadership started to broaden away from the US. MGTS Qualis Growth was already well positioned to benefit from this shift, with exposure to areas such as Europe, Japan and Emerging Markets. As investors increasingly looked outside the US for value and opportunity, the fund was able to participate in that rotation.

This positioning was not a short-term trade. It was the result of the same disciplined process used since it’s launch: identify attractive opportunities, select high-quality managers and build portfolios that can perform across different market conditions

Growth: accessing a broader global opportunity set

MGTS Qualis Growth has performed strongly by looking beyond the most crowded areas of the market. The US remains an important part of global equity investing, but the fund has also benefited from meaningful exposure to regions where valuations were more attractive and expectations were lower.

Strong fund selection has also played an important role. The underlying managers chosen for the portfolio have helped add value across different regions and investment styles. This combination of regional diversification and manager selection has been central to the fund’s first three years.

For investors, the message is simple: MGTS Qualis Growth has not relied on one narrow part of the market to deliver returns. Its strength has come from a broad, active and carefully constructed approach 

Defensive: resilience when bonds were volatile

MGTS Qualis Defensive was designed for investors seeking a smoother investment journey, while still aiming to deliver a meaningful return over time.

That has been a difficult objective in recent years. Government Bonds, traditionally seen as the safer part of many portfolios, have experienced significant volatility as interest rate expectations have moved. As a result, many cautious investors have faced a less comfortable environment than they might have expected.

MGTS Qualis Defensive has navigated this period by avoiding over-reliance on long-dated Government Bonds and using a broader range of defensive assets. Carefully selected absolute return, credit and lower-volatility strategies have helped dampen volatility and provide a more balanced outcome.

The fund’s first three years show the value of a genuinely diversified defensive approach, rather than one that simply relies on bonds behaving defensively.

Well positioned for what comes next

Markets will continue to change. Interest rate expectations may shift again, political uncertainty is likely to remain, and equity market leadership may continue to broaden beyond the areas that dominated much of the previous decade. We believe the MGTS Qualis Funds are well positioned for this environment.

MGTS Qualis Growth remains focused on global opportunities, attractive valuations and highquality underlying managers. MGTS Qualis Defensive continues to balance resilience with return potential, using a wide toolkit rather than relying on any single defensive asset class.

The first three years have demonstrated the value of the Qualis approach. For investors who backed the funds at launch, the decision has been rewarded by strong performance, disciplined portfolio construction and careful management through a complex market environment 

Next: MGTS Qualis Income

The next chapter for the Qualis range is MGTS Qualis Income, a global equity income fund expected to launch in September 2026.

The fund will use the same investment approach that has supported MGTS Qualis Growth: global diversification, valuation discipline and careful fund selection. It will aim to provide exposure to a portfolio of income-generating global equities, with an expected yield of around 4%, while also targeting long-term capital growth.

MGTS Qualis Income will broaden the range further and give investors another way to access the Qualis investment process.

Thank you to our investors

We are proud of what the MGTS Qualis Funds have achieved in their first three years. More importantly, we remain focused on the years ahead.

Our aim is unchanged: to manage the funds with discipline, care and a long-term perspective, helping investors navigate changing markets with confidence.

Risk warning –

Past performance is not a reliable indicator of future results. The value of investments and any income from them can fall as well as rise, and investors may get back less than they invest. Any yield figure is not guaranteed and may vary over time. Investors should read the relevant fund documentation before making any investment decisions.