IFSL RC Brown UK Primary Opportunities | Fund Update |August 2026
August: Record highs, rising yields
The UK market nudged higher, again recording new highs with the mid cap FTSE 250 again outperforming in what was a quiet month for corporate announcements as is typical during peak summer. Bond yields also tracked higher, with 10-year gilts now above 5%.
The US-Iran conflict and the continued closure of the Strait of Hormuz, with oil around $90, continue to cast a shadow over what is otherwise a moderately positive economic outlook. Higher bond yields are indicating that inflation expectations continue to rise and the hoped for interest rate cuts, that at the commencement of 2026 were largely anticipated by economists towards the end of the year, are off the table for now. M&A activity continued with three FTSE 250 companies, Bodycote, Harworth and Gamma Communications, receiving takeover approaches.
Tritax Big Box REIT was added to the portfolio in an otherwise quiet month for equity fund raising.
In August the IFSL RC Brown UK Primary Opportunities fund returned -0.3% compared with 0.7% for the FTSE All Share and 1.1% for the IA UK All Companies sector, all on a total return basis.
Purchases
Tritax Big Box REIT is a FTSE 100 real estate company that develops and owns logistics and distribution warehouses. Its tenants include multinational companies such as Amazon, Tesco, IKEA and Rolls-Royce. We acquired the shares as part of a £350m equity fundraise where the proceeds are to be used to fund an enlarged pipeline of data centre opportunities. The shares provide stability and a dividend yield in excess of 5%.
Sales
We took profits in MHA and Atalaya Mining whilst also selling Power Probe and SRT Marine Systems whose performance had both proved lacklustre. We are content to hold 5%+ cash, awaiting new primary opportunities and/or a setback in the market.
Cumulative Performance (Total Return %) – To 31 August 2026
| Fund/Benchmark Name | 3M | 6M | 1Y | 3Y | 5Y | 10Y | Since Inception (28/05/1997) |
| IFSL RC Brown UK Primary Opportunities P Acc | 4.7 | 3.6 | 18.2 | 50.1 | 26.7 | 104.0 | 684.5 |
| Quartile Ranking IA UK All Companies | 3 | 2 | 2 | 2 | 2 | 2 | 2 |
| IA UK All Companies | 5.7 | 3.7 | 16.2 | 44.6 | 34.7 | 91.0 | 477.6 |
| FTSE All Share | 5.6 | 7.9 | 21.6 | 54.7 | 73.2 | 129.1 | 596.9 |
Source: FE: 31/08/2026
Discrete Annual Performance (Total Return%) – To 31 August 2026
| Fund/Benchmark Name | Year to 31/08/2026 | Year to 31/08/2025 | Year to 31/08/2024 | Year to 31/08/2023 | Year to 31/08/2022 |
| IFSL RC Brown UK Primary Opportunities P Acc | 18.2 | 9.8 | 15.6 | -2.0 | -13.9 |
| Quartile Ranking IA UK All Companies | 2 | 2 | 3 | 4 | 3 |
| IA UK All Companies | 16.2 | 6.9 | 16.5 | 4.1 | -10.5 |
| FTSE All Share | 21.3 | 12.6 | 17.0 | 5.2 | 1.0 |
Source: FE: 31/08/2026
Please be advised that the past is not necessarily a guide to future performance. Investments and the income derived from them can fall as well as rise and the investor may not get back the amount originally invested.
