IFSL RC Brown UK Primary Opportunities | Fund Update |October 2026
October: No budget tricks or treats
UK equities delivered a positive return over October, with the FTSE 100 testing fresh highs during the month despite ongoing geopolitical uncertainty and rising commodity prices. Investor sentiment was shaped by a combination of stronger inflation readings, higher government bond yields and what proved to be a benign Autumn Budget statement. UK inflation rose to 3.5% in September, driven largely by higher fuel and energy prices. An interest rate rise this month is a near certainty.
Corporate earnings have proved largely resilient. Energy stocks, such as BP and Shell, have benefitted from higher oil prices, though the banking sector came under pressure as a result of mixed results and fears of a windfall tax at the budget, that was ultimately not as punitive as feared.
It proved a busy month for equity fund raisings. We added Informa, Standard Life, Airtel Money Commerce and Cornish Metals to the portfolio.
In October the IFSL RC Brown UK Primary Opportunities fund returned 1.8% compared with 1.1% for the FTSE All Share and 1.6% for the IA UK All Companies sector, all on a total return basis.
Purchases
Informa is a global events organiser of trade shows, exhibitions and conferences. We acquired the shares at a discount, as part of a £940m equity raise to fund the acquisition of Clarion, one of the world’s largest events organisers. The Company is a FTSE 100 constituent.
Standard Life is a UK savings, pensions and retirement business. We acquired the shares at a substantial discount as part of a placing of Aberdeen Asset Management’s, who halved their holding. Whilst a reasonably high beta investment given its exposure to global stock markets, we consider the near 7% dividend yield as particularly attractive.
Airtel Money Commerce is one of Africa’s largest mobile payments and digital financial services platforms, operating in 13 countries. We acquired the shares at IPO, when it was spun out of Airtel Africa and consider its current growth rate of 30%+ as sustainable. With a market capitalisation of in excess of £5bn, we anticipate it will join the FTSE 100 at the next index inclusion point.
Cornish Metals is a mining development company focused on the restarting of the South Crofty tin mine in Cornwall. Whilst at the higher end of risk tolerance, we participated in the £135m equity fund raising, at a 40% discount to where the shares had been trading prior to the raise. The money will be used to fund the project to production in 2028. Tin is considered to be a critical mineral for the fast growing semiconductor, EV and renewable energy sector and Cornish Metals is a rare Western project of its nature.
Sales
Underperformer Elixirr was sold following a disappointing update and concerns that the use of AI may be impacting its growth rate. We trimmed the portfolio’s overweight property exposure by selling Segro and trimming the large holding in Land Securities on strength. The holding in BT was also trimmed.
Cumulative Performance (Total Return %) – To 31 October 2026
| Fund/Benchmark Name | 3M | 6M | 1Y | 3Y | 5Y | 10Y | Since Inception (28/05/1997) |
| IFSL RC Brown UK Primary Opportunities P Acc | -0.6 | 6.7 | 13.4 | 53.6 | 25.2 | 99.4 | 685.5 |
| Quartile Ranking IA UK All Companies | 3 | 3 | 2 | 3 | 3 | 2 | 2 |
| IA UK All Companies | 0.9 | 8.0 | 11.1 | 51.1 | 36.5 | 88.8 | 476.4 |
| FTSE All Share | -0.1 | 5.5 | 13.9 | 62.3 | 67.1 | 119.6 | 596.2 |
Source: FE: 31/10/2026
Discrete Annual Performance (Total Return%) – To 31 October 2026
| Fund/Benchmark Name | Year to 31/10/2026 | Year to 31/10/2025 | Year to 31/10/2024 | Year to 31/10/2023 | Year to 31/10/2022 |
| IFSL RC Brown UK Primary Opportunities P Acc | 13.4 | 17.9 | 14.9 | 0.8 | -19.1 |
| Quartile Ranking IA UK All Companies | 2 | 2 | 3 | 4 | 3 |
| IA UK All Companies | 11.1 | 15.5 | 17.8 | 3.8 | -12.9 |
| FTSE All Share | 13.9 | 22.5 | 16.3 | 5.9 | -2.8 |
Source: FE: 31/10/2026
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.
