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As with other long-term investors, CCLA’s multi-asset portfolios have seen significant falls in capital value over the calendar year to date. ‘Alternative’ assets such as commercial property and infrastructure have on balance delivered positive returns, but these have been outweighed by negative returns from the funds’ dominant equities component.
A new High Court judgement has ruled on trustees’ ability to align their investments with their charities’ values. The judgment has clarified that trustees 'need to' undertake a balancing exercise between maximising their returns and avoiding investments that could contradict their aims. We believe that this ruling should make trustees more confident in their ability to align their investments with their charitable missions. However, we do not believe that they necessarily have to sacrifice returns to achieve this.