All Rounder
A balanced income-and-growth strategy focused on undervalued, dividend-paying companies — primarily in the UK — with long-term capital appreciation potential.
- 1 month
- -3.0%
- 1 year
- +3.7%
- All-time
- +106.2%
Trailing yield · +2.9%
Follow All Rounder with full transparency into every holding.
The Thesis
Income and growth investing is a time-tested approach for building long-term wealth — particularly when dividend income is reinvested. This compounding effect enhances capital growth steadily, year after year. The UK market remains one of the most equity income-rich environments globally, with valuations that often lag behind those of global peers. That mismatch creates opportunities — especially when investors look beyond popular benchmarks and into quality businesses with stable earnings, strong cash flows, and a commitment to dividend growth.
The Strategy
This strategy will be anchored in the UK equity market, with the flexibility to invest in developed markets elsewhere where opportunities arise. Key characteristics of the holdings include: - Strong balance sheets and resilient business models - Sustainable and (ideally) growing dividends - Valuations that are lower than global peers - Low reliance on speculative or high-growth narratives Dividend growth is expected to be in the mid-single-digit range over the next three to five years. With reinvestment, this could lead to high single-digit total returns — potentially more if market valuations recover further.
The Process
All Rounder selects companies using a consistent, valuation-led process. It focuses on steady, cash-generative businesses that are often underappreciated in consensus-driven portfolios. While yield plays a role, it is not the sole driver. Instead, selections are based on: - Long-term dividend sustainability - Clear reinvestment or distribution policies - Solid fundamentals with room for re-rating The strategy is updated periodically to reflect shifts in fundamentals and market pricing, but with a patient, long-term orientation at its core.
Strategy performance
Since inception (Jul 2020)
Past performance is not a reliable indicator of future results. The value of investments and any income from them can go down as well as up. Returns shown are illustrative and based on historical data.
Spotlight
Why we picked NatWest
NatWest is in many ways similar to Barclays but more domestically focused. It offers retail banking services to 19 million customers in the UK, is the UK’s largest commercial and institutional bank offering services to a range of UK corporates from start-ups to multinational corporates, and a range of private banking and wealth management services to HNW individuals. The biggest difference between the two banks is that NatWest doesn’t have a large and lower-returning investment banking business and, consequently, is a more profitable bank with a higher return on tangible equity. It also, rightly, has a slightly higher rating. Nevertheless, its performance and recent history are very similar to Barclays, albeit that NatWest’s financial crisis was arguably worse and ultimately required a state bail-out to prevent its collapse. NatWest, too, has now transformed into a much lower-risk, well-capitalised, and high-return domestic banking business. In 2024, the bank delivered a 17.5% return on tangible equity and had a Tier 1 capital ratio of 13.6%. Over the next two years, the bank is forecast to sustain a high ROE, deliver good profit and earnings growth and continue to pay a substantial dividend alongside ongoing share buybacks. The bank is listed in London, has a market capitalisation of just under £36bn, trades on a calendar 2025 PE of 7.8x, and a dividend yield of just over 6%. The bank trades on its 2025 book value at a 10% discount to 2026 TNAV per share.
The investment case
NatWest is a completely transformed business with a low-risk balance sheet, surplus capital, a high ROE, and modest asset growth. Gone are the days of reckless loan growth, wafer-thin capital ratios and excessive leverage. The bank’s share price has performed well over the last twelve months. However, its valuation, in my judgement, is still way too low and still reflects the bank’s troubled past rather than its more sober, higher return and lower risk future.
Strategy DNA
Composition at a glance
Holdings
The Companies
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