​

​

​This Month’s Fund in Focus 

​

​

Three Years of the Downing Fox Funds – Why the Fox 40% Equity Fund Stands Out

Three years ago, Simon Evan-Cook and Alex Paget launched the Downing Fox Multi-Asset range with a simple ambition: to build straightforward portfolios that advisers could trust through changing market conditions.

Three years on, that philosophy remains unchanged.

Rather than constantly rotating between market themes or making dramatic tactical allocation calls, the Fox Funds have focused on something much harder to achieve, delivering consistency through a disciplined investment process built around fixed equity allocations, carefully selected active managers and robust downside protection. It is an approach that has helped the range establish itself as one of the UK's more distinctive multi-asset solutions.

To mark the range's third anniversary, we've selected the MGTS Downing Fox 40% Equity Fund as our Fund in Focus.

 

Why the Fox 40?

The Fox 40 is designed for investors seeking long-term capital growth without taking unnecessary levels of equity risk.

Unlike many cautious multi-asset funds that rely heavily on tactical asset allocation, the Fox 40 maintains a permanent structure of approximately 40% growth assets and 60% defensive assets, giving investors clear expectations of the level of risk they are taking.

The equity component is invested through carefully selected active fund managers spanning value, growth and quality investment styles, while the defensive allocation uses cash and developed market government bonds to help cushion periods of market weakness.

 

A Different Philosophy

One of the most refreshing aspects of the Downing Fox range is that it deliberately avoids chasing whichever investment style happens to be outperforming.

Instead, Simon Evan-Cook and Alex Paget have built what they describe as a style-neutral portfolio.

By combining specialist managers with differing investment styles, the aim is not to win every quarter but to deliver smoother outcomes over full market cycles. This helps reduce dependence on any one style, sector or region while providing investors with a more consistent investment journey.

 

Simple by Design

At QuantQual we spend a great deal of time researching investment processes, and one feature of the Fox range immediately stood out.

The portfolios are refreshingly uncomplicated.

Each fund has a fixed equity allocation, is rebalanced daily and follows the same transparent framework. Advisers know exactly what each portfolio is trying to achieve and clients can understand where their money is invested without unnecessary complexity.

We also particularly like the innovative "Whisky & Water" charging structure, where investors only pay management fees on the actively managed equity component while the defensive assets are held at no additional management cost.

 

Why We Like It

Our recent due diligence resulted in the Downing Fox range receiving a QuantQual Gold Rating.

Our assessment highlighted several characteristics that differentiate the range:

• A disciplined, repeatable investment process.

• Experienced multi-asset managers with a long-term perspective.

• A genuinely style-neutral construction.

• Strong governance and risk controls.

• Excellent transparency.

• Competitive overall costs.

• Daily rebalancing to maintain consistent risk profiles.

For advisers looking for dependable multi-asset building blocks rather than market timing, the Fox range offers a compelling solution.

 

Why Now?

Today's investment environment continues to reward disciplined portfolio construction.

Although inflation has eased and interest rates appear more stable, markets remain characterised by changing leadership, elevated valuations in parts of the US market and continued geopolitical uncertainty.

Against that backdrop, diversified portfolios that combine active manager selection with meaningful downside protection appear increasingly attractive. The Fox 40's balance of growth assets and defensive holdings positions it well for investors who value consistency over short-term excitement.

 

Listen to the Podcast

To celebrate the third anniversary of the range,  Gillian Lamb of QuantQual recently sat down with Simon Evan-Cook for an in-depth discussion covering:

• Why the Fox Funds were created.

• The thinking behind fixed equity allocations.

• Style-neutral investing.

• The opportunities the team currently sees in markets.

• Why simplicity can often produce better long-term outcomes.

It's a fascinating conversation that provides advisers with a real insight into the philosophy behind one of our Gold Rated multi-asset ranges.

Listen to the podcast on Spotify 

 

QuantQual View

Three years is an important milestone. While no investment should be judged solely on short-term performance, it is long enough to demonstrate whether an investment philosophy remains consistent through differing market conditions.

The Downing Fox team has remained true to the principles established at launch: simplicity, transparency, disciplined active management and clearly defined risk profiles.

Those qualities were central to our decision to award the range a Gold Rating, and they continue to make the MGTS Downing Fox 40% Equity Fund one of the standout cautious multi-asset solutions available to advisers today.

​