At Tacit, we understand that wealth is rarely accidental. For many of our clients, it reflects decades of discipline, enterprise, or responsibility. Wealth is capital built with purpose and often intended to support not just their own lives, but those of future generations.

That understanding sits at the heart of everything we do. Wealth is not just something to grow. It is something to protect, with care, with discipline and with a full appreciation of what’s at stake.

Our objective is clear: to preserve and grow your wealth in real terms, after fees, taxes and inflation. That means focusing not just on return on capital, but also on the return of capital. We manage the risk of permanent loss not just daily fluctuations, and we do so with clarity, control and consistency.

By working with your existing wealth management team, you receive joined-up, relevant advice that complements your portfolio and wider financial goals.

We are not in the business of chasing markets, trends or short-term benchmarks. We are in the business of managing real capital for real people, clients who rely on us to take a long-term view, to act thoughtfully, and to remain anchored to their goals regardless of market noise.

That’s why we concentrate on what we can control, disciplined asset allocation, cost-aware implementation, and consistent risk management. Our portfolios are designed not just to perform but to endure.

Guided by experience, shaped by cycles, and grounded in first principles, our approach is pragmatic, robust, and constantly refined to meet the needs of today’s private clients and their families.

The result is a strategy built to serve real lives, not theoretical models, one that seeks to deliver the outcomes that matter most: confidence, resilience, and the quiet satisfaction of knowing your wealth is being looked after the right way.

At Tacit, we build portfolios using instruments we understand, those that are transparent, liquid, and capable of delivering consistent value over time. We do not believe that complexity equals sophistication, nor that alternative investments or financial engineering are prerequisites for long-term success.

Our approach is intentionally straightforward. We focus on the building blocks that have stood the test of time: high-quality equities, sovereign bonds, credit, cash, and, where appropriate, gold. Each asset is selected not for its label, but for its behaviour, particularly how it performs under stress and how it contributes to the overall shape and resilience of the portfolio.

Liquidity is not a luxury. It is essential. We invest only in assets that can be exited cleanly and efficiently, especially during periods of market stress or when a client’s circumstances evolve. We avoid illiquid, opaque structures that introduce hidden risks or restrict flexibility when it is needed most.

Our portfolios are designed to be responsive not reactive, enabling clients to adapt to life events, changing markets and intergenerational needs without unnecessary friction.

We recognise that volatility is often misunderstood. Markets will fluctuate, and price movements are a natural part of investing. But volatility is not the enemy, permanent capital loss is.

At Tacit, we do not seek to eliminate volatility. Instead, we manage it carefully through diversification, thoughtful asset selection and an unwavering focus on downside resilience. We view short-term price fluctuations as a source of opportunity, not as a reason to panic. The true risk to long-term investors is not momentary loss, it’s irreversible loss.

We manage volatility thoughtfully through our asset allocation framework, balancing Stabiliser Assets, such as cash, sovereign bonds and occasionally gold, with Growth Assets like equities and credit. This blend allows us to control overall portfolio volatility while remaining exposed to the long-term drivers of real return, so you can remain invested with confidence through all conditions.

We believe that how you invest is just as important as what you invest in. Every position in our portfolios must earn its place, not just in theory, but in net value after all costs.

We use a pragmatic mix of direct securities, low-cost index strategies and carefully selected active managers. Where markets are efficient and return potential is limited, we favour passive exposure. Where opportunities are broader, less researched or more complex, we may allocate to high-conviction active managers who have a clear edge and a track record of adding value.

We remain cost-conscious throughout. Every basis point matters when compounding over time. That’s why we seek implementation routes that are efficient, transparent and aligned with your objectives.

We do not chase products, over-diversify for optics, or invest in complexity for its own sake. We avoid illiquid, opaque or unnecessarily expensive structures. Instead, we focus on what matters: quality, clarity and the long-term purpose of each investment within the portfolio.

Our aim is simple, to deliver durable, risk-adjusted returns in the most effective and efficient way possible.

At Tacit, managing risk begins with a simple but often overlooked question: “What could go wrong?”

While many focus solely on chasing returns, we believe long-term success depends just as much on avoiding permanent loss. Risk cannot be eliminated, but it can be understood, managed and prepared for.

That’s why we devote as much time to identifying potential vulnerabilities as we do to seeking return, whether those vulnerabilities lie in markets, portfolios or individual client circumstances. Our approach prioritises clarity over complexity, resilience over reach, and judgement over prediction.

We analyse historical drawdowns, assess how assets behave not only in isolation but in combination, across a range of market conditions. Our process is grounded in lived experience, not theoretical models, ensuring that the portfolios we construct are built to endure.

We avoid unnecessary complexity, speculative positioning or opaque structures. Instead, we focus on what we can control: quality, structure, liquidity and alignment with your long-term goals.

Our clients trust us not because we claim to know the future, but because we stay calm under pressure, act with discipline, and remain consistently aligned with their best interests, through every stage of the market cycle.

We build portfolios around a simple but powerful principle; real returns require thoughtful risk management. That means more than just selecting the right investments, it means knowing how to combine them, when to lean in, and when to hold back.

At the heart of our investment philosophy is a clear and deliberate distinction between two core building blocks: Growth Assets and Stabiliser Assets. We do not group assets by product label or popularity. We classify them by behaviour, specifically how they respond to different market conditions, especially periods of stress.

Growth Assets
These are the long-term drivers of capital appreciation. They include:
• Global and thematic equities
• Corporate bonds and high yield debt
• Dividend-paying stocks and other equity-like exposures
• Occasionally, Gold

To help manage risk and respond to market opportunities, we segment Growth Assets into three categories:
• Defensive Growth – Lower volatility holdings with steadier return profiles
• Core Growth – Broad-market or sector-based equity exposures
• Opportunistic Growth – Tactical allocations to areas of dislocation or innovation

Stabiliser Assets
These are assets selected specifically for their ability to dampen volatility, protect capital and maintain liquidity, especially during market drawdowns. For us, true Stabilisers include:
• Cash
• G7 Sovereign Bonds
• Treasury Inflation-Protected Securities (TIPS)
• Occasionally, Gold

We do not include credit, hedge funds or structured products in this category, regardless of label, unless they demonstrate genuinely defensive characteristics.

Our investment approach begins with a clear foundation: a balanced starting point of 50% Growth Assets and 50% Stabiliser Assets. This neutral allocation provides a resilient core, designed to manage volatility while still participating meaningfully in long-term market growth.

But not all clients are the same. We understand that investment temperament, time horizon and financial objectives vary, so our portfolios must too. That’s why we offer a range of risk-managed strategies, designed to scale equity exposure down by up to 25%, depending on the client’s ability and willingness to tolerate risk.

This ensures that each portfolio is not only aligned with market conditions but also calibrated to the individual’s financial situation and emotional comfort, both of which are essential for staying invested through challenging periods.

By dynamically adjusting the balance between Growth and Stabiliser assets, we help clients navigate full market cycles with clarity and confidence, knowing that risk is being managed where it matters most: at the total portfolio level.