Investment approach

A long-term perspective underlies our approach.


For the majority of portfolios we manage, there is a common primary objective, being the preservation of the real value of clients’ capital and its purchasing power over time. We ensure our clients understand and are comfortable with our approach, particularly the time horizons we envisage for achieving their objectives.

Discipline and structure

Investment policy is set and regularly reviewed by all the senior investment staff collectively. A collegiate approach also governs stock selection and monitoring. As far as is practicable, we seek to align each portfolio we manage with a model disposition that reflects current investment policy and the client’s particular requirements.

Stewardship Policy

Careful stewardship is integral to the ethical code which governs McInroy & Wood's dealings with clients and investee companies. McInroy & Wood Limited has a Stewardship Engagement Policy that sets out our approach to stewardship in accordance with the Shareholder Rights Directive II, referenced against the twelve principles of the UK Stewardship Code. 


We apply an objective professional approach to investment, relying on logical assessment and historical perspective to assess the value, relative merits and risks of the assets in which we invest. These will normally consist of a balance of equities, bonds and cash.

We always pay close attention to both the income and capital gain components of total return in assessing their relative merits.


Experience suggests that better investment results are best served by a long-term investment approach with a focus on quality, rather than by slavishly following current market trends. As a result we seek to invest in companies with sustainable growth prospects, strong and established business models, sound balance sheets, and often a growing stream of dividends.

Direct investment

We invest directly and not in third-party funds. We prefer to retain full control over and accountability for our investments. By investing directly, we can also ensure asset allocation and stock selection remains consistent with the determined strategy.


We invest internationally in a balance of quality equities and bonds, including an appropriate balance of cash. Our investment directors have considerable experience of operating in an international context.

The importance of people

We attach vital importance to the calibre of the people running the companies in which we invest. We believe that good people provide the best assurance of satisfactory returns. We keep in close touch with the companies in which we invest.