The Broadstone Sirius Index has published its July tracking for a ‘growth focused’ and a more conservative ‘matching focused’ investment strategy against a low dependency basis. Both schemes started 90.0% funded at the start of 2026.
Reporting its update for July 2026, the Broadstone Sirius Index found that the ‘growth focused’ scheme performed best through the month, increasing its funding level by a full percentage point to 94.1%.
It continues to outperform the funding level of the ‘matching focused’ scheme so far in 2026. Despite some small movements through the month, the ‘matching focused’ scheme ended July on the same funding level that it ended June on – 89.9%
The ‘growth focused’ scheme has generally outperformed the ‘matching focused’ scheme since April, with its underhedged position benefiting in a rising yield environment and greater exposure to return-seeking assets which performed well over the period.
Chris Rice, Head of Trustee Services at Broadstone, commented: “July provided another positive month for our ‘growth focused’ scheme, which benefitted from its underhedged position and moved 4.1 percentage points above its starting funding level for the year.
“However, the contrasting performance of the two strategies should not be interpreted as evidence that taking greater investment risk will always deliver a better outcome. The recent gains achieved by the ‘growth focused’ scheme could be vulnerable to a market correction, while the ‘matching focused’ strategy is deliberately designed to provide greater stability and protection against changes in liability values.
“The appropriate balance between growth and matching assets will depend on each scheme’s funding position, covenant strength and liquidity requirements. Trustees should therefore avoid making decisions based on a few months of performance.
“For schemes that have benefited from recent market strength, now may be an appropriate time to review their long-term objectives. Clear triggers and a well-defined journey plan can help trustees reduce risk at the right time rather than relying on market conditions remaining favourable.”
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