HSBC, Orbis and Vanguard have topped Defaqto’s rankings for most recommended multi-asset funds in the first quarter of 2026.
HSBC was first and third with Global Strategy Balanced and Global Strategy Dynamic, Orbis OEIC Global Balanced took second, while Vanguard LifeStrategy 80% Equity was fourth.
The data on recommendations is drawn from Defaqto Engage, the firm’s widely used adviser research software.
The asset managers featured have been largely consistent over recent quarters, although the exact placements change over time.
Defaqto also produced rankings for managed portfolio service (MPS) recommendations by value. The firm draws on whole of market data, which includes more than 18,000 funds, 2,900 DFM MPS products.
The first quarter was dominated by Timeline, Quilter and Tatton. The three firms took all but one place in the top 10, with Timeline offerings taking both the one and two spots.
Andy Parsons, head of investment andprotection at Defaqto, said: “The top 10 for the first quarter of 2026, is very much dominated by three distinct providers, namely Timeline, Tatton and Quilter WealthSelect and when looking at the split between active versus passive solutions, that has played out as 50/50.
“Interestingly, when looking back at the same period back in 2025, it was very much a Tatton and Quilter WealthSelect show as they accounted for eight of the top 10 places, alongside ebi Vantage Earth 60 which has retained a top 10 position and Timeline at that point had no representation.
“And yet roll on 12 months and Timeline has not only stolen a march on the top two positions, it accounts for three of the top five positions,” Parsons continued.
“Looking at percentage share within the top 10, the top three account for 38.39%, which is considerably down from the 46.12% the top three accounted for last year.”
