Led by ex-HSBC fund manager Charlie Morris, The Multi-Asset Investor is a weekly investment research newsletter delivering two portfolios to clients: Whisky (medium-high risk) and Soda (medium risk).

We recommend, you invest.

Each new addition to the portfolios is communicated with a full investment case, and instructions on position sizing. Positions are tracked, reported on, and sold when appropriate, with every decision and update shared in real time.

In tough markets, The Multi-Asset Investor has delivered highly impressive risk-adjusted returns for our clients.

Total gross returns, from inception, 29 January 2016, to 31 December 2025:

• Soda returned 155.5% (vs FTSE Private Balanced Index +117.2%)

• Whisky returned 293.0% (vs FTSE 100 (inc. dividends) +133.1%)

Whisky and Soda bring Charlie's best ideas into an investable portfolio, based on sound financial principles:

• Look for value
• Be wary of hype
• Preserve capital
• Diversify risk
• Think about liquidity
• Understand macro cycles
• Respect the market

The strategy is backed by a repeatable process, called the Money Map. This is a framework we use to identify key areas in which to focus, and more importantly, the areas to avoid. Above all, this is how we diversify a portfolio by having exposure to each quadrant, whatever the weather, because macroeconomic environments can change quickly.

The Money Map

Following the Money Map is a core part of our discipline, and has helped the Whisky portfolio to deliver positive returns in 9/10 years, falling by -4.3% once, and delivering a +20.1% return in 2020 while the FTSE fell by -11.6%. Wealth preservation is at the heart of what we do.

Soda has low turnover, a long time horizon, and invests in collective investment schemes like funds, ETFs, and investment trusts, making it highly stable, falling just -1.8% in its only down year. It is the core of the strategy, Whisky is the growth on top.

The portfolios are designed to be easily replicated for investors managing their own money. Every Tuesday, research is shared, via email and on our website, that explains the most important developments in global markets, and shares new additions or sales in the model portfolios.

Charlie explains his decisions, good and bad, in language that is easy to understand and entertaining. The Tuesday letters also answer client questions, as well as detailing current performance.

You can view our latest results and commentary here:

ByteTree Quarterly Investor Letter – Q4 2025

In this Q4 2025 update, I shall review the model portfolios, named Whisky and Soda, which I have been managing since January 2016. I shall also touch on some of our other services.

ByteTreeCharlie Morris

We exist to make your investing life easier, and are very grateful for the feedback of our existing clients on Trustpilot, as well as the trust they show by investing with us.

With a ten-year track record, and a robust, repeatable process, The Multi Asset Investor is designed for investors who want to invest better...

For those who aren't satisfied with handing over control of their future to someone else...

For people like you, who want to understand and enjoy the investing process, and the results it can bring.

For full access to The Multi Asset Investor, including all research, new recommendations, and both model portfolios...

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