Market Activity
September was a rare poor one. But what did we do?
October 13, 2026
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At TPP, we've always believed in being straight with investors.
When things go well, we celebrate.
When things don't go to plan, we explain why.
And September 2026?
Let's just say it wasn't a month we'll be framing and hanging on the office wall.
European markets pulled back. Some of our investment strategies were positioned to take advantage of what we believed were attractive opportunities, particularly in France.
And as those markets continued falling, our portfolios felt the effects.
We didn't get every decision right.
We won't pretend otherwise.
But here's something that I think investors should find rather interesting.
Take a look at our performance over the last 12 months, including that disappointing September.
Because even after one of our more challenging periods, the bigger picture tells a very different story.
The following figures cover the 12-month period ending 12 October 2026.
TPP AVERAGE PERFORMANCE: +20.10% 🚀
Major world equity indices:
Government and global bonds:
Cryptocurrencies:
Source: TPP performance comparison, closing figures to 12 October 2026. Different investments carry different risks and exposures; these are illustrative, not risk-adjusted comparisons.
Let's put that into perspective.
The S&P 500, one of the world's most closely followed equity benchmarks, returned 17.25%.
The FTSE 100 delivered 12.85%.
The Euro Stoxx 50 returned 11.37%.
Meanwhile, France's CAC 40 finished the period in negative territory.
TPP's reported return was 20.10%.
That's 2.85 percentage points ahead of the S&P 500 and 7.25 percentage points ahead of the FTSE 100 over the same period.
And remember, that figure includes a difficult September.
Now, we should be clear: a single 12-month period doesn't prove that one investment approach is superior to another. Nor does a higher return automatically mean a better risk-adjusted outcome.
But it does provide an interesting illustration of what we're trying to achieve.
One of the biggest misconceptions about active investment management is that the manager should somehow predict every market movement.
That's simply not realistic.
Markets don't move in straight lines.
Opportunities don't arrive neatly packaged.
And sometimes, the very investments offering what we believe to be the most attractive medium-term potential are the ones experiencing the most short-term pressure.
Our job isn't to win every week. It's to make disciplined decisions that we believe can create value over time.
That means sometimes being heavily invested.
Sometimes reducing exposure.
Sometimes holding back altogether.
And sometimes buying into a market that's falling, because our analysis suggests the potential reward justifies the risk.
That last point is particularly relevant today.
Over recent weeks, European equities have experienced significant pressure, particularly in France.
Rather than automatically retreating, we've been selectively building positions in strategies where we believe the market has moved to attractive levels.
Some of those entries have been around 6–7% below earlier market highs.
Why?
Because a market correction can create opportunities that simply weren't available a few weeks earlier.
Of course, buying a market that's falling is uncomfortable.
It can also be wrong.
A market that's fallen 7% can fall another 7%, or considerably more.
That's why position sizing, available capital, portfolio exposure and the ability to withstand further declines matter so much.
But there's a fundamental question worth asking.
If we were prepared to buy an asset at one price, should we automatically become less interested simply because it's now cheaper?
Not necessarily.
The answer depends on whether the underlying investment case has changed.
We believe certain European opportunities remain attractive over our intended investment horizon.
The market hasn't yet fully validated that view.
But that's precisely why we're watching developments so closely.
Here's another important distinction in our approach.
We don't believe investors should be permanently committed to maximum market exposure.
When valuations, market conditions or risk indicators become less attractive, we can reduce exposure rather than simply follow the market higher.
That's particularly relevant to US technology.
After substantial advances in parts of the US market, we've moved to a more cautious, underexposed position in certain US technology strategies.
That doesn't mean we're predicting an imminent crash.
Far from it.
The market could continue rising, and reduced exposure could mean missing some of those gains.
But we believe investing is as much about deciding which risks not to take as it is about deciding which opportunities to pursue.
Consider two possible developments.
If European markets recover, the positions we've accumulated at lower prices could benefit.
If US technology stocks correct, our reduced exposure could help limit the impact relative to a more fully invested position.
Neither outcome is guaranteed.
And both markets could move against us.
But the important point is that our portfolios aren't simply designed around the assumption that everything must keep going up.
We actively adapt our positioning as the balance of opportunity and risk changes.
This flexibility is central to how we've built TPP.
We don't rely on a single strategy or a permanent allocation to one market.
Instead, our investment framework incorporates four approaches:
1. Leveraged Trackers
Strategies designed to increase participation in selected market movements when conditions justify additional exposure. Leverage also magnifies losses and is used selectively.
2. Long or Flat
Strategies that can participate in markets when our criteria are met and reduce or remove exposure when conditions are less attractive.
3. Hybrids
Strategies that combine ongoing market participation with more flexible exposure management.
4. Active Strategies
More tactical approaches using long, short and other positions to pursue opportunities across different market environments, with additional trading and derivative risks.
Different strategies have different risk profiles.
And no approach works perfectly in every market environment.
That's why we focus on the overall portfolio, rather than judging success or failure by one individual position or one difficult month.
That's the question I'm most excited about as we move deeper into Q4.
What happens if European markets begin to recover?
What happens if some of the positions we've accumulated during the recent weakness start moving in our favour?
What happens if the US technology sector experiences a correction while we're carrying less exposure?
And what happens if the market volatility we've been navigating begins to subside?
Those are the scenarios we're positioned to respond to.
They could create attractive opportunities.
Equally, markets may remain volatile, European equities could weaken further, and our positioning may need to change.
That's the nature of investing.
But consider the starting point.
We've just experienced a rare disappointing month.
We've been open about it.
We've explained the areas that have caused the pressure.
And despite that, our reported 12-month return to 12 October stands at +20.10%.
We don't regard that as a reason for complacency.
We regard it as encouragement to keep doing the work.
For too long, investors have been encouraged to believe that investing means choosing a portfolio, paying an annual percentage-based management fee and waiting.
We believe there should be another option.
One built around active decision-making.
One that responds to changing market conditions.
One that gives clients transparency over their underlying holdings.
And one that doesn't charge traditional percentage-based portfolio management fees.
That's what we're building at TPP.
We're not suggesting that every month will be positive.
We're not claiming to know exactly what markets will do next.
And we're certainly not suggesting that active management eliminates risk.
We're saying that investors deserve a serious alternative to the traditional model.
One where investment decisions, risk management and transparency are at the centre of the proposition.
September was difficult.
The last 12 months have nevertheless produced encouraging results.
And as we look towards the final quarter of 2026, there are several market developments we're watching with considerable interest.
We've made our decisions.
We've explained our reasoning.
Now we'll see how the markets unfold.
If this is where we stand after a rare disappointing month, I'm certainly looking forward to seeing what the next chapter brings.
No predictions.
No guarantees.
Just conviction in our process, a healthy respect for risk and enormous enthusiasm for what we're building.
Stay tuned.
Q4… BRING IT ON! 🚀
If you're an investor who feels your existing portfolio could be working harder, we'd welcome the opportunity to show you how TPP operates.
During a complimentary portfolio consultation, we'll discuss your current investments, your objectives, your appetite for risk and whether our approach could be suitable for you.
We'll also explain our strategies, how we manage market exposure and what makes our subscription model different.
No obligation. No hard sell. Just an opportunity to discover another way of investing.
👉 SCHEDULE YOUR FREE PORTFOLIO CONSULTATION. CLICK HERE.
We've shown you the numbers. Now let us show you the thinking behind them.
We look forward to speaking with you.
The TPP Team
Capital at risk. Investments can fall as well as rise. Past performance is not indicative of future results. Leveraged and derivative-based strategies involve substantial risks, including magnified losses. The quoted +20.10% relates to TPP Global Futures for the 12 months ending 12 October 2026 and is not necessarily representative of individual client portfolios. Benchmark comparisons are not risk-adjusted and may differ in fees, currency and exposure. Performance calculation and fee disclosures should accompany this article.
Disclaimer: This document is issued by TPP, being provided for information purposes only. This document does not constitute legal, tax, accounting or investment advice, nor should it be relied upon when making investment decisions. This is not a personal recommendation or an offer or invitation to buy or sell any financial instrument. The market conditions and views expressed are as at the date of publication, which may change without notice. Unless otherwise stated, market data has been obtained from sources believed to be reliable. While believed to be accurate, no representation or warranty is given as to its completeness or accuracy.
TPP strategies invest in leveraged financial instruments, including equity index futures. Leverage can magnify both gains and losses, meaning losses may occur more quickly than in unleveraged investments. Investments involve risk and investors may lose some or all of their invested capital. Your capital is at risk.
Past performance is not necessarily a reliable indicator of future performance. The value of investments, and any income from them, can fall as well as rise, and investors may not recover the amount originally invested. Future returns are not guaranteed. Therefore, you should not assume that the future performance of any specific investment or investment strategy will be profitable or equal to the corresponding past performance.
TPP is a trading name of UCapital Asset Management LLP. UCapital Asset Management LLP is authorised and regulated by the Financial Conduct Authority (FCA No. 477155). 80 Coleman Street, London EC2R 5BJ.
Capital is at risk. Investments can fall as well as rise and you may get back less than you invest. TPP strategies may use leverage and short selling, which can magnify losses as well as gains. Past performance is not a reliable indicator of future results. Nothing above constitutes a personal recommendation.
“TPP might just be about to revolutionise investment for the retail market.”
- London Stock Exchange 2020
