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WE CAN'T CONTROL THE MARKETS. BUT WE CAN CONTROL WHAT WE DO ABOUT THEM.
Market Activity
A look behind why TPP is so different.
November 5, 2026
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Yesterday, markets rallied.
Investors globally breathed a sigh of relief. Portfolios recovered some lost ground. And after a difficult period for global equities, there was finally something to smile about.
At TPP, we had plenty to smile about too.
But here's the interesting part.
It wasn't simply that markets went up.
It was what we'd been doing while they were going down.
And that distinction goes right to the heart of why we created TPP.
Let's establish something immediately.
We don't have a crystal ball.
We don't know exactly when markets will bottom, when they'll rally or when the next correction will arrive.
Nobody does.
What we can do, however, is assess risk, identify opportunities, manage exposure and make calculated decisions as market conditions change.
And that's exactly what we've been doing.
Over the past couple of months, European markets have experienced considerable weakness.
Rather than simply sitting on our hands, we've been carefully scaling into selected European markets as prices declined.
Buying exposure at increasingly attractive levels.
Not recklessly.
Not all at once.
But gradually, with an eye on both opportunity and risk.
Why?
Because when quality markets become cheaper, we believe opportunities can emerge.
Of course, buying a market that's fallen doesn't mean it can't fall further.
Sometimes it does.
And when that happens, our portfolios can decline too.
But the objective isn't to buy the exact bottom. It's to position ourselves intelligently for the eventual recovery.
Yesterday provided an excellent illustration of that approach.
European markets rallied sharply.
And because we'd been building positions during the weakness, the recovery had a meaningful impact on our portfolios.
But there's something else worth understanding.
Despite the rally, the French market remains approximately 8% below its previous highs, while the Euro Stoxx remains around 5% below its highs, based on our latest market snapshot.
In other words, markets haven't fully recovered.
Far from it.
Yet our positioning allowed us to participate meaningfully in the rebound.
That's the potential advantage of being proactive rather than simply waiting for markets to recover.
And what did we do as prices rose?
We didn't just sit there congratulating ourselves.
We started taking selected positions off.
Booking profits.
Reducing exposure.
And preparing for whatever opportunities might come next.
Because managing risk doesn't stop when markets are falling.
Managing risk when markets are rising is every bit as important.
The US technology market has also experienced significant volatility.
With the Nasdaq recently trading approximately 8% below its highs, we've been assessing opportunities as prices have moved.
In fact, we've moved in and out of selected US exposure twice over the past month.
Entering when we believed the risk/reward was attractive.
Reducing exposure when we felt the opportunity had diminished.
And remaining prepared to act again.
It won't always work.
No investment strategy gets every decision right.
But we believe that disciplined, active decision-making gives us more ways to respond to changing conditions than simply buying the market and hoping for the best.
We can't control what the market does next.
We can control how much exposure we have, when we increase it, when we reduce it and how we manage the risks.
That is a fundamental part of the TPP philosophy.
There's an interesting comparison worth making.
Bloomberg recently reported that several of the world's best-known hedge funds suffered losses during October's market volatility.
These are sophisticated investment businesses.
Some manage tens of billions of dollars.
They employ exceptional talent, invest heavily in technology and have access to resources most private investors could only dream of.
Yet October proved challenging for many of them, and most YEAR TO DATE (YTD) don't look particularly imprressive.
According to the Bloomberg figures, selected October and YTD returns included:
Source: Bloomberg, 3 November 2026. Selected fund returns for October; strategies, risk profiles and reporting periods differ.
The point isn't that hedge funds don't work.
Many are exceptionally sophisticated and some deliver outstanding results.
The point is that even the world's most sophisticated investment managers experience difficult periods.
Size, reputation and complexity are no guarantees of investment success.
And that raises an interesting question.
Why should sophisticated, actively managed investment techniques be reserved for institutions and the ultra-wealthy?
For decades, investors have largely been presented with a familiar proposition.
Hand over your money.
Pay an annual percentage of your assets.
Accept a portfolio of funds.
And hope the market does the heavy lifting.
We believe investors deserve an alternative.
TPP was built by former financial traders who wanted to bring a more dynamic, trading-led approach to portfolio management.
We don't simply rely on one way of investing.
We have four approaches to the market.
Some designed for long-term participation.
Others designed to adjust exposure, move out of the market or take advantage of changing conditions.
And we combine those approaches according to the portfolio's objectives and risk profile.
Our philosophy is straightforward.
Don't just participate in markets. Manage how you participate.
No traditional percentage-based management fee.
No performance fee.
Just a transparent subscription model.
And portfolios that clients can monitor through Interactive Brokers.
We believe it's a smarter way to invest.
Let's look at the actual numbers. I think you'll find it compares very favourably to some of the worlds best and biggest hedge funds, and don't even compare it to your Wealth Manager!!!!!
As at 4 November 2026, the reported performance of an average TPP client account held at Interactive Brokers was:
Year to date: +17.64%
Last 12 months: +23.07%
Last 24 months: +41.32%
These figures represent cumulative returns over their respective periods, not annualised returns.
And importantly, they're not based on one exceptional trading day.
They reflect the results of a much longer period of investment decisions, market movements and portfolio management.
Naturally, individual client results will differ according to their strategy allocation, timing, account activity and risk profile.
But we believe the figures demonstrate the value our approach can potentially deliver.
And remember, several of the markets in which we currently hold exposure remain below their previous highs.
That doesn't guarantee further gains.
But it means there may still be opportunities ahead.
Let's finish with something important.
Yesterday was an excellent day.
But we're not celebrating as though we've won the World Cup.
No champagne corks.
No victory parade.
No high-fives around the office.
Because one good day doesn't define an investment business.
Neither does one bad day.
What matters is the process.
The discipline.
The decisions made when markets are uncomfortable.
The ability to adapt when conditions change.
And ultimately, the results delivered over time.
Our ambition has never been to produce one spectacular day.
Our ambition is to build a business capable of delivering strong, risk-managed investment performance consistently over the long term.
We won't get every decision right.
There will be difficult periods.
Markets will fall again.
And our portfolios will experience setbacks.
But we're building TPP for the long game.
And as we approach the final weeks of 2026, we're excited about both the opportunities ahead and the progress we've made.
Yesterday was a good day.
Tomorrow, we go again.
Because you don't change an industry with one good day.
You change it by doing things differently, day after day, year after year.
If you've been following TPP, watching our progress or questioning whether your existing investment arrangements are delivering what they should, perhaps it's time for a conversation.
We'll explain our four approaches to the market, how we manage risk and how a TPP portfolio could potentially fit your investment objectives.
Schedule your FREE portfolio consultation today.
BOOK YOUR FREE CONSULTATION. CLICK HERE.
You don't need to make a decision today.
But you might discover there's a very different way to manage your investments.
Yesterday was a very good day.
And we're delighted that our positioning helped us participate in the market recovery.
But I want to reiterate something we've said many times before.
We cannot control the markets.
If markets fall, our portfolios can fall.
If volatility increases, we will sometimes experience uncomfortable periods.
That's part of investing.
What we can control is how we respond.
We can control how we build exposure when opportunities emerge.
We can control how we manage risk when conditions deteriorate.
And we can control how we take profits and adjust positioning when markets recover.
That's what you've entrusted us to do.
And that's what we'll continue doing.
With European markets still below their previous highs and opportunities emerging across several regions, we're looking forward to the final weeks of the year.
But we won't get ahead of ourselves.
Yesterday was one positive step on our journey towards new portfolio highs.
There will be more challenges, more decisions and more opportunities along the way.
To every TPP client, thank you for your continued confidence and trust.
We never take it for granted.
We're building something very different here.
And we're only getting started.
Here's to a strong finish to 2026. Let's go!!!!
Capital at risk. Investments can fall as well as rise, and past performance is not indicative of future results. There is no guarantee of benchmark outperformance.
Performance figures supplied by TPP are stated as at 4 November 2026 for an average client account at Interactive Brokers. The calculation methodology, treatment of fees, cash flows and account selection should be confirmed before publication. Individual returns vary.
Hedge fund returns are provided for general context only and are not a like-for-like comparison with TPP. Different strategies, leverage, investment objectives, risk exposures and reporting periods mean their returns are not directly comparable.
Capital at risk. Investments can fall as well as rise. Past performance is not indicative of future results. Market-timing strategies, diversification and risk management cannot eliminate losses or guarantee investment outcomes. Historical market patterns and analyst earnings forecasts are not reliable predictors of future returns.
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.
“TPP might just be about to revolutionise investment for the retail market.”
- London Stock Exchange 2020
