The riskiest band of private client portfolios lost 6.5 percent of their value last year, with downward volatility in the first and final quarters taking a toll.

ARC Research’s final Private Client Indices for 2018 uses performance data supplied by discretionary private client investment managers, split into four risk profiles relative to equity markets: cautious, balanced asset, steady growth and equity risk.

Sterling-denominated cautious portfolios lost an average of 3.6 percent last year, balanced asset 5.1 percent, ...