Welcome to the latest update for LCP's strategic portfolios for UK defined benefit pension schemes.

Inside you will find the latest thinking from our investment strategy team and specialist asset class researchers.

In this edition, we focus on the following key topics:

• the investment case for real assets while maintaining liquidity;
• aligning the low-dependence portfolio with the new funding code consultation; and
• introducing a greater focus on ESG within our long-dated credit portfolio.