You could add some PNL. Maximum drawdown 11.9% according to the factsheet

or Troy Trojan, but maximum drawdown on this is 13.7% (I thought funds were meant to reduce the risk of discounts that IT's are exposed to)

Most global funds are too similar and exposed to the global mega caps. If you want to diversify and achieve something uncorrelated you need to go against the grain.

Either: different asset classes (gold / bonds), or different equities (i.e. value / EM / Small cap).

Possibilities:

Vanguard FTSE All-World High Dividend Yield, top ten all Value / Quality and no Mag7.
Global Small-Cap Index Fund
iShares Edge MSCI World Value Factor

I'm in all three. However, the only thing that is truly uncorrelated to everything else that I can see is gold. Cant find a better uncorrelated asset class at the moment.

Agree, pretty much all of them these days are just a more concentrated version of buying a global index so don't offer any useful protection.

Even ones that used to look different - say JGGI for example was 60 something % US and 10% in Amazon and Microsoft. Now 75% US and 22% in Amazon, Microsoft, Nvidia, Meta.

I've still not seen any compelling options for active options aside from equity income funds. GGRP and Small Caps seem interesting as they keep me passive (albeit with manual intervention in the case of GGRP) but buy me something different from what I already have.

I suspect one of the above in the SIPP and maybe the same or just adding more to existing multi assets in the ISA is likely the answer due to the lack of any other compelling options.

It's an interesting conundrum. Much uncertainty abounds with tariffs / 'Monroe Doctrine' politics, economic impacts of these, general forecasting and blah blah blah.

The one thing you can control is costs. You could look at areas of undervalue via AJ Bell 'Global Growth' (think that's what it's called) with their 'active passive' or simply add to what you've got.

Of all the posters on here, you're in the top tier when it comes to research. So my suggestion is probably along the lines of 'if it isn't broke, don't fix it' and 'what you're looking for may not exist'. You've also won the game at such a relatively young age (meant respectfully). Don't take more risk than you need.

Thanks Rob.

My 2 multi assets in my ISA's are AJ Bell Adventurous and BNY Mellon Global Balanced. They've served me very well during my time holding them and simply increasing the weighting of these with new money in seems very logical.

The SIPP is the slightly bigger conundrum because the timescale means I can be balls out risk, but the AUM means I don't need to be (as you've alluded to). So I've perhaps been looking for this holy grail of equity returns without "buying more global tracker risk" and as you've suggested maybe that doesn't exist.

Adding the growth version of the AJB one to my SIPP is something I am pondering, or using the equivalent product from L&G or Abrdn.

As it happens my AUM is going down not up last few days (like most people), so it's a less pressing concern haha!