Risk is evolving, and so is the way investors need to manage it. For the team behind BNY Investments’ FutureLegacy funds, resilience means looking beyond volatility and focusing on the risks that could prevent clients from achieving their objectives.

‘Volatility is a part of risk but it’s not the only level of risk. The biggest risk is not meeting a client’s objective,’ says Bhavin Shah, lead portfolio manager of the FutureLegacy range.

In this discussion, Shah and Paul Flood, head of multi-asset and charities, explain how an active, adaptive approach can help portfolios respond to changing market conditions. They explore how bringing together different perspectives from across BNY Investments Newton can strengthen conviction when signals align, while contradictory signals encourage greater caution.

The discussion also considers what resilience means for clients in retirement and challenges traditional assumptions about the role of bonds in a higher-inflation world.