The change affects itsMLC Horizon Series of portfolios to be run by a new manager, New York-based International Value Advisers. IVA will replace one of the current managers, Tweedy, Browne.

Tweedy, Browne remains a manager in the global shares strategy but IVA’s investment approach is better suited to the defensive strategy, said Dr Susan Gosling, head of investments at MLC Investment Management.

She said the change is expected to help deliver more resilient returns from global shares. IVA invests in high quality undervalued companies, cash, bonds and gold.

“In April, we announced two new strategies for these portfolios – a multi-asset real return strategy and an emerging markets strategy. This third change will increase diversification and reduce risk while maintaining return potential,” Gosling said.