A 100-Year Investment Portfolio: Why Family Offices Think Differently

What would change if we knew an investment portfolio had to last 100 years? The answer is simple: almost everything. While many investors optimize for three- to five-year horizons, family offices build portfolios designed to serve multiple generations. The objective is not to forecast returns a century ahead, but to construct an architecture resilient enough to withstand recessions, regime shifts, structural inflation, and profound geopolitical change.

Over a centennial horizon, short-term volatility is noise; permanent loss of capital is the real risk. Inflation becomes the silent adversary, capable of eroding the vast majority of purchasing power over time. That is why exposure to real assets — infrastructure, real estate, commodities — is not tactical but structural. The goal is not to maximize nominal returns, but to preserve and grow real purchasing power across generations.

Illiquidity, rather than being a constraint, becomes a competitive advantage. Free from quarterly redemption pressures, patient capital can capture illiquidity premiums, invest selectively in private markets, and deploy capital with discipline. Diversification also extends beyond asset classes to include legal systems, political frameworks, and geographic regions, recognizing that economic leadership inevitably shifts over time.

Ultimately, the greatest challenge is not asset selection but maintaining discipline as generations change. A documented investment philosophy, multigenerational education, and external oversight are essential to prevent strategy from drifting toward short-term return chasing. Viewed across a century, wealth is not merely a number — it is an intergenerational responsibility.

_{Important Information}

_{This document has been prepared by Santander Wealth Management & Insurance Division, a global business unit of Banco Santander, S.A. (“WMI”, together with Banco Santander, S.A. and its affiliates, “Santander”). It may include economic forecasts and information obtained from various sources, including third parties considered to be reliable. However, Santander does not guarantee the accuracy, completeness, or timeliness of such information and reserves the right to modify it without prior notice. The opinions expressed herein may differ from those issued by other Santander units. 
The content of this document is provided for informational purposes only; it does not constitute investment advice nor does it address specific investment objectives or the suitability criteria of any investor. It does not represent an offer or a solicitation to buy or sell assets, contracts, or products (collectively, the “Financial Assets”), and it should not be used as the sole basis for making investment decisions. Receipt of this document does not give rise to any advisory relationship or obligation on the part of “WMI” or “Santander”. 
Part of the content has been prepared with the support of artificial intelligence tools. Santander provides no guarantee with respect to forecasts or the current or future performance of the markets or the Financial Assets. Past performance is not a reliable indicator of future results. In addition, the Financial Assets may not be available for distribution in certain jurisdictions or to certain categories of investors. 
Unless expressly stated otherwise in the legal documentation governing a Financial Asset, such assets are not insured or guaranteed by any governmental entity (including the FDIC), do not constitute bank deposits, and involve risks — including market, currency, credit, liquidity, or counterparty risks — that may result in the partial or total loss of the invested capital. Investors are advised to consult their financial, legal, and tax advisors to assess the suitability of each product. Santander and its employees assume no liability for any losses that may arise from the use of this document. 
Santander or its employees may hold positions in the referenced Financial Assets or may act as counterparty, agent, or service provider to their issuers. 
The information contained in this document is confidential and may not be reproduced or distributed without the prior written consent of WMI. Any third-party material cited is the property of its respective owners and is included in accordance with standard industry practices. 
Certain complex or higher-risk products may be offered only to Professional Clients or may be considered unsuitable for Retail Clients.}