Behind every great first growth, there is an even greater second. With the market in Bordeaux wine on the up and up, investors need to look outside of the Big Five firsts, which is where Château Léoville Las Cases comes in. The largest and oldest of the magic three Leovilles, Leoville Las Cases is much closer to its lofty neighbour Château Latour and its Pauillac identity than its own St. Julien one.

Two words sum up the characteristics of this superb estate: incomparable terroir. A superb 17-century château commands views of gently sloping hills (98 hectares in total), with vines that are completely enclosed. Aside from being instagrammable magic, the terroir is made up of gravelly sand and clay soils have a complicated mix of eight subsoils that offer superb drainage. The nearby Gironde River stops the soil from freezing in the winter months and dehydrating in the summer. This allows the grapes to ripen earlier than most, and produce wine that is uncompromising in both taste and quality. The 61% Cabernet Sauvignon, 21% Merlot and 16% Cabernet Franc blend is a challenger for the title of first growth and should there be a reclassification for Bordeaux wines, it is likely that Leoville Las Cases would be promoted.

Despite this wine being a Bordeaux legend, a high entry price of €180 (2017) for futures has seen Leoville Las Cases perform slowly. Do not expect immediate returns on this one; growth was around 30% over five years for the (unremarkable) 1986 with the 1996 vintage losing two points over five years (and only gaining 7% at the critical two-year mark). Disparity in pricing causes problems too. When looking for sustained returns, two comparable vintages with comparable scores can be noticeably incomparable pricewise. Market growth is erratic, with some years performing wildly (such as the 2009) and selling close to €2,555 a case, and others ( 2013) selling as low as €1510.