Portfolio Update
Core Portfolio Range
We continuously monitor the market landscape and macroeconomic environment, and as part of our regular review process, we have made some refinements to reduce costs across our portfolio range while ensuring each portfolio remains aligned with its recommended risk profile.
Fund cost savings
Lathe & Co have continued to grow, and we now advise on over £1 billion of client assets. Together with Nother, who manage the Portfolios on our clients' behalf, and Gallagher, their investment consultants, we use the combined scale of all three firms to negotiate preferential fund pricing with fund managers on your behalf. As a result, we have secured reduced pricing on several funds used across our portfolio range. Depending on your risk profile, not all of these will apply to your portfolio; your email confirms your portfolio's updated overall cost.
- Schroders Global Recovery: down from 0.84% to 0.60%
- JO Hambro Global Opportunities: down from 0.70% to 0.51%
- Jennison Global Equity Opportunities: down from 0.68% to 0.58%
- M&G Gilt and Fixed Interest: down from 0.25% to 0.15%
These savings come from either a straight reduction in the fund's ongoing charge, or a conversion to a lower-cost share class of the same fund. Where a conversion applies, you may see a transaction on your account moving your holding from one share class to another of a similar name in the coming weeks; this is expected, requires no action on your part, and does not change your underlying investment strategy or exposure.
We've also moved our passive Japan equity allocation from Fidelity Index Japan to Amundi Prime Japan Index, reducing costs from 0.10% to 0.05%. This is a change to a different fund rather than a share class conversion, though it continues to provide equivalent market exposure.
Positioning changes
Alongside these savings, we have made a modest allocation adjustment within the Conservative and Balanced portfolios.
Conservative portfolio: PineBridge Global Dynamic Asset Allocation and Amundi Multi Strategy Growth each reduced by 2.5%, with the 5% released reallocated to M&G Gilt and Fixed Interest.
Balanced portfolio: 24AM Dynamic Bond reduced from 15% to 10%, with the 5% released reallocated to M&G Gilt and Fixed Interest.
This increases interest rate duration at a point where gilt yields look attractive relative to recent history. It's a modest, deliberate adjustment rather than a change in overall strategy. There are no further allocation changes to the Moderate, Dynamic or Adventurous portfolios at this time, as we believe their risk and reward positioning remains well aligned to each specific profile.
Annual rebalance
As part of our annual review, we have also rebalanced your portfolio back to its target allocation. Since your last review, normal market movements will have caused your investments to drift from these target weightings, and this yearly rebalance realigns them alongside the specific changes set out above.
When this happens?
These changes take effect before 1 September 2026.
We continue to believe your portfolio remains well positioned to navigate current market conditions, with a risk and reward balance that stays appropriate for long-term growth in line with your recommended risk profile.
If you have any questions or would like to discuss these updates further, please do not hesitate to get in touch with your adviser.
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