Important information - investment values and income from investments can go down as well as up, so you may get back less than you invest.
Reviewing your investment portfolio doesn’t mean changing everything. In some cases, it can mean doing absolutely nothing.
However, a regular check-in can still be useful. It can help you see whether your portfolio still matches your goals, risk level and the time you have to invest. It can also help you build healthy financial habits.
There is no single timetable that will suit every investor. Some people review their portfolio once a year, while others prefer to check it more frequently. The important thing is to review it calmly and consistently, rather than in response to every market headline.
To help explain what to consider, I spoke to Marianna Nezhivaya, one of our Relationship Managers, who regularly discusses portfolios, goals and risk with clients.
1. Start with your goals and risk level
Before diving deeper into your portfolio, revisit your investing goals. Think about the short, medium and long-term goals you set when you started investing. And ask yourself whether they still fit your life today.
As Marianna explains: “A successful investment strategy is not just about choosing the right assets but ensuring they continue to align with your goals and risk appetite.”
For example, if you are investing for something 10 or 20 years away, you may be more comfortable with short-term ups and downs. But if you expect to need the money soon, you may want to think carefully about whether your investments are still suitable.
Your attitude to risk can also change over time. A new job, pay rise, house move, family change or approaching retirement could all affect how much risk feels right for you.
If your circumstances have changed, that’s normal. Consider whether your portfolio still reflects your goals, timeframe and attitude to risk.
Our Navigator tool can also help you explore ready-made portfolios based on different investment goals and levels of risk. This may provide a useful reference when considering whether your current investments still match your attitude to risk.
2. Examine your asset allocation
Your investment portfolio is likely to include a mix of asset classes, such as shares, bonds, property and cash. You may hold these directly or through funds, investment trusts and exchange-traded funds (ETFs).
This mix is sometimes called your asset allocation. It means how your money is spread across different types of investments. Asset allocation matters because it can have a big effect on the level of risk you take.
Over time, your portfolio can drift away from the mix you originally chose. For example, if one asset class has performed strongly, such as shares, it may now make up a larger part of your portfolio than you originally intended. That could mean you’re taking more risk than you realise.
Marianna describes asset allocation as “the steering wheel of your investment success”. She adds: “Keep a close eye on it to ensure your portfolio stays on course and aligned with your goals.”
Ask yourself whether the balance still feels right for your goals, timeframe and comfort with risk.
Fidelity’s Portfolio X-Ray report can also help you see how your holdings are spread across asset classes, sectors, geographical regions and underlying investments.
To find the report, log in to your account and select ‘Account holdings report’ from the ‘Quick actions’ section of your account summary page.
Choose a benchmark from the available regional and international options. Comparing your portfolio with a global benchmark, such as the MSCI ACWI (All Country World Index) NR USD, can provide useful insight into how your investments differ from, or resemble, the global market.
Next, on the analysis report page, select ‘Export’ near the top right to download the Morningstar Portfolio X-Ray report as a PDF. You may need to ‘allow pop-ups’ in your browser for the report to download. If you run into any problems with pop-ups, you can use your browser to search online for ‘how to disable pop-up blockers’ for your system.
You can also find a slightly different version of the Morningstar Portfolio X-Ray report in your quarterly Statement & Valuation, available under ‘Documents’ in your online account.
3. Check whether you’re properly diversified
Diversification means spreading your money across different types of investments, sectors and geographical regions.
No single investment performs well all the time, and diversification can be a simple way to help you manage uncertainty and risk while smoothing out the ups and downs of markets.
Marianna compares a diversified portfolio to a strong team: “Not every member will shine every day, but the right combination of talents helps deliver results over the long run.”
During your review, look for any areas in your portfolio where you may be too heavily exposed. For example, several of your funds may invest in the same large companies, markets or sectors.
This can often happen without you noticing. A portfolio can look diversified on the surface but still remain concentrated underneath. So, as part of your review, check whether you’re still comfortable with the risks you’re taking.
Our Select 50 list can be a useful starting point if you want to research funds across different regions and asset classes. However, it should not be used on its own to judge whether your overall portfolio is properly diversified.
4. Assess how your investments have performed
Take some time to look at how your investments have performed since your last review.
It can help to compare your investments with a suitable benchmark. A benchmark is a market measure, such as the FTSE 100 or S&P 500, that helps you compare performance.
Try to compare like with like. For example, a UK-focused investment might be compared with a relevant UK benchmark, while a US-focused investment might be compared with a US benchmark. A globally diversified portfolio may need a broader global benchmark.
“Comparing your portfolio to a global benchmark, such as the MSCI All Country World Index, is like holding up a mirror,” Marianna says. “It won’t tell you whether your investments are right or wrong, but it can help you understand how your diversification and investment approach differ from the wider market.”
This can help you compare your portfolio’s performance against a relevant market, rather than just judging whether the balance is up or down.
Investing is usually for the long term, so it can often help to focus on longer time periods, such as three to five years rather than just the last six months.
For example, if a fund or share has fallen over six months, that doesn’t automatically mean it’s a bad investment. Markets go through difficult periods, and some types of investment will perform better than others at different times.
So, try to avoid tinkering with your portfolio based on short-term market noise.
5. Review costs and tax
Fees and charges can make a bigger difference than many people realise. They reduce your overall returns over time.
So, it’s important to check the costs of your investments, such as ongoing charges on your funds, platform fees, trading costs and any other costs linked to your investments.
Remember, the cheapest option is not always the best. Some investors may be comfortable paying more for active management or a particular investment approach.
Tax rules can also change over time. Check whether any changes have been announced or introduced since your last review, and consider whether you are using your tax allowances effectively.
This could affect how you invest, including which accounts you use.
6. Rebalance your portfolio when needed
After reviewing your portfolio, you may decide no action is needed. That is still a useful outcome.
But if your portfolio has drifted too far from your original plan, you may want to rebalance. Rebalancing essentially means moving your portfolio back toward its target asset allocation. This can help you keep the level of risk and diversification you originally planned.
You might do this by selling some investments, adding new money to underweight areas, or changing where new contributions go.
A review may lead you to make changes to your portfolio. But the key is to avoid making changes purely based on short-term market noise. Any changes should be linked to your goals, risk level and long-term plan.
As Marianna puts it: “A portfolio review may not always lead to change, but when it does, those changes should be driven by your plan, not the latest market headlines.”
About Marianna
Marianna is a Relationship Manager in our Wealth Management service. Fidelity’s Wealth Management service is available if you have £250,000 or more invested with us (including SIPPs/ISAs). When you qualify, you receive access to a dedicated Relationship Manager and specialist support team, who’ll work with you on your investment goals, review your portfolio and send regular reports. You also get access to exclusive events and insights. Eligible clients benefit from our lowest 0.2% service fee, which is capped at £2,000 for £1m+ portfolios.
Important information - investors should note that the views expressed may no longer be current and may have already been acted upon. Select 50 is not a personal recommendation to buy or sell a fund. Please note that these guidance tools are not a personal recommendation in respect of a particular investment. If you need additional help, please speak to an authorised financial adviser. You should regularly reassess the suitability of your investments to ensure they continue to meet your attitude to risk and investment goals. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice.
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