Evelyn Partners Core Managed Portfolio Service (MPS) team has rebalanced its portfolios, increasing its exposure to European equities at the expense of the UK and Japan.

The Core MPS team has also expanded its exposure to US government bonds since the available yields remain attractive.

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They have added to a portfolio of longer-dated US Treasuries hedged to sterling and US Treasury Inflation Protected Securities hedged to sterling.

This change was made possible by a considerable reduction in the alternative asset mix, which included cuts to real assets, absolute return, and gold.

Finally, the team removed all ETFs from the portfolios that they had previously held and replaced them with either actively managed open-ended funds or passive trackers.

Following this adjustment, the only listed position is the Invesco Physical Gold ETC, an exchange traded commodity held in all portfolios except the Maximum Growth.

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As there is currently no other structure available to hold this significant asset class for diversification, this has been kept because the team feels it is crucial to keep some allocation in the portfolios.

Five new holdings as a result of the rebalance:

  • BNY Mellon US Equity Income (initiated in all portfolios except Income and Income & Growth);
  • Evenlode Global Income (new in Defensive portfolio only); 
  • Sanlam Real Assets (initiated in all portfolios except Maximum Growth); 
  • Atlantic House Defined Returns (initiated in Defensive, Conservative and Cautious portfolios), and
  • CG Dollar Fund (initiated in all portfolios excepts Adventurous, Maximum Growth and Income & Growth).

James Burns, lead manager of the Evelyn Partners Core MPS commented: “With acute war risks receding the relative attractiveness of Europe has increased and is an area that has been running at a discount to the rest of the world. We are still positive on the prospects for UK and Japanese equities on valuation grounds but on a tactical basis believe there are more catalysts driving European ones ahead.

“We decided to exit all ETFs as we are conscious that most platforms that the Core MPS is available on have dealing charges associated with trading in listed vehicles such as these. Having recently reduced the management charge on the Core MPS to 0.20% and placed it as an ideal proposition for cost-sensitive clients, these extra charges are not helpful, particularly for those making regular withdrawals or subscriptions.

“Despite all the changes and exits of ETFs, the overall OCFs of the portfolios remain pretty much unchanged.”