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Balanced Tactical Changes

Portfolio Date

Overview of changes



This change reflects a move to a more positive position. Vaccine developments have provided markets with a much-needed boost, with markets rallying since the start of November. The planned rollout of the vaccine in December and early 2021 is allowing investors to look past the pandemic and has improved overall optimism. Reeves investment committee have decided that it is now time to adopt a more ‘risk on’ approach and now start to put some of the overweight cash position to work in markets.


Although the pandemic is by no means over, with lockdown measures and high infection rates still persisting globally, there is a unanimous view that the worst is now behind us and markets can now kick on with consumer confidence and spending growing in the lead up to Christmas. This change will see cash moved down to 12%, with the surplus being moved into UK, Overseas and Specialist equities.



This change reflects a move to a more defensive position. Following the rally seen in global markets since mid-March, our Investment Committee have decided to make a further move to Caution with huge uncertainty still surrounding the world as well as concerning economic data and talks of Global recession. As such we have reduced our holdings in all types of equities we hold; UK, overseas and specialist.


This allows us to increase the cash allocation to 33.2%, as well as a small increase to bond allocation. We see this cash allocation as a great investment tool, not only is it considered the ’ultimate safety’ in an unprecedented world crisis, it also gives us the liquidity to move back into the market when we identify buying opportunities.



This change reflects a move to a more defensive position. Global Coronavirus cases have now exceeded 1 million, with the UK in a full lockdown, nearly one third of the world’s population is now living under coronavirus-related restrictions. As well as the social factors listed, worrying economic data has been the main driver for this decision. 10 million Americans have filed for unemployment, while the real long-term economic toll caused by Covid remains to be seen.


After acting on the buying opportunity the March crash brought, we are now looking to protect the gains made with this change. This change has seen a reduction in our exposure to UK, Overseas and Specialist equities, allowing an increase to cash and bonds. With a very uncertain outlook for markets and world economies, this portfolio looks to protect clients’ money while still providing and exposure to growth-based equity markets.



This change represents an increase in market exposure. Countries across the world have began to announce their responses to the Coronavirus, with cancellations of major sporting events and countrywide lockdowns expected. Although markets have been in freefall with Covid cases spreading, strong government responses are likely to be positive news for markets with optimism that these measures will slow down the spread. After more than three weeks of consecutive losses in global markets, we now believe this represents an exceptional buying opportunity with very attractive prices in almost all sectors.


Many market commentators and analysts alike have touted this as a ‘once in a generation’ buying opportunity, with the market likely to bottom out after its largest fall since the financial crisis. After discussions between the Reeves Investment Committee the new V20B portfolio will see a reduction to the cash and bond allocation, with this going towards increasing the exposure to UK, Overseas and specialist equities which have very high growth potential when the market begins to recover.



This change represents an increase in market exposure. Brexit and the US-China trade war can be considered one of the biggest drags on market performance through 2019 with both providing large uncertainty and concerns among investors. Although both are by no means out of the picture, much of the uncertainty surrounding both have been removed, giving investors a clearer picture of what to expect in 2020.


The Conservatives winning last month’s election paves the way for Boris Johnson to lead the UK out of the EU, meanwhile a phase 1 agreement between US and China reduces tensions and provides optimism of further advancements in talks later down the line. Reeves are looking to benefit from the better investment prospects with a reduction in cash allocation and an increase in UK, Overseas, specialist equities and bonds.

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Important information

Pensions are a long term commitment, you may not be able to access your pension funds until the age of 55 (currently), investments can go down as well as up and you might not get back your initial capital. Pension and tax legislation does and can change in the future which could impact your pension.

The value of your investment and any income from it could fall or rise, and you may not get ack the full amount you invest.

Past performance is not a reliable indicator of future results. We always recommend you talk to a qualified financial adviser before making any investment decisions.  

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