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The latest quarterly rebalance of WealthSelect, which recently surpassed £30bn of assets under management, modestly increased the existing tilts towards value and selected small- and mid-cap companies in the portfolios, while keeping overall portfolio risk broadly unchanged.
Market leadership remains concentrated, particularly among US mega-cap technology and artificial intelligence-related companies. The WealthSelect portfolio management team believes opportunities are broadening, creating a potentially more supportive environment for active managers and value-focused strategies.
Against this backdrop, Helen Bradshaw, WealthSelect Portfolio Manager, discusses how elevated valuations, concentration risks, geopolitical uncertainty, and the upcoming Budget all reinforce the case for refining holdings without increasing overall portfolio risk.
A measured shift towards value
We made a modest but deliberate move towards value-oriented equities in the latest WealthSelect quarterly rebalance. The change was designed to broaden portfolio exposure rather than increase overall risk.
In the US, we reduced passive exposure and increased allocations to value strategies and selected small and mid-cap companies. We believe concentrated equity markets are creating greater scope for skilled active managers to add value through stock selection.
Broadening equity exposure
We extended the value tilt beyond the US. In the WealthSelect Managed Portfolios, we added to the Quilter Investors Europe (ex UK) Equity Income Fund (managed by Schroders). In the Responsible Portfolios, we increased our allocation to the EdenTree Sustainable European Equity Fund.
In the WealthSelect Sustainable Portfolios, we increased our allocation to the Lyrical Global Impact Value Equity Strategy and CT Sustainable Global Equity Income funds. This provides a modest increase in value factor exposure while remaining aligned with the sustainable investment approach of the portfolios.
Within emerging markets, in the Managed Portfolios, we increased our allocation to the Quilter Investors China Equity Fund (M&G). The valuation-sensitive approach of the fund gives us access to areas of relative value within the Chinese market.
Keeping overall risk in balance
We made no changes to the headline asset allocation of the WealthSelect Managed and Responsible Portfolios. In the WealthSelect Sustainable Portfolios, we further increased exposure to alternatives following their introduction at the previous rebalance. This was funded from cash, leaving the overall allocation to sustainable investments unchanged.
Across the portfolios, we returned high-level exposures to their previous model weights, locking in some equity gains. These proceeds were used to top-up fixed income and alternatives allocations across the Managed and Responsible Portfolios. In the Managed Portfolios, we also took further profits from gold after another strong period for the Quilter Investors Precious Metals Equity Fund (BlackRock).
More flexibility in government bonds
Across the portfolios, we moved away from passive gilt exposure and towards active global government bond strategies ahead of the Autumn Budget.
In the Managed Portfolios, we increased the allocation to the Quilter Investors Global Government Bond Fund (PIMCO). In the Responsible and Sustainable Portfolios, we increased our allocation to the Aegon Sustainable Sovereign Bond Fund.
We favour active bond managers because they can adjust duration, country exposure, and yield curve positioning as conditions change. We believe this flexibility can help navigate heightened volatility in bond yields and changing market conditions.
Positioned for a broader market
Our latest rebalance reflects a measured response to a market in which opportunities may be starting to broaden beyond the largest companies. By increasing exposure to value, selected smaller companies, and active government bond strategies, while maintaining broadly unchanged overall portfolio risk, we aim to keep your clients’ portfolios diversified and well positioned for a range of market outcomes.
AuM data as at 10 August 2026.
Helen Bradshaw
Portfolio ManagerHelen is a portfolio manager of the Quilter WealthSelect Managed Portfolio Service and Quilter Investors Monthly Income Portfolios. Helen joined Quilter Investors in January 2019 having spent 15 years at Janus Henderson Investors. Whilst at Janus Henderson she ran several multi-asset strategies, with a particular focus on multi-asset income.
Helen holds the CFA ESG certificate, the LPC certificate from the University of Law, and has a degree in Law from Exeter University.
