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WealthSelect ad hoc rebalance – February 2026

Date: 03 February 2026

3 minute read

Locking in gold gains

The WealthSelect portfolio managers have undertaken an ad hoc rebalance to take advantage of the exceptional performance of gold in recent weeks.

In the WealthSelect Managed Portfolios, holdings in the Quilter Investors Precious Metals Equity Fund, managed by Blackrock, and the Quilter Investors Natural Resources Equity Fund, managed by Janus Henderson, were brought back to model weights, locking in profits while reallocating to areas of the market that have lagged in recent months. In the Responsible Portfolios, profits were mainly taken from the Janus Henderson Horizon Responsible Resources Fund.

Gold shines

The WealthSelect Managed Portfolios have had a long-standing allocation to precious metals equities as a way to gain exposure to the performance of gold, and it has been a successful holding in recent years. The team previously took profit from its precious metals holding back in October 2025, days before gold suffered its biggest sell off since 2020.

In 2025, gold rose 67%* while the performance of gold-related equities far exceeded this. Throughout January it continued its climb, rising as high as $5,500 per oz as investors became concerned around geopolitical issues and the weaker dollar before falling back as demand fell.

Why we rebalanced now

The decision to undertake an ad hoc rebalance has been primarily driven by the extraordinary performance of gold and natural resources, particularly year to date, which has resulted in portfolio allocations moving materially away from their target weights. While exposures have been trimmed, the Managed and Responsible portfolios continue to retain exposure to commodities and remain well positioned to benefit should the rally reignite.

The portfolios have been rebalanced back to their model weights, taking profits from recent outperformers and reallocating capital into areas that have lagged. This included topping up our exposure to the Quilter Investors US Equity Growth and iShares North American Equity Index funds (Managed and Responsible portfolios), and the iShares US Equity ESG Screened and Optimised Index Fund (Responsible Portfolios only).

Stuart Clark, portfolio manager of WealthSelect

‘Given the magnitude of recent gains, we felt it was prudent at this juncture to lock in some profits. Gold, silver, and copper, especially, have been on a remarkable run, and while we still see positive long-term prospects for precious metals, there is likely to be some volatility as prices adjust, and the news flow continues to fluctuate.

‘The extreme price moves that we saw on 30 January, after the portfolios had been rebalanced, are not an indicator of a healthy investment market. While short term we are pleased to have reduced exposure for our investors prior to this sell off, this level of volatility could harm investor confidence. It is in this environment that the combination of financial advice and active management can add significant value.

‘We entered the year saying that we would need to remain flexible in our thought process and portfolio positioning, and so far 2026 is living up to this expectation.’  

*Source: World Gold Council, January 2026

The performance figures shown refer to past performance. Past performance is not a reliable indicator of future performance. 

The value of investments can fall as well as rise. Your clients might get back less than they invested.

This communication is issued by Quilter, a trading name of Quilter Investment Platform Limited and Quilter Life & Pensions Limited, who provide the WealthSelect Managed Portfolio Service.

Approver: Quilter February 2026

QIP 24047/31/15163

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