Portfolio construction

One horizon per pot

Money for a house deposit and money for retirement do not belong in one pie chart. Split them. The long-horizon pot can hold more equity and more illiquidity. The short-horizon pot should not be asked to earn an equity return. This single separation prevents more bad decisions than any optimiser.

Weights you can explain

A global equity fund plus a high-quality bond fund is a complete portfolio for many people, and it is boring in a way that survives contact with a bad year. Adding themes, single stocks and alternatives can be reasonable in small weights and incoherent in large ones. If you cannot say what job a holding does, it does not have a weight. It has a story.

Rebalancing and costs

Rebalancing means selling what went up and buying what did not, back toward the weights you chose. It is a risk tool. It is also a possible tax event and a trading cost. Do it on a rule, not on a feeling after a headline. The fee calculator shows how a small annual charge compounds. Use it before you add a second layer of funds.