We generally rebalance each fund as new money comes into the fund.

When new money comes into the fund, we buy shares that are under their target weighting moving the position in those companies towards their target weightings.

When required we can sell shares to meet withdrawal requirements.

When we do this, we check the weightings of all companies within the fund and sell shares with the view of moving the companies in the fund towards their target allocations and weightings.

We also complete a full review of the portfolio every three months. When we complete this review, the companies in the portfolio may change as well as their target weightings.

For the Spaceship Universe Portfolio, our review involves applying our Where the World is Going criteria. When we complete our review, we might decide a company in the fund no longer meets that criteria. It will be removed from the fund.

We may decide a new company meets the Where the World is Going criteria. If so, it will be added to the fund.

For the Spaceship Origin Portfolio, our review involves checking that the companies in the fund are the largest by market capitalisation. 

Because share prices change, the market capitalisation of a company can change. We might find a company is no longer one of the largest by market capitalisation.

It will be removed from the fund and the shares sold. And we may find another company is now one of the largest by market capitalisation and it will be added to the fund.

It's important to note the companies each fund invests in are subject to eligibility and investability criteria like whether we can buy the shares.