We generally rebalance each portfolio as new money comes in.

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

When required we can sell shares to meet withdrawal requirements.

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

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

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