2 February 2026
Quilter’s WealthSelect Managed Portfolio Service, the largest MPS in the market, has initiated an ad hoc rebalance to take advantage of the recent exceptional rise in precious metal prices.
In the Managed range, this unscheduled rebalance saw the holdings in the Quilter Investors Precious Metals Equity Fund, managed by Blackrock, and the Quilter Investors Natural Resources Equity Fund, managed by Janus Henderson, brought back to model weight, locking in strong profits while reallocating to areas of the market that have lagged in recent months. In Responsible, profits were primarily taken from Janus Henderson Horizon Responsible Resources Fund.
The WealthSelect Managed portfolios have had a long-standing allocation to precious metals companies and it has been a successful holding in recent years. The team previously took profit from its precious metal holdings back in October, days before gold suffered its biggest sell off since 2020. According to the World Gold Council, gold rose 67% in 2025 while the performance of gold related equities far exceeded this, and throughout January it continued its tear, 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.
This decision has been driven primarily by the extraordinary performance of gold/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 range of portfolios continue to retain exposure to commodities and therefore remain well positioned to benefit should the rally reignite.
The portfolios will be going back to model, taking profits from recent outperformers and reallocating capital into areas that have lagged. This will include topping up exposures such as the Quilter US Equity Growth Fund, managed by JP Morgan, iShares North American Index Fund and iShares US Equity ESG Screened and Optimised Index.
Stuart Clark, portfolio manager of WealthSelect, said:
“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 the 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 30th January, after the portfolios had been repositioned, are not an indicator of a healthy investment market. While short term we are pleased to have reduced exposure for our clients, prior to this sell off this level of volatility may harm investor confidence. It is in this environment that the combination of financial advice and active management can add significant value to clients.
“We entered the year saying that we would need to remain flexible in thought process and portfolio positioning and so far 2026 is living up to this expectation.”
