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The Slow and Steady passive portfolio update: Q2 2013

The portfolio is up 17%

Because I practice the art of portfolio insouciance, I missed the exact moment our Slow and Steady demo portfolio hit its peak in May. The undulating graph on my portfolio tracker tells me we were up something like 22% as the rollercoaster car crested the hill.

I wasn’t watching and my stomach skipped the ride, so all I care about is we’re still up 17% on purchase, with a cash gain of £1,600 – a smidgeon better than last quarter.

It’s strange, but like tuning in for late-night sport, the emotion is flattened when you’re not viewing it live.

Here are the bare bones:

The only way is up (hopefully)

This snapshot is a correction of the original piece. (Click to make bigger).

The Slow and Steady portfolio is Monevator’s model passive investing portfolio. It was set up at the start of 2011 with £3,000 and an extra £750 is invested every quarter into a diversified set of index funds, heavily tilted towards equities. You can read the origin story and catch up on all the previous passive portfolio posts.

Platform choose

No doubt we will do better and we will do much worse. Our graph will oscillate like a skipping rope but let’s focus instead on something we can control – the cost of our portfolio now platform charges are inevitable.

In brief, whereas the cost of holding a fund through a broker or fund supermarket was previously hidden away in its Ongoing Charge Figure (OCF), that charge will now be explicit, and bigger for small investors.

There’s no avoiding it. The FCA1 has decreed that DIY investing platforms must switch to the new charging model over the next couple of years.

Before too long, we’ll all be buying so-called clean funds – funds that no longer conceal platform fees within their OCF – from brokers that cake on an additional charge for their services. Better that slightly pungent cherry on top than a scattering of putrid currents buried in the mix.

Old-style ‘free brokers’ that aren’t really free, selling funds with swollen OCFs, will gradually disappear, and our Monevator broker comparison table will help you hopscotch through the minefield until then.

For now, I’m going to choose Charles Stanley Direct as the Slow and Steady’s new clean fund, execution-only broker. Its 0.25% platform charge is the cheapest option available for a small portfolio like this one. At that rate, we’ll hand over £28.50 per year in platform fees if the portfolio got stuck at its current £11,408 value.

Once our investment needle reaches about £20,000, we may well be better off with a fixed fee broker. That moment looks a few years off yet.

The good news is that index fund OCFs continue to decline, going some way to off-setting the increased platform fees.

So while we’re in upheaval mode, I’m taking the opportunity to sell off most of our old funds and switch into cheaper versions, mostly from BlackRock’s Tracker Fund D range.

Here are our moves:

Old fund TER/OCF (%) New fund TER/OCF (%)
Vanguard U.S. Equity Index 0.2 BlackRock US Equity Tracker Fund D 0.18
Vanguard FTSE Developed Europe ex-UK Equity Index 0.25 BlackRock Continental European Equity Tracker Fund D 0.18
L&G Global Emerging Markets Index I 0.52 BlackRock Emerging Markets Equity Tracker Fund D 0.28
HSBC Japan Index C 0.23 BlackRock Japan Equity Tracker Fund D 0.18
HSBC Pacific Index C 0.31 BlackRock Pacific ex Japan Equity Tracker Fund D 0.24
HSBC UK Gilt Index C 0.17 Vanguard U.K. Government Bond Index Fund 0.15

The total weighted OCF of the new portfolio is 0.18% (plus the 0.075 weighted stamp duty charge incurred by the Vanguard UK equity fund.)

That compares to 0.23% for the old version of the portfolio.

It’s possible to buy a slightly cheaper UK fund – the Royal London UK All share Tracker Z Fund – but I’m happy to stick with Vanguard as I suspect it will make up the 0.01% difference by keeping a tighter rein on tracking error.

Health warning!

Note that willy-nilly fund switching for a few hundredths of a basis point in cost improvement is not to be recommended. The change I’ve just made is worth all of £6 per year at the portfolio’s current valuation. You could easily lose many times that if the market spiked while you were hokey-cokeying your funds.

I’m only doing this because this is a demo portfolio that’s designed to present the best possible set-up for new investors.

You might also simplify the portfolio by ditching the separate US, Europe, Japan and Pacific funds in favour of the do-it-all Vanguard FTSE Developed World Ex-UK Equity index fund.

Or you can be lazier still and buy Vanguard’s one-stop-shop LifeStrategy funds.

Again, it’s a fraction more expensive than the Slow and Steady investments but a whole lot quicker to manage. Just add direct debit et voila – instant portfolio!

New transactions

Every quarter, we lob another £750 into the maelstrom, divided between our seven funds according to our asset allocation.

This quarter the funds we use have changed but of course our asset allocation remains all-important, as that’s what determines where we have our chips.

Here’s the skinny on our latest reshuffle.

UK equity

Vanguard FTSE U.K. Equity Index Fund – OCF 0.15% (Stamp duty 0.5%)
Fund identifier: GB00B59G4893

New purchase: £112.50
Buy 0.6276 units @ 17926.5p

Target allocation: 15%

Developed World ex UK equities

Split between four funds covering North America, Europe, the developed Pacific and Japan2.

Target allocation (across the following four funds): 51%

North American equities

Vanguard U.S. Equity Index Fund – OCF 0.2%
Fund identifier: GB00B5B71Q71

Sell: £3,272.86

Replaced by:

BlackRock US Equity Tracker Fund D – OCF 0.18%
Fund identifier: GB00B5VRGY09

New purchase: £3,460.36
Buy 2,714 units @ 127.5p

Target allocation: 25%

OCF has gone down from 0.2% to 0.18%

European equities excluding UK

Vanguard FTSE Developed Europe ex-UK Equity Index fund – OCF 0.25%
Fund identifier: GB00B5B71H80

Sell: £1,379.33

Replaced by:

BlackRock Continental European Equity Tracker Fund D – OCF 0.18% Fund identifier: GB00B83MH186

New purchase: £1,469.33
Buy 979.553 units @ 150p

Target allocation: 12%

OCF has gone down from 0.25% to 0.18%

Japanese equities

HSBC Japan Index C – OCF 0.23%
Fund identifier: GB00B80QGN87

Sell: £927.35

Replaced by:

BlackRock Japan Equity Tracker Fund D – OCF 0.18%
Fund identifier: GB00B6QQ9X96

New purchase: £979.85
Buy 702.401 units @ 139.5p

Target allocation: 7%

OCF has gone down from 0.23% to 0.18%

Pacific equities excluding Japan

HSBC Pacific Index C – OCF 0.31%
Fund identifier: GB00B80QGT40

Sell: £728.15

Replaced by:

BlackRock Pacific ex Japan Equity Tracker Fund D – OCF 0.24%
Fund identifier: GB00B849FB47

New purchase: £780.65
Buy 378.589 units @ 206.2p

Target allocation: 7%

OCF has gone down from 0.31% to 0.24%

Emerging market equities

Legal & General Global Emerging Markets Index Fund I – OCF 0.52%
Fund identifier: GB00B4KBDL25

Sell: £997.31

Replaced by:

BlackRock Emerging Markets Equity Tracker Fund D – OCF 0.28%
Fund identifier: GB00B84DY642

New purchase: £1072.31
Buy 992.87963 units @ 108p

Target allocation: 10%

OCF has gone down from 0.52% to 0.28%

UK Gilts

HSBC UK Gilt Index C – OCF 0.17%
Fund identifier: GB00B80QG383

Sell: £2,390.65

Replaced by:

Vanguard UK Government Bond Index – OCF 0.15%
Fund identifier: IE00B1S75374

New purchase: £2,570.65
Buy 20.253 units @ 12692.95p

Target allocation: 24%

OCF has gone down from 0.17% to 0.15%

New investment = £750

Trading cost = £0

Platform fee = 0.25% per annum

This model portfolio is notionally held with Charles Stanley Direct. You can use that company’s monthly investment option to invest from £50 per fund. Just cancel the option after you’ve traded if you don’t want to make the same investment next month.

Take a look at our online broker table for other good platform options. Look at flat fee brokers if your ISA portfolio is worth substantially more than £20,000.

Average portfolio OCF = 0.18% down from 0.23%

Take it steady,

The Accumulator

  1. The Financial Conduct Authority, which has replaced the FSA []
  2. You can simplify the portfolio by choosing the do-it-all Vanguard FTSE Developed World Ex-UK Equity index fund instead of the four separates. []

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{ 99 comments… add one }
  • 51 Emma November 4, 2013, 12:22 am


    Thanks again for the feedback – I am now in the process of deciding whether or not I am the kind of lunatic willing to go to those kinds of lengths or not (as is Emanon by the sounds of it!)!

    Sorry to keep taking up your time, but I would really appreciate your opinion on one more (hopefully final!) question, if possible, which is on how much of my savings I should be allocating to be saving for a house v. other things. My saving goals are the obvious (emergency fund, house, retirement, other long term – potentially kids school fees etc.), and I am struggling with figuring out whether (retirement aside, as I have already committed a certain % of my salary to my pension) I should be putting all of my savings towards saving for a house deposit (and therefore cash), or whether I should do 70% house deposit (cash), 10% emergency fund (cash), and then 20% general long term (index funds) or something like that. Any opinion?

  • 52 emanon November 4, 2013, 1:38 pm


    This is off topic a little but in line with the latest comments. I am thinking of opening up a Junior ISA for a relative and sticking a gift in the Vanguard 100% LifeStyle fund. This seems like a reasonable choice right? Having said that C&S want a min. of £500, i was thinking more like £100 – 150

  • 53 emanon November 4, 2013, 1:51 pm


    I spoke with Nationwide about the FlexDirect account, they don’t make it simple to take advantage of this 5%.

    So you can only have one account per person and you only ever earn the 5% at the end of the month if at least £1k has been paid into the account. If there has not been a deposit of this minimum amount you don’t get the 5% on the £2,500. It seems like the best way to do this is if you moved your day to day banking account into this FlexDirect which would pay you £125 a month, £1500 a year! Is that correct?? Off to break the news to Barclays if so!

  • 54 Emanon November 4, 2013, 2:47 pm

    CrazY moment over. It’s clearly a yearly earning of £125, not a monthly one. It’s Monday.

  • 55 The Accumulator November 4, 2013, 10:49 pm

    @ Emma – There are two ways of looking at it. One is to work out exactly what the longer term goal is, how much you’ll need and when, and commit the amount of your savings that you’ll need to hit that goal.

    The other is taking a punt that equities will do alright in the next 5 years, and if things go really well then you might hit your house goal a little earlier. If things don’t go well then you chalk it up to experience, accept that you’ll have to save longer for the deposit, and mentally reposition the index funds as serving a longer term purpose.

    I must admit that’s what I did. The % you allocate in that circumstance comes down to how big a risk you’re prepared to take.

    @ Emanon – Officially you can only have one account. However, it’s perfectly possible to open 3 online. I pay the £1000 in and whip it out again straightaway so it can trigger payments at Lloyds, Halifax and lord knows where else. The same £1000 must light the lights in about 10 different current accounts. I’m that kind of lunatic. Automate it all with standing orders if you want to forget about it.

    Each £2500 brings in about £8.30 a month net.

  • 56 The Accumulator November 4, 2013, 10:53 pm

    Forgot about the LifeStrategy question. You can invest £50 a month at Charles Stanley using their regular investment service.

    100% LifeStrategy on the grounds that it’s 18 years or more before the funds are needed and that junior can afford to take plenty of risk seems reasonable to me.

  • 57 Grand November 5, 2013, 12:38 am

    @TA I’ve tried to setup the £50 a month with CSD but for some of my fund’s £50 isn’t enough to purchase a unit and it doesn’t allow me too set up monthly investing, which is quite a pain as I would much rather automate the process.

    With regards to transferring funds between bank accounts that pay more interest then ISA’s, I’ve actually been thinking about this, glad to see I am not the only crazy person out there.


  • 58 Emanon November 5, 2013, 12:43 am


    You’re hardcore. I like it…

  • 59 Grand November 5, 2013, 12:57 am

    I think I will actually do this. £300 interest for the year. Then go else where at the end of the promotion… As my fixed rate isa is horrendous.

  • 60 demeter November 7, 2013, 12:28 am

    I’m still unsure how your getting the Blackrock tracker funds.

    I’ve got an account with TD and I’ve just added a blackrock D fund to the regular purchase. And its saying £1.50 reg investment charge + 0.5% stamp duty!?

  • 61 The Accumulator November 8, 2013, 6:49 pm

    That won’t apply when you actually buy the fund. TD’s system is a little clunky and shows certain charges by default that may not apply to your investment. In this case they won’t charge you £1.50 or stamp duty. I’ve been through exactly the same thing with them.

  • 62 Emma November 9, 2013, 12:34 am

    @ The Accumulator
    I’ve just opened a Nationwide Flex Direct account, and in the terms and conditions it says that you can only have one account, and that if you open another one (unless it is a joint account) then it will just cause the interest that you are paid on the initial one to drop from 5-1%. How have you have managed to get round that to have 3 accounts at the 5% rate – by opening a couple of joint accounts as well, or are there other ways of doing it?

  • 63 Emanon November 9, 2013, 10:55 am

    The 5% interest is only valid for one year too. It then goes to 1%

  • 64 Emma November 9, 2013, 12:57 pm

    @ Emanon – I know that it it defaults to 1% after a year, so i have set myself a number of calendar reminders to remind me to change it then!

    I was just wondering whether it was possible to get the 5% on more than the £2500 during that one year time period though, as at the moment I can’t see how it is, unless you open another joint account, which I am not really in a position to do.

    Also, I was wondering if you came up with a solution of what to do re. the money that you wanted to invest in a junior ISA. My nephew has just been born and i was thinking of investing a similar sum (c.£100) for him in a low cost passive fun, but am not sure how best to go about doing it.

  • 65 The Accumulator November 9, 2013, 2:31 pm

    Despite what the bank staff say and even the terms and conditions say, I have opened 3 accounts and am getting the full whack on two of them. I’ll know at the end of this month if the 3rd one pays out at the full rate too. Now, I didn’t open the first 2 accounts all at once. I opened one, let it bed down over a few months and then opened the other. It’s reasonably common that online bank account systems don’t follow in practice the dictates of the T&C theory. A number of savers were able to open 10 fully functioning Lloyds-TSB Vantage accounts before Lloyds caught up with reality and limited the number to three. Nonetheless, those with 10 accounts report they were able to keep them.

  • 66 Emma November 9, 2013, 2:42 pm

    @ The Accumulator

    Sweet – guess I’ll try my luck then! Any views on how to best invest £100 or so for my nephew via Charles Stanley direct?

  • 67 The Accumulator November 9, 2013, 2:47 pm

    I’d pop it in a Vanguard LifeStrategy fund. You get a diversified, cheap and auto-rebalancing portfolio in one hit. You only have to decide what bond allocation you prefer.

  • 68 Emma November 9, 2013, 2:48 pm

    Is there any minimum investment required?

  • 69 The Accumulator November 9, 2013, 2:50 pm

    £500 for a lump sum or £50 for regular investment. You then just cancel the direct debit after two months.

  • 70 Emma November 9, 2013, 2:54 pm

    Perfect, so I can invest 100 split over two months, and then cancel the payments but still have the fund?

  • 71 Emanon November 11, 2013, 6:25 pm


    So what do you do at the end of the year when all three expire?

    These are inspiring lengths you go to – I, like many fellow monevators I’m sure, would love to know more as it sounds like managing a financial tamagotchi…

  • 72 The Accumulator November 11, 2013, 6:29 pm

    Move them to whatever’s best at the time. Clydesdale are currently offering 4% on £3K until March 2015.

    The key to the system is that it’s grown organically 😉

  • 73 Emanon November 11, 2013, 7:37 pm

    I’m scared to ask how big and elaborate it is especially as I’m aware it help your mortgage pot grow

  • 74 The Accumulator November 11, 2013, 10:31 pm

    Hmm, just counted them. 16 current accounts between myself and Mrs Accumulator. 17th on the way. I did warn you there were some lunatics out there!

  • 75 Emma November 11, 2013, 10:41 pm

    And that’s just the current accounts?!

  • 76 Emanon November 12, 2013, 12:34 am

    Would make a very cool infographic.

    What is the average annual return you get? How do you stay on top of all the best deals going?

    Think I’m going to start off slowly and play around a little, as long as it can be all done online I’m sure it can be streamlined. Fair assumption?

  • 77 BeatTheSeasons November 12, 2013, 10:52 am

    Opening large numbers of current accounts is going to hit your credit score.

  • 78 The Accumulator November 12, 2013, 2:27 pm

    It might. It’s not stopped me doing anything.

    Don’t accept the offer of the accompanying credit card or overdraft.

    Space out your applications

    Keep a lid on things if want a really important loan in the near future e.g. a mortgage.

  • 79 BeatTheSeasons November 12, 2013, 2:34 pm

    Would be interesting to see if a current account without an overdraft still appears on your file with £0 available credit of if it doesn’t appear at all, like savings accounts.

    I never thought about declining the credit or even realised it was possible. To be honest I didn’t realise you could have more than one current account as I thought they always made you ‘switch’ and the close the old one.

  • 80 The Accumulator November 12, 2013, 2:45 pm

    To be honest, I’d forgotten how weird I was doing all this. The Investor has now reminded me of my outlier status, so I’ll do a post on it in the next couple of weeks to try and explain it. So thanks for inspiring the post!

    @ Emma – I miscounted. 14 current accounts, 6 savings accounts (not including the useless ones that are auto-generated with the current accounts), 4 Cash ISA accounts, NS&I index-linked certificates, um, the online broker accounts for equities… It’s not so bad once you tame it with a spreadsheet. Hopefully the post will explain all.

  • 81 emanon November 12, 2013, 2:49 pm

    I for one will be awaiting eagerly on this one. My spreadsheets are quickly evolving into pretty big beasts. I only have one Stocks and Shares ISA!

  • 82 Emma November 12, 2013, 2:51 pm

    Ditto! My spreadsheet management is currently appalling!

    Somewhat off topic, and I am expecting the answer to be no, but what are people’s views on whether the Amex platinum card (the one that costs c.£100 per year) is worthwhile? Or any other similar cards for that matter?

  • 83 emanon November 14, 2013, 11:47 am

    I’m about to start the ball rolling on this but as i will be moving home and applying for a mortgage in the new year i’m going to take it slow. From the accounts you listed….

    Nationwide – Flex Direct
    Clydesdale account
    TSB / Lloyds Vantage accounts
    Santander 1-2-3 account

    it appears that the biggest return is from Santander at 3% on £20k which gives £600 vs the least profitable Clydesdale account at 4% on a limit of £3k which gives £240

    So it makes logical sense to start with the Santander 1-2-3 account and if you can have 2 of those, even better!

  • 84 emanon November 21, 2013, 1:37 pm

    You can also apply for your accounts through Quidco, a cashback site. For example, they will pay you £45 to open a Santander 1-2-3 account

  • 85 demeter November 26, 2013, 2:56 pm

    The new purchases of Blackrock funds for your demo portfolio don’t include Bid / Offer spread. You’ve listed purchase price as £0, this is not the case.

  • 86 The Accumulator November 27, 2013, 2:53 pm

    Ach. Given the amount involved is minimal and that the portfolio is meant for long-term investors, I’m not going to worry about it. All the funds are subject to a bid-ask spread, it’s just hidden in the case of the OEIC’s unitary pricing model.

  • 87 Emma December 28, 2013, 12:03 am


    I’m back! Happy belated Christmas to all.

    I am finally at the point where I have got my act together and got my ISA account set up etc. so that I am able to make my passive portfolio allocations…..so am now dithering as to what allocations to make!

    I know that no one on here can offer advice etc., but I would appreciate any opinions on what allocations people would make when setting up a passive portfolio in my sitation, and how in line with the slow and steady portfolio it would be?

    For clarification, my situation is that I am 23, new to this whole investment malarky and setting up this portfolio as a general, long term fund. If it goes well over the next couple of years, then I may use some of it to put down a deposit on a flat, but I have other money in cash that I am seeing as my main flat deposit nest egg, so I am not reliant on this portfolio for that, as I understand that to do so under a short time frame would be unwise.

    Thanks in advance for any comments – I know that I really need to stop dithering and start doing, but taking the leap is proving tricky!

  • 88 Grand December 28, 2013, 4:18 am

    Hi Emma, I was in exactly the same position as you just over 6 months ago. I would highly recommend you reading if you haven’t already that is Smarter investing by Tim Hale and the four pillar of investing by William Bernstein. They will give you a good understanding of constructing a diversified portfolio and what components you should include within it.


  • 89 Emma December 29, 2013, 1:07 am

    @ Grand – thanks for your response! I have read Hale’s book and found it very useful, but am still struggling a bit with my allocations. Realistically I think I just need to man up and do something, but the two things that I am struggling with is knowing how much of my total allocation to put in equities vs other (cash, bonds etc) given I may need some of it for a house deposit over the next couple of years, and also whether to invest my equity allocation as a lump sum or not. This latter question is the one I am really struggling with, as I know the first one basically comes down to my appetite for risk.

    If you have c. £10K to invest in index funds/ ETFs is it better to do it all at once as a lump sum, or gradually over a series of months? And if doing it all as one lump sum, is there any “better” or “worse” time to do it? I know that passive investing is not about market timing and indeed is based on the premise that you can’t accurately market time, so I understand that that might be a stupid question, but I am going to ask it nonetheless……reprimand me if required!

  • 90 Emma December 29, 2013, 8:03 pm

    No advice on the “lump sum” vs “pound cost averaging approach”?!

  • 91 Grand December 29, 2013, 10:55 pm

    Benjamin Graham believed in the approach of DCA… My approach was to buy the individual funds that made up my portfolio first hand out of a lump sum much like yourself. I then add to them when I have the surplus cash.


  • 92 The Investor December 30, 2013, 2:31 pm

    @Emma – Good to hear you’re close to getting started. We cannot give specific advice to anyone, so please don’t take this as advice.

    However in general lump sum investing will usually deliver a higher return over the long-term — assuming you already have the money to hand — because markets tend to go up. Ergo, the longer it’s invested, the better the return.

    However sometimes markets go down. If that happens after you invest your lump sum, then you’d have been better to wait, or to average in.

    Nobody can know or tell you in advance which will be the best approach, as nobody knows if/when the market will fall.

    For that reason, I think whether to invest a lump sum is really down to your risk tolerance, and how upset you’ll be if you see your money fall by, say, 30%, as opposed to missing out on some gains.

    You might find this article useful:


    And this comment thread, referenced in the above (from about halfway down — comment 91 — where we begin discussing averaging versus a lump sum):


    Happy investing! 🙂

  • 93 The Accumulator December 30, 2013, 11:24 pm

    @ Emma – while pound cost averaging has been statistically shown to be that bit less efficient it’s generally much easier to cope with psychologically. Given that much of investing is a battle against your own human instincts, and that you’re new to investing, you may well find it easier to dip a toe in first. It’s also pretty common to be on the brink of investing for the first time and to suddenly find yourself unable to take the plunge. It happened to me! It’s like being on the end of a very high diving board. Deep breath…

  • 94 Emma January 1, 2014, 8:07 pm

    Thanks to everyone for the advice! Accumulator, you are very right – I am very much just dithering on the edge and know that I just need to man up and take the plunge. It is one of my new years resolutions! I think that I will probably end up drip feeding it in, as otherwise I am not sure I will quite be able to bring myself to do it!

    So that decision made, I was wondering if anyone had a recommendation for a cheap property fund? I am thinking of putting 10% of my equity allocation into a property fund (a la Tim Hale’s global tilts style portfolio) but have no idea which fund / tracker to go for, or if there even are any suitable ones.

    Additionally, I would welcome anyones views on including property and commodities in your portfolio, especially given I have noted their absence from the Slow and Steady portfolio! Is there any particular reason for their exclusion there?

  • 95 The Accumulator January 1, 2014, 10:00 pm

    Happens to everyone on the verge of their first investment.

    For property trackers check out the property section of this post:

    Commodities I would leave for now. Even Tim Hale has turned against them in the latest edition of his book. They’re good diversifiers but the actual returns are dubious and good vehicles hard to find.

  • 96 Emma January 5, 2014, 12:53 pm

    Thanks very much! Initial investments now officially made – highly terrifying stuff!

  • 97 The Accumulator January 5, 2014, 8:52 pm

    Well done, Emma. This is easy to say and harder to do, but try not to obsessively check your portfolio – ideally only every six months or so, and remember it’s a long term game! What happens in the next week / year will have little bearing on the eventual outcome.

  • 98 Emma January 5, 2014, 9:06 pm

    Thanks for that TA – I will try my hardest (though I will be dripping money into my portfolio each month, so I guess I will have to have a quick look at it all then!)

    Out of interest, if the Slow and Steady Portolio 2013 Q4 update likely to be out anytime soon? I am particuarly interested to know what you have decided re. the blow comments that you made to BeatThe Seasons earlier in the year, and if you did include small caps and property, how this would effect the overall fund allocation. I have included them both in mine, hence the interest!

    “We could easily ditch the four non-UK developed world funds for Vanguard’s Dev World Ex UK, and bring in Vanguard’s Global Small Cap, BlackRock’s Global Property Tracker D and split the bond portion with an index-linked gilt fund.

    I’ll give that strong consideration at the end of the year”

  • 99 The Investor January 6, 2014, 11:37 am

    @Emma — Update to S&S due tomorrow! 🙂

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