| Asset Group | Asset Sub-Group | Investment Category |
| Alternatives | Mixed asset | Low cost |
Vanguard employs the same consistent approach globally, with the same team responsible for both the UK and US versions of the Vanguard LifeStrategy range as well as the group’s target-date funds. The team implements the strategy using Vanguard’s highly regarded passives to minimise costs with many of these underlying funds also rated positively by Morningstar’s research analysts. The portfolio is 80% equities and 20% fixed income. Within equities, the broad breakdown is 25% UK and 75% overseas. The latter includes US, Europe, Japan, and a small exposure to emerging markets. Within bonds, the broad mix is 30% UK and 70% overseas. The latter includes government bonds and corporate investment grade. The UK portion also includes a dedicated allocation to index-linked (by way of holding the Vanguard UK Inflation-Linked Gilt Index fund). All non-sterling bonds are held via GBP-hedged index funds while all overseas equities are left unhedged. Vanguard reviews the allocations annually, although they rarely change. Rebalancing to the static asset allocation takes place on a daily basis, however in 2021, Vanguard loosened its rebalancing policy to allow the allocation to drift up to 200 basis points from its target, depending on market volatility. The higher tolerance is unlikely to be used outside of extremely volatile markets, like March and April 2020, but it should help reduce forced trading in those environments and extra trading costs. Opinion This fund has historically benefitted from its large allocation to overseas equities, and in particular US equities, when compared to Morningstar Category peers. March 2024 | ||
Risk warnings
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