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Holly's blog: Robos, risks and returns

09/11/2018

Q3 Robo report - image 4.jpg (2)

Yesterday we published performance data for 9 of the major robo advisers over the last 12 months and 2 years. Although performance is the most juicy number we all want to see at the end of the day, I also want to drag ‘risk’ onto the table as well. Returns are all about where we get to. Risk is what the path looks like on the way.

Yesterday we published performance data for 9 of the major robo advisers. We’ve tracked how they have done over the last 12 months and 2 years (where available). And looked at how much risk they took to do this. You can get the full details and 'Meet the Robos', here. 

On average, the portfolios that contain the most shares, typically described as ‘higher risk’ portfolios, turned an investment of £5,000 into £5,353 in the 12 months to September 2018. For comparison, although by no means a perfect indicator, the FTSE 100 would have grown to a lesser £5,305. And the leading easy-access cash ISA £5,062. These numbers are after all investment charges.

Over a period of 2 years, for those robo advisers which have been operating for this long, the three best performers with higher risk portfolios were Nutmeg, evestor and True Potential.

 

Let’s talk about risk

Although performance is the most juicy number we all want to see at the end of the day, I do want to drag ‘risk’ onto the table as well. Returns are all about where we get to. Risk is what the path looks like on the way.

Investment gonks will talk about 'maximum drawdowns' to illustrate how bumpy a particular ride has been. It simply measures the difference between a high point and a low point. Let’s say an investment peaked at £10 one month, and reached rock bottom of £2 the following month. That would be a maximum inter-month drawdown of £8. (Stay with me folks!)

So let’s look at this picture below. This shows us how much these most punchy portfolios made over 12 months. What your £5,000 would have turned into. And what the most frightening month could have looked like on the way – what’s the maximum you would have lost if you’d bought at the top one month and sold at the bottom in a subsequent month? The main thing to observe in the chart below is that the FTSE 100 was the most volatile. And returned nearly the least. So all that risk you’re taking is a bit pointless, when you look at the returns.

Leave me alone, Holly, it’s Friday

Apologies. But if you get the above, then you understand the Nobel prize-winning "Modern Portfolio Theory" and pretty much everything you need to know about investing. (With apologies to Harry Markowitz who clearly added a few more complex nuances!)

Here’s why it matters. Even if you think robo advisers are a pile of unproven, new-fangled ****, look at your own investments. The vast majority of DIY investors have too much in the UK. And do not diversify well. This makes our journeys pointlessly bumpy. The main benefit I think the robos give us is a robust portfolio, crossing different geographies, investments and business types. This gives us a chance of higher returns, whilst keeping risk low.

However and wherever you invest, make sure you’re spreading the love around. Being promiscuous when investing is encouraged! This doesn’t mean you should go nuts and start choosing lots of different robos and platforms and ISA providers. Just make sure your investment provider of choice is supporting a good mix of investments under the bonnet. An analogy might be that you only need one shop. But choose a balanced range of products to put in your basket.

For those who don’t know what to pick, the robos offer a ready-meal to pop in your ISA basket. Check out what their customers have to say about them here. Or read our beginner’s guide to robo advisers here.

Have a great weekend everyone. Somewhat randomly, I have a new electric chainsaw to play with and a tree to fight. Is this my mid-life crisis, I wonder? The female equivalent of a yellow Porsche?

Oh well, at least it’s cheaper.

 

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Meet the Robos

Robo advisers are a way to invest for people who don’t give a hoot about the stock markets, want someone else to do it for them or for seasoned old dogs who can't be bothered with ongoing portfolio maintenance.

See how we analyse and compare the performance of 9 leading robo advisers which together represent over 80% of UK robo adviser assets today, in the 2 years leading to 30th September 2018.

Our Q3 Robo Performance Data

Leave a review

We continue to collect your reviews of investment services you use.

If you can, we’d love to get your opinion on the service you use – would you recommend it and how well are they doing? Helps others to choose, and helps us to call out the good, the bad and the ugly.

Please add your review here

Want to know more?

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What should I do when the stock market crashes?

When markets have a wobble, the message from the experts is generally the same: sit tight and it will all work out OK in the end. But for those of a nervous disposition, this isn’t a lot of comfort.

What should I do when the stock market crashes?

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Here Come the Ethical Robos (Ethbos?!)

Have you cut back on plastic since David Attenborough showed us pictures of turtles chewing on plastic bags? Or contemplated your carbon footprint since seeing pictures of the ice shelves melting? Chances are, it’s a yes. But have you contemplated making the ethical choices when it comes to investments?

Here Come the Ethical Robos (Ethbos?!)

Learn the Tribal Way

What are other people doing? Learn from their experiences.

If you know your shares from your SIPPs but could still use a few tips, you might be an Intrepid Investor. Take a look at our specialised Learning Path for an ISA MOT and some fund ideas.

Intrepid Investors

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  • I am 35 and working part time on a reasonable salary. I've recently taken out a Stocks & Shares ISA with Wealthify (from reading the recommendations on Boring Money) where I pay in £40 per month. However, I'm wondering if I should be doing more? Should I be diversifying and using more than just Wealthify? Or is it better to increase the amount into Wealthify?

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  • I am 25 and starting to seriously financially plan out my future. I would really welcome a 'sense check' on my thinking as well as some help on which investment choices to make. My goals are: To invest for 15 years - my risk appetite is very high (i.e. I could afford to lose all my money). Goal 1 - More Important: To have an investment pot of £1,500,000. Goal 2 - Less Important: To be mortgage free. My plan is: 1) Open an annual Stocks and Shares ISA each of the next 15 years. 2) Open Share trading/dealing account. 3) Reduce my mortgage term to 6 years by 2025. I appreciate the above is a lot to go though, but I'd welcome any help and guidance.

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  • I shall have £10k to invest shortly, and I want to use an actively managed portfolio in a quality company. How would you rate - Investec Click & Invest/True Potential Investor/Nutmeg on the basis of ROI/customer relationship/quality/risk factors etc? I would class myself as a mid-grade risk-taker/reasonably adventurous if appropriate, with a high quality company. I presently use Hargreaves Lansdown and Wealthify but feel the need to diversify. What do you recommend?

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  • The recent Metro article which Holly participated in has really inspired me and made me think that investing in shares is something which I would like to do. Unfortunately I am completely thrown about where to start. I would be grateful for any advice you could pass my way. Realistically, I would only have about 2k to invest, so any tips would be gratefully received.

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  • Is there a reason you don’t list Saga in your Best Buys? Additionally, I have purchased a few investment trust shares but can’t work out how the dividends are paid. Scottish Mortgage is an example. I wasn't given an option to choose how to receive the dividends. It would be useful if you could provide some clarity on how investment trusts pay their dividends.

    Carl | Buckinghamshire | 07/09/2018 | 1

    • Shares
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    Holly Mackay's Response

  • Can you advise me on the best approach when looking to invest in a product that offers compound interest? I’m thinking about funds rather than bank accounts. I also have 4 different pensions on the go. Should I keep them separate to diversify the risk? Or consolidate them? How will these pensions be treated when I retire? Will they be considered in aggregate by the tax man?

    Craig | Clackmannanshire | 16/08/2018 | 2

    • Private Pension
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    Helena Wardle's Response

  • I have about two thirds of my ISA in funds with Charles Stanley Direct and about one third left with St James's Place. I was planning to transfer the remaining one third to Charles Stanley Direct. However the recent platform price increases seem to put me in the worst position possible. After Charles Stanley Direct's fee increase, could I do better elsewhere?

    Gerry | Bedfordshire | 15/08/2018 | 7

    • Private Pension
    • Online Investment Platforms
    • Funds
    Holly Mackay's Response

  • I'm 24 and would like to begin investing. Am I better off using a robo advisor such as Wealthify/Wealthsimple or a fund such as Vanguard LifeStrategy?

    Amanda | Greater London | 06/08/2018 | 7

    • Shares
    • Robo Adviser
    • Online Investment Platforms
    Holly Mackay's Response

  • I am 73 and cautious. There are two areas that your advice would be helpful..what if you just spend thousands on buying the gold standard footsie companies like shell and the rest and keep them for five years and then cash them in ?

    DB | UK | 24/07/2018 | 6

    • Robo Adviser
    • Online Investment Platforms
    • Funds
    • Pension
    Holly's Response

  • Nutmeg require a minimum investment of £5,000. As I have less than £5,000 per annum income I am a bit confused about how much I can put into a pension. I know the government will only gross up a maximum of £2,880 per year but can I put more than this in and forgo the gross up?

    Barbara | Hertfordshire | 10/07/2018 | 1

    • Robo Adviser
    Richard Allum's Response

  • We have a portfolio of ISAs/PEPs worth around £250k, currently invested via Cofunds, managed by Chelsea and Bestinvest. I'm told this is quite an expensive option regarding platform charges. Are there better options?

    John | Berkshire | 08/05/2018 | 6

    • Robo Adviser
    • Online Investment Platforms
    Helena Wardle's Response

  • I am very lucky to have just received a gift which I want to invest for our retirement. My husband and I aim to retire in around five years. We have 11 more years of school fees to fund, then hopefully university fees for two after that. I've put together a plan for us - can you have a look and see if it makes sense?

    Fiona | UK | 18/01/2018 | 6

    • Private Pension
    • Stocks and Shares ISA
    • Junior ISA
    • Shares
    • Cash
    • Online Investment Platforms
    Holly Mackay's Response

  • I am already receiving a pension from a final salary scheme and I am retired. I have a sum of money I want to invest. Can I start another pension as a saver and, if so, how much can I put in every year?

    Collette | Greater London | 25/11/2017 | 0

    • Private Pension
    • Online Investment Platforms
    Boring Money's Response

  • I am confused about index funds, e.g. Vanguard Equity fund. Do they track an index or include the yield? In the case of Vanguard, their low cost is attractive but their portfolio is made up of other Vanguard funds. I assume these probably each carry a fee structure - is this correct?

    Robin | Gloucestershire | 03/09/2018 | 0

    • Online Investment Platforms
    • Funds
    Boring Money's Response

  • I've got £20,000 from an endowment policy (astonishing, I know), and I'm looking into how best to invest to get a reasonable return without excessive risk. Any thoughts much appreciated!!

    Penny | Peterborough | 09/08/2018 | 1

    • Stocks and Shares ISA
    • Cash
    • Online Investment Platforms
    • Life Insurance
    Boring Money's Response

  • I use H&L and although they are a bit 'plumy' on the phone I quite like their website and the costs are OK. So I was thinking of H&L for [my son]. I would be telling him to open these two funds and regularly invest and forget about them for 10 years!

    R | Greater London | 29/05/2018 | 1

    • Lifetime ISA
    • Robo Adviser
    • Online Investment Platforms
    • Funds
    Holly Mackay's Response

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