title: Rebalancing description: [AFW S.2.14] Investment Principle #14: Part ¾ of "Shares" published: true date: 2026-06-30T08:09:27.487Z tags: editor: markdown dateCreated: 2021-06-24T09:24:27.525Z

Read my article RE-BALANCING: A Free Lunch in Portfolio Management.

Watch Shares vs Dollars (all 4 parts) VIDEO

Watch The Rebalancing Advantage VIDEO

What Nick Says about Rebalancing¶

"Rebalancing means always shopping the sales, automatically. -Nick Murray

"Re-balancing is there to save us from ourselves. -Nick Murray

"We sell high for the express purpose of buying low. -Nick Murray

"Re-balancing, much like dollar-cost averaging itself, is smarter than we are. -Nick Murray

"An annually re-balanced portfolio will outperform the same portfolio without re-balancing. -Nick Murray

Read Nick's Client's Corner 2024-07 - Why We Rebalance PDF

Read Nick's NMS 25 - Rebalancing - the stand-alone explanation PDF

Read Nick's ATY 175 June 24 - Inside the Portfolio: Three Variables PDF

Read Nick's ATY 176 June 25 - Beauty of Rebalancing PDF

Read Nick's ATY 177 June 26 - Rebalance Same Time PDF

Read Nick's NMI 2025-12 - The Sacrement of Rebalancing (1^st article) PDF

If an investment is successful, naturally, you'd want to stick with it. The last thing you'd want to do is sell some of your winners to invest more money in your investments that aren't doing as well. Right?

Well, no.

Unfortunately, human nature’s default investment policy is: let’s sell whatever has performed most poorly over the last block of time so we can buy more of whatever has gone up the most (selling when it's down and buying when it's expensive). We intuitively chase immediate past stellar investment performance, which is not, to put it charitably, an optimal long-term strategy.

One of the most powerful and practical antidotes to this counterproductive impulse is: re-balancing.

What is Re-balancing?¶

Re-balancing is an essential part of managing your investment portfolio by trimming back on winners allowing you to buy more of a laggard, protect your gains, and position your portfolio to benefit from the next uptick in the market. Basically, you are always selling high and buying low.

Suppose your mutual funds are allocated equally among three distinctly different equity sectors: large-company (33%), small-company (33%), and international (34%).

Over the course of a year or two, let’s say, the three sectors will very likely have appreciated differently to a point where they now each represent more or less than the original 33% of your overall portfolio.

The plan is to re-balance the three sectors back to their original percentages. Which means that you will sell off enough of the over-performers to reduce them back down to 33% of the portfolio — and reinvest the proceeds to bring the laggards back up to 33% each.

This rational discipline is the direct opposite of the most basic human instinct.

Re-balancing causes you regularly to be lightening up on sectors that have become relatively expensive (and thereby potentially more fully valued, if not overvalued) in order to increase your positions in those that have become relatively cheaper (and therefore potentially more attractively priced, as the current market shuns them).

Re-balancing creates a systematic way to buy low and sell high.

Re-balancing Example¶

Step 1: Invest $36 into Three Mutual Funds, Equally¶

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Total shares: 12
Value: $36

Step 2: Six Months Later...¶

Fund A grew faster than Funds B and C.
Fund B decreased some.
Fund C decreased the most.

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text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 118px; height: 1px; padding-top: 210px; margin-left: 321px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 12px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; "><div style="font-size: 14px">Share price: <b>$1</b></div><div style="font-size: 14px"># of Shares: <b>4</b></div><div style="font-size: 14px">Value: <b>$4</b></div></div></div></div></foreignObject><text x="380" y="214" fill="#000000" font-family="Helvetica" font-size="12px" text-anchor="middle">Share price: $1...</text></switch></g><rect x="15" y="245" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 88px; height: 1px; padding-top: 255px; margin-left: 16px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; ">FUND <b>A</b></div></div></div></foreignObject><text x="60" y="259" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">FUND A</text></switch></g><rect x="175" y="245" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 88px; height: 1px; padding-top: 255px; margin-left: 176px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; ">FUND <b>B</b></div></div></div></foreignObject><text x="220" y="259" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">FUND B</text></switch></g><path d="M 441 120 L 120 120" fill="none" stroke="#000000" stroke-width="2" stroke-miterlimit="10" stroke-dasharray="2 6" pointer-events="stroke"/><rect x="335" y="245" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; 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Total shares: 12
Value: $36

Step 3: Rebalance¶

So, let's rebalance by selling 2 shares of Fund A and use the proceeds to buy shares of Fund B and Fund C.

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text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 118px; height: 1px; padding-top: 121px; margin-left: 1px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; "><div style="font-size: 14px">Share price: <b style="font-size: 14px">$6</b></div><div style="font-size: 14px"># of Shares: <b style="font-size: 14px">4</b></div><div style="font-size: 14px">Value: <b style="font-size: 14px">$24</b></div></div></div></div></foreignObject><text x="60" y="125" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">Share price: $6...</text></switch></g><rect x="160" y="141" width="120" height="100" fill="url(#mx-gradient-dae8fc-1-ffffff-1-s-0)" stroke="#6c8ebf" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 118px; height: 1px; padding-top: 191px; margin-left: 161px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 12px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; "><div style="font-size: 14px">Share price: <b>$2</b></div><div style="font-size: 14px"># of Shares: <b>4</b></div><div style="font-size: 14px">Value: <b>$8</b></div></div></div></div></foreignObject><text x="220" y="195" fill="#000000" font-family="Helvetica" font-size="12px" text-anchor="middle">Share price: $2...</text></switch></g><rect x="320" y="181" width="120" height="60" fill="url(#mx-gradient-d5e8d4-1-ffffff-1-s-0)" stroke="#82b366" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 118px; height: 1px; padding-top: 211px; margin-left: 321px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 12px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; "><div style="font-size: 14px">Share price: <b>$1</b></div><div style="font-size: 14px"># of Shares: <b>4</b></div><div style="font-size: 14px">Value: <b>$4</b></div></div></div></div></foreignObject><text x="380" y="215" fill="#000000" font-family="Helvetica" font-size="12px" text-anchor="middle">Share price: $1...</text></switch></g><rect x="15" y="246" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 88px; height: 1px; padding-top: 256px; margin-left: 16px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; ">FUND <b>A</b></div></div></div></foreignObject><text x="60" y="260" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">FUND A</text></switch></g><rect x="175" y="246" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 88px; height: 1px; padding-top: 256px; margin-left: 176px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; ">FUND <b>B</b></div></div></div></foreignObject><text x="220" y="260" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">FUND B</text></switch></g><rect x="335" y="246" width="90" height="20" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe center; width: 88px; height: 1px; padding-top: 256px; margin-left: 336px;"><div style="box-sizing: border-box; font-size: 0; text-align: center; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; ">FUND <b>C</b></div></div></div></foreignObject><text x="380" y="260" fill="#000000" font-family="Helvetica" font-size="14px" text-anchor="middle">FUND C</text></switch></g><rect x="181" y="11" width="365" height="70" fill="none" stroke="none" pointer-events="all"/><g transform="translate(-0.5 -0.5)"><switch><foreignObject style="overflow: visible; text-align: left;" pointer-events="none" width="100%" height="100%" requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"><div xmlns="http://www.w3.org/1999/xhtml" style="display: flex; align-items: unsafe center; justify-content: unsafe flex-start; width: 363px; height: 1px; padding-top: 46px; margin-left: 183px;"><div style="box-sizing: border-box; font-size: 0; text-align: left; "><div style="display: inline-block; font-size: 14px; font-family: Helvetica; color: #000000; line-height: 1.2; pointer-events: all; white-space: normal; word-wrap: normal; "><div style="font-size: 14px"><b>Sell 2 shares</b> of Fund <b>A</b> ($12 value), and use it to:</div><div style="font-size: 14px">1. <b>buy 2 shares</b> of Fund <b>B </b>($4 cost), and </div><div style="font-size: 14px">2.<b> buy 8 shares</b> of Fund <b>C </b>($9 cost).</div></div></div></div></foreignObject><text x="183" y="50" fill="#000000" font-family="Helvetica" font-size="14px">Sell 2 shares of Fund A ($12 value), and use it to:...</text></switch></g><rect x="128" y="1" width="50" height="120" fill="none" stroke="none" transform="translate(153,0)scale(-1,1)translate(-153,0)" pointer-events="all"/><path d="M 178 1 L 153 1 L 153 121 L 178 121" fill="none" stroke="#d79b00" stroke-width="2" stroke-miterlimit="10" transform="translate(153,0)scale(-1,1)translate(-153,0)" pointer-events="all"/><path d="M 128 61 L 153 61" fill="none" stroke="#d79b00" stroke-width="2" stroke-miterlimit="10" transform="translate(153,0)scale(-1,1)translate(-153,0)" pointer-events="all"/><path d="M 272.25 81 L 247.28 133.56" fill="none" stroke="#6c8ebf" stroke-width="2" stroke-miterlimit="10" pointer-events="stroke"/><path d="M 244.71 138.98 L 244.53 130.04 L 247.28 133.56 L 251.75 133.47 Z" fill="#6c8ebf" stroke="#6c8ebf" stroke-width="2" stroke-miterlimit="10" pointer-events="all"/><path d="M 355.47 81.21 L 378.03 173" fill="none" stroke="#82b366" stroke-width="2" stroke-miterlimit="10" pointer-events="stroke"/><path d="M 379.47 178.83 L 373.67 172.01 L 378.03 173 L 381.44 170.11 Z" fill="#82b366" stroke="#82b366" stroke-width="2" stroke-miterlimit="10" pointer-events="all"/></g><switch><g requiredFeatures="http://www.w3.org/TR/SVG11/feature#Extensibility"/><a transform="translate(0,-5)" xlink:href="https://www.diagrams.net/doc/faq/svg-export-text-problems" target="_blank"><text text-anchor="middle" font-size="10px" x="50%" y="100%">Viewer does not support full SVG 1.1</text></a></switch></svg>

Step 4: After Rebalancing¶

By rebalancing your portfolio, you have increased your number of shares from 12 to 20 without adding new money!

If this is done within a tax-advantaged account, such as a 401k, IRA or variable annuity then there are no tax consequences!

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Total shares: 20
Value: $36

The Benefit¶

If you re-balance regularly, it is possible to add an extra 0.3% - 0.5% on top of your returns over the long haul. Generally, the more frequent the re-balancing, the better. For the years 1968-1991 a 50/50 stock/bond mix produced a return of:

If re-balancing within a tax-shelter (IRAs, 401ks, Variable Annuities) then there are no tax-consequences of trading shares, and many firms have automatic re-balancing programs at no extra cost.

Four Rules of Rebalancing¶

Only rebalance non-taxable accounts (ie, qualified accounts and variable annuities). Unless it is built-into the investment, such as the AMF Growth Portfolio.
Rebalance as often as possible. American Funds allows quarterly, and Jackson VA allows monthly.
It's best to set-up automatic rebalancing. But if you insist on doing so manually, then do so the same day regardless of the market. Don't turn re-balancing into market timing.
Tell you client the benefits of rebalancing! Make it a big deal. Promote it.

Three Ways to Rebalance¶

Remember, if it is a taxable account there will be taxes so I recommend only rebalancing in qualified accounts and variable annuities. You can also turn it on after the sale on the AMF Advisor site.

Automatically. American Funds and Jackson VA have a checkbox on their forms whereby you can select rebalancing at no extra cost.. Obviously, your client needs to be in at least two funds in order to rebalance.
Use the American Funds Portfolio Series. They rebalance their sub-mutual funds automatically every quarter. This is the easiest and recommended method.
Manually. Via the American Funds Advisor site you can manually rebalance when you wish. This method is not recommended, unless a fund family or VA doesn't have automatic rebalancing (rare). Do semi-annually and manually rebalancing back to the original allocation (with the client's permission, of course). Tip: create a recurring calendar entry to remind you to rebalance every January and July.

Use Auto-Rebalancing for Allocating PACs, Initial Investment, Rollovers and to Add More Funds¶

Another benefit is that you can set-up a PAC to just one fund, then let rebalancing re-allocate the newly-added money into the multiple funds.

Also, if you add more funds to an account later, just adjust the rebalancing to include the new fund and all will be re-allocated automatically!

Watch Using Rebalancing to Solve for Small PACs with Multiple Mutual Funds VIDEO

You can use the use Auto-Rebalancing feature to properly allocate (or re-allocate) PACs, Initial Investment, Rollovers and also to add more funds.

When setting up a qualified mutual funds account (or variable annuity) where you wish to use more than one fund, you can use Auto-Rebalancing to do so , instead of indicating the multiple funds on the paperwork.
In other words, set up the account with one fund and set the PAC to one funds. Then, once the account is open set-up Rebalancing to properly allocated the multiple funds. This will occur automatically every quarter.
Do the same when transferring money or manually adding money. Just set the target to one fund, and rebalancing will "fix" the allocation the next time it runs.
You can also use this to side-step the $50 minimum per funds. Let's say you have a client that can only invest $75 per month, but wants to use three funds. Set-up the PAC for $75 into one fund. Then, set-up the Rebalancing for three funds and to run quarterly. As soon as there is enough money in the account for three funds it will do so. Even if the client can increase their PAC at a later date, just leave it for one fund.
If you want to add another fund to an existing account (ie, an account has two funds and you want to add a third), just change the Rebalancing to include a third fund, no need to change the existing allocations - the Rebalancing will fix it later!