I predicted that a recession could come and the markets would fall lower. I decided to move all my investments to cash temporarily. The right moment came on the 13th of December. With lower-than-expected inflation in the US reported, there was a short upward spike, and my securities were worth nearly £250 more than when I deposited them two weeks earlier.
The only way to move holdings to cash with a managed portfolio is to transfer money to a DIY portfolio (as far as I know).
I think there should be an option to sell securities from a managed portfolio and keep cash within the ISA container .
Because I placed my transfer order around 4 pm, it was due to be executed the next day at approximately 3:15 pm.
The next day (the 14th of December) value of my securities dropped by £100. This made me nervous, but I thought everything would be executed on this day, and I wouldn’t get any more losses.
The next day brought another loss of around £100.
Everything settled on the 16th, and I had all my holdings as cash. I managed to save £50 of my gains. Not great, but I was happy.
I was expecting this cash to end up in my DIY portfolio.
I had a big surprise when I noticed that all the cash was re-invested into the managed portfolio the next day, and there was no transfer to my DIY portfolio.
No communication from InvestEngine at all. It keeps losing value as I write this!!!
I asked customer service if my losses would be covered, and if I should order a sale/transfer again. I just got a generic reply that they are looking into it.
The other problem was selling holdings in my DIY portfolio. I still have unsettled transactions from 19 days ago. That means I can’t sell it, and the money is locked there. It’s losing value, and I can do nothing about it.
I understand that invest engine is not a trading app, but I would expect to be able to manage my investments more easily.