While markets typically slow during the period, both advisers argue it presents an opportune moment for investors to evaluate whether their current strategy still aligns with their broader financial goals.
Carmichael said that shifts in personal circumstances are among the most important reasons to revisit an investment approach. Changes in family situation, professional direction, business conditions or overall financial position can all warrant a fresh assessment.
“Where investors have experienced meaningful shifts in family, career, business, or financial position, it may be appropriate to adjust the investment strategy to reflect those new realities,” he says.
He added that practical considerations often play a decisive role. Adjustments to income needs or capital requirements may require investors to re-examine liquidity levels, spending arrangements and cash-flow expectations.
“This is often the most practical driver of portfolio adjustment at year end,” Carmichael said.
Rajkovic noted that although the summer period may be quiet, portfolio management should not become reactive to short-term movements. She says the focus should remain on long-term objectives rather than week-to-week sentiment or thinner liquidity conditions.
“We refocus clients on long-term objectives, not a few weeks of reduced liquidity or headlines in a 24-hour news cycle,” she said.
“We ensure that portfolios remain diversified and liquid so that investors can move through this period without needing to react to short-term market moves.”
Both advisers describe the end of year as a natural checkpoint – an opportunity for investors to test whether strategic portfolio settings remain appropriate. Carmichael said the emphasis should be on confirming long-term asset allocation targets rather than pursuing late-year momentum.
“Is the portfolio still aligned to long-term objectives? Is rebalancing back to the strategic long-term asset allocation target required? These are the key questions,” he said.
Rajkovic noted that 2025 has deviated from typical seasonal patterns. Traditionally, she says, northern hemisphere markets soften through August before recovering later in the year. This year, however, markets rallied through August and September, with November seeing a modest pullback in heavily bought technology stocks amid questions about the sustainability of AI-related investment spending.
Still, the advisers emphasised that broader portfolio discipline outweighs any calendar trend. For investors with upcoming withdrawals or income needs, ensuring appropriate cash coverage is essential. Beyond that, they say long-term allocation and diversification remain the strongest tools for navigating volatile or unpredictable periods.
“Ensuring any planned withdrawals or income requirements are covered is important,” Rajkovic said. “But the best approach is to stay disciplined and avoid reacting to seasonal volatility. That way clients can enjoy the festive season with their loved ones and not be focused on the news cycle.”
According to Carmichael and Rajkovic, the summer slowdown is not a call for tactical manoeuvring, but rather a reminder to reassess, rebalance where necessary and ensure portfolios remain anchored to long-term objectives.
