Portfolio a alokace
Q4 2027 Portfolio Review: Rebalancing, Taxes, and Goals for Next Year
Key takeaways
- A Q4 review has three parts: allocation (rebalancing), taxes (year-end optimisation), and a plan (goals for next year).
- Rebalancing is warranted when allocation drifts by more than 5 percentage points from the target plan.
- Tax windows: selling losing positions, topping up DIP and pension savings to the statutory limits.
- Formulate goals as specific numbers and dates, not vague aspirations.
- The review should take hours, not days — prepare your checklist and structure in advance.
The quarterly portfolio review in October is not just administration — it is the most important investment meeting of the year, because it combines allocation, taxes, and planning into one window that will not repeat before year-end.
Step 1: Check Allocation
Look at your current portfolio breakdown and compare it with your target plan. A common rule: if a component's weight has drifted by more than 5 percentage points, it is time to rebalance. The cheapest approach is to redirect new contributions to the underweighted component — no selling, no tax event. If that is not sufficient, proceed to sell the overweighted component.
Step 2: Tax Window
- Loss positions: Positions in the red that you have no reason to keep can be sold — the realised loss reduces taxable gains from other sales in the same year. Czech general income tax rules apply; consult an advisor for specifics.
- DIP and pension savings: Verify that you have topped up deductible limits. Contributions cannot be carried to the following year.
- Time test: For positions close to the 3-year (or other relevant) tax-exempt holding period, plan sales with the acquisition date in mind.
Step 3: Goals for 2028
Good goals are specific: "I invest CZK 3,000 per month via DCA into a global ETF and rebalance once a year" is a goal. "I want to invest more" is not. Write down: your monthly investment amount, your target allocation, the date of your next review, and any new products or themes you want to explore. How to build a portfolio from scratch is covered in the first portfolio guide. Tax aspects of ETFs are explained in ETF taxation in the Czech Republic.
This article does not constitute investment advice.
FAQ
How often should you rebalance your portfolio?
For most long-term investors, once a year — in Q4 — is sufficient. More frequent rebalancing increases transaction costs and tax events without a commensurate benefit. The exception is a large market move that significantly distorts your allocation.
What are the tax deductions for investments in the Czech Republic?
In the Czech Republic, contributions to DIP and pension savings can be deducted from personal income tax up to the statutory limits. Losses from selling securities reduce the tax base in the same tax year. Always check the details with a tax advisor.
What should I set as an investment goal for next year?
A concrete goal: the monthly investment amount (in CZK), the target allocation (% equities/bonds/cash), the date of the next review, and at most one new product or topic to explore. Write it all down — goals that are not written down do not get done.