Creating a Two Fund Portfolio: A Step-by-Step Guide

by | Sep 21, 2023 | Vanguard IRA | 44 comments

Creating a Two Fund Portfolio: A Step-by-Step Guide




A very simple approach to building a portfolio is to use two global funds. However, most discussion around this approach is for US investors. In this video, we focus on how to select the two funds for UK investors.

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Investing can be overwhelming, especially for those who are new to the game. With so many investment options available, it can be challenging to know where to start. One approach that is gaining popularity is building a two-fund portfolio. This strategy offers simplicity, cost-effectiveness, and diversification, making it an excellent choice for many investors.

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A two-fund portfolio is exactly what it sounds like – a portfolio that consists of just two funds. One fund typically represents stocks, while the other represents bonds. This strategy allows investors to achieve a balance between potential growth and stability.

To build a two-fund portfolio, there are a few key steps to follow:

1. Determine your risk tolerance: Before choosing the two funds for your portfolio, it’s crucial to understand your risk tolerance. This is an individual’s willingness and ability to withstand fluctuations in their investments. If you have a higher risk tolerance, you may allocate a larger portion to stocks, whereas a lower risk tolerance may lead to a higher allocation towards bonds.

2. Choose a stock fund: The first fund you’ll want to choose is a stock fund. This fund represents shares of various companies and provides exposure to the equity market. There are three main types of stock funds: large-cap, mid-cap, and small-cap. Large-cap funds typically invest in well-established, blue-chip companies, while mid-cap and small-cap funds focus on smaller, growth-oriented companies. Consider your investment goals, time horizon, and risk tolerance when selecting the type of stock fund to include in your portfolio.

3. Select a bond fund: The second fund for your portfolio will be a bond fund. Bonds are debt securities issued by governments, municipalities, and corporations. They are considered a lower-risk investment compared to stocks but offer lower potential returns. Bond funds provide a way to diversify your portfolio and generate income. There are different types of bond funds, including government bonds, corporate bonds, and municipal bonds. Consider factors such as credit rating, duration, and yield when choosing a bond fund.

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4. Determine asset allocation: Once you have selected the two funds, it’s time to determine the appropriate asset allocation. This refers to the percentage of your portfolio allocated to each fund. The allocation will depend on your risk tolerance, investment goals, and market conditions. A common rule of thumb is to subtract your age from 100 to determine the percentage allocated to stocks. For example, if you are 30 years old, you might allocate 70% to stocks and 30% to bonds. However, this is not a one-size-fits-all approach, and it’s essential to consider personal circumstances.

5. Monitor and rebalance: After building your two-fund portfolio, it’s crucial to monitor and rebalance it periodically. Market fluctuations can cause the asset allocation to deviate from your target. By rebalancing, you sell overperforming assets and buy underperforming assets, bringing your portfolio back to the desired allocation. This helps maintain the risk and return profile you originally intended.

Building a two-fund portfolio can be an excellent starting point for novice investors or those who prefer a simpler approach to investing. By selecting a stock fund and a bond fund, you can achieve diversification while keeping things straightforward. However, it’s important to conduct thorough research and seek professional advice if needed, to ensure that your portfolio aligns with your long-term financial goals.

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44 Comments

  1. MARTIN A1

    Wow did this backfire by not having FTSE 100…..

  2. done

    Is this what you do?

  3. notadrood

    Look here if you can buy a mish mash- you should.

  4. Vinay

    Only watching this now in 2022 but this is by far one of the best pensioncraft videos! Thank you!

  5. Urban Art

    I am happy you are helping the Brits

  6. Mike Flair

    A minimum of 3: Stock ETF, Bond ETF and MM. Vanguard website works wonders.

  7. vishk123

    Just a thought…wouldn’t splitting your investment 50/50 into the lifestrategy 80 and VWRL, give you the best of all worlds? You’d have some of vanguards lifestrategy work, some bonds and 50% would be in the world tracker VWRL…am I missing something?

  8. Zakaria Alami

    Marvelous content, surprising how you go into details without losing big picture. Also, how you don't skim through things that may feel self-evident to you, so that the audience doesn't lose track.
    By far and large, favorite channel on investing so far !

  9. Louise H

    Hello, if I moved from lifestrategy to VWRL and VIGBBD would this be wise for a new investor?

  10. Maninder Prihar

    great video but how do you decide how much of your assets to allocate between the two funds? just watched through twice and not gleaned that aspect

  11. sz Tz

    What software do you use ? is that Matlab?

  12. Rob Roddy

    It would be great to see a video on currency exposure, as most of my indexing is in the vanguard VRWL and global bond ETF VAGP ?

  13. kh 88

    Voice of Brian Cox brain of Warren buffet

    Even with an investment plan of 20 years is it still worth having say 20% bonds. Seems like it would be beneficial to overall returns to have the ability to rebalance during a market crash

  14. Fred Atlas

    It looks like you made a mistake with the info on vanguard global bond index fund as it is actually GBP hedged for 0.15% fund charge. Would the vanguard uk government bond index fund do the same, as it appears to have produced better total returns

  15. Alex Vidu

    Excellent Video clip! Forgive me for the intrusion, I would appreciate your thoughts. Have you thought about – Rozardner Mind Tricks Reality (just google it)? It is a great exclusive product for revealing the trick to get the mind of a millionaire without the headache. Ive heard some awesome things about it and my best friend Jordan at very last got amazing success with it.

  16. Balázs Kelemen

    Does VIGBBD pay dividend?

  17. Dave

    @pensioncraft, get the "join" button on YouTube so we can support you through youtube, and not necessarily patrion.

  18. MadderPrinciple

    Excellent video – complex topic explained very well; question – why not choose one of the vanguard lifestrategy funds would that not achieve the same?

  19. kh 88

    Subscribed! This is a little over my head at the present time. But I can deduce that as a 32 year old looking to retire at 60 then equities are a good option at the moment. Then as I get closer to 60 start to balance my portfolio towards more bonds.

  20. Fred Atlas

    Ramin please could you tell me why the vanguard uk fund, ftse global all cap index fund tracks approx 6826 stocks and has ongoing fund charge 0.23%. But vanguard USA does a fund that tracks the same index, it's called total world stock index admiral shares fund, VTWAX. It has fund charge just 0.1%, and tracks 8776 stocks, it is just about 1 year old. So the UK version tracks roughly 2000 less stocks and costs just over double the cost. It's benchmark is the same, why?

  21. Fred Atlas

    I'm confused why does the ishares msci GBP hedged fund look more volatile than the cheaper non hedged version of same ishares msci fund. I thought hedging to Stirling was supposed to reduce Volatility for UK investors

  22. Jenny Li

    I bought LS100 and LS20. The proportion of Equity/bond are the same as LS60. Could you tell me if it is the same? Please. Or I just should go for LS60 directly .

  23. jimmywoodman84

    The bit I don't understand is why Vanguard skews so heavily towards the UK in terms of equity allocations in its "global" funds (around 20% in LS 100). Surely a more balanced allocation would include less UK exposure. Or is this just a nod to "home country bias"?

  24. R

    Great video

  25. Sunshine Jones

    How do you evaluate a Vanguard lifestrategy or Vanguard target date retirement funds which are seen as blended. Is it a stock or a bond. I know the answer is neither, however when I wanted to rebalance I didn't know how to make it fit in my portfolio as my portfolio has equities and bonds in it also.

  26. Calum Kempton

    where to you source the data you utilize to develop your graphs? You make graphs representing risk to return etc, but how do you efficiently develop these on a quarterly basis? I've tried doing the same using the institutional data on vanguard, but a lot of the data is lacking…

  27. Tahir Ahmad

    Is VIGBBD the same as VAGP?

  28. michael hall

    Can anyone tell me what his blue dot correlation graph means!!!???
    What does the minus 1 to 1 mean on the right for instance,what do the different depth of blue mean,what does the size of dot mean?
    No key,nothing.

  29. GeorgeoASMR

    A very educational video, thank-you. Should I go for a two fund portfolio and learn how to balance it or just pick a Vanguard LS fund that balances itself? Thanks.

  30. misfit

    Isn’t the equity ETF similar to Vanguard life strategy? I need to look more into bonds. I have the 80/20 which includes bonds but in these volatile times I could do with diversifying more.

  31. Macfhlannchadha Ronan

    Don't usually comment on these videos but your channel is an exception. Must say very good analyses in generally all of your videos, very digestible and very informative. Keep up the good work, no doubt your channel will grow like a well balanced stock/bond portfolio

  32. x ReDo

    Really illustrating video with all those graphics. Thanks Ramin

  33. Jake Furze

    Great video, definitely helped me consider a two fund portfolio.

    One thing I've read/heard though is "When stocks are up, bonds go down". If this is true, and over the long time stocks track upwards, why would anyone pick a bonds ETF? Over a 10-15 year period wouldn't it lose a lot of value if the stock ETF rises as predicted?

    I'm obviously not understanding completely but it seems strange to allocate 10-50% to a portfolio that would track downwards over the long time?

  34. R G

    Pretty much all 'global funds' involve 50% US equity with about 20% FTSE UK and tiny amount of Asia and Europe. Vanguards Bogle used to say that he only needed US equity due to most of those companies trading globally which is an interesting attitude.

  35. roconnor01

    World Equity Index tracker,and a UK intermediate term Gilt Tracker, Done! It's worked for me.

  36. Andy Sa

    Why use this method of investing over just Vanguard LifeStrategy and adjusting the Equity to Bond Ratio as you reach your retirement age?

  37. Luis Baptista

    Wich websites/app do you use to make those simulations? Kind regards

  38. SI-UK North America

    What are your thoughts on VWRL vs Global All Cap?

  39. Dan Kelly

    This is awesome! Do you have a video or course how to do this? Or, do you have a video just like this for US investors?

  40. Mark Senior

    Why 2 funds Ramin? Wouldn't the appropritely risked Lifestrategy or MyMap fund do the trick in one!

  41. Pedro Montano

    All your vids are good but this one is just awesome Ramin- cheers

  42. keith crosbie

    Hi,

    Quick question:

    I’m looking to start investing in the near future.

    I’m Irish but resident in Spain.

    I’m looking to invest for the next 30 years and have been finding it hard to get info from non US channels (until I found yours).

    So, I was thinking of investing (on a monthly basis) into VWRL and VUSA for all-world coverage.

    How does that sound?

    Also, what are the best platforms for investing as a European? Again, all the info I find online is from a US point of view.

  43. Mikki

    Nice, this was really useful. I'm more on the heavy bond side, since I want to protect the capital as much as possible. And it's not all mine either.

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