Donna Bradshaw replies :
The first thing I would advise you to consider is your overall portfolio weighting and whether it is appropriate for your needs and your risk profile. As your portfolio is a considerable size it could be very worthwhile taking advice from a good independent financial adviser with investment expertise. In addition to restructuring your portfolio so that it matches your needs and risk profile, they will advise you on the best funds to invest in.

They will also take into account the costs of switching. It is very straightforward to switch funds in an ISA but the charges will depend on the ISA provider. When considering taking profits, be sure that the investments are suitable. If your asset mix doesn’t fit your profile, move funds to sectors that are more appropriate.

If the asset mix is right, consider whether the funds are good performers in their sector and switch from poor-performing funds to good ones.

You should also carefully consider your investment timeframe. If you have a long timeframe, you should be aware of the difficulty in timing ups and downs in the market; one of the most common mistakes made by retail investors is mistiming when to go back into markets.

I do believe it would be worthwhile taking advice from a good IFA. You have build up a decent sized portfolio and would benefit from advice on portfolio construction, risk profiling and fund selection. For a list of IFAs near you go to www.unbiased.co.uk.