The MPS has used its quarterly rebalance to move away from cash and equities, it said.

Quilter said the rebalance would further reduce risk across the range as global economic growth slows.

It said volatility had been a feature of markets since the beginning of the year as a result of increased geopolitical tensions following Russia’s invasion of Ukraine.

It added that inflation was more persistent than feared and there were concerns about how central banks can tackle the issues without harming their economies.

Portfolio manager Stuart Clark has rotated the full MPS range into traditional income assets across the board, while also reducing exposure to equities and cash.

Mr Clark said: “The portfolios have been underweight fixed income for some time now, but conditions are changing and the asset class does look as attractive as it has for some time. Given where yields are and that inflation should be at or near its peak, we felt it was prudent to add back to this exposure at a time where equities have a greater possibility of disappointing.”

All risk levels, excepting level 10, within the range have seen increases in the exposure to traditional fixed income as well as topping up the higher-grade credit funds held within the portfolio.

The Responsible portfolios have followed a similar trajectory in their first scheduled rebalance since their launch.

For the Active Responsible portfolios, along with the Sustainable range, the government bond exposure will be achieved through the Aviva Investors Global Sovereign Bond Fund as Clark believes it has a strong approach to sovereign engagement.

The Responsible Active and Blend portfolios also see the introduction of the Sparinvest Ethical Global Value Fund.