Rebalancing means returning asset shares in a portfolio to the chosen proportions, e.g. once a year, with new contributions or by selling what rose.
Portfolio rebalancing means returning the shares of different assets to the proportions you chose in advance. Assets grow at different speeds: if shares rose faster than bonds over a year, their share of the portfolio grows, and so does the risk.
There are two ways to rebalance. The first is to sell part of what has risen and buy more of what has lagged. The second, more convenient in Ukraine, is to direct new contributions for a few months only to the assets whose share has fallen: this avoids selling securities at a profit and paying 18% income tax and 5% military levy.
A portfolio is usually reviewed once a year, and sales are made only when the deviation is large, for example more than 5-10 percentage points. Rebalancing instils discipline: you sell high and buy low rather than the other way round, as emotions suggest.
In detail, with examples: An investment portfolio for beginners in Ukraine: how to split money between government bonds, deposits, ETFs and gold
Diversification ETF (exchange-traded fund) Government bonds (OVDP)
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Three example portfolios for horizons up to 3, 3-10 and over 10 years, a bond ladder, a UAH 5,000 a month calculation, tax-efficient rebalancing and the 4% rule.