Tactical change – 16 June 2016

22 June 2016
Trevor Greetham, Head of Multi Asset at Royal London Asset Management, has made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).

What’s changing?

“We are buying equities - particularly in the UK - funded largely from cash and corporate bonds in anticipation of a 'Remain' vote in the EU referendum.

Reductions in equity exposure in recent months mean we entered the summer with only a small overweight. Market weakness caused by doubts over the outcome of the UK’s Referendum vote presented a buying opportunity in our view.

We remain overweight European and Japanese equities, areas we feel will benefit both from loose policy and a return of dollar strength after the vote. We remain underweight UK and US equities and maintain our broadly neutral allocation to Asia Pacific ex Japan and the emerging markets.”

Keep up to date with Trevor’s latest views

You can access up to date views from Trevor on the market and the movements of the Investment Clock on our Latest Investment Clock updates page.

Latest tactical positions  

 OverweightNeutralUnderweight
Equities    
Corporate Bonds    
Index Linked    
Property    
High Yield    
Gilts    
Absolute Return Strategies
(including cash)
   

Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.

Last updated: 22 Jun 2016

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