Tactical change – 13 July 2017

20 July 2017
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).

What’s changing?

“We trimmed the Fund’s position in commodities to neutral, and added to bonds at the margin, with our Investment Clock model moving into its ‘Recovery’ phase, and amid recent signs of weaker economic activity in China, which increases downside risk for commodities. We maintained a small overweight position in equities and have exposure to global high yield bonds as a lower risk way of gaining corporate exposure with some income, as summer months tend to be more volatile. We kept property exposure in line with the benchmark.”

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

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

Last updated: 20 Jul 2017

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