Tactical change – 15 June 2017

20 June 2017

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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 reduced the underweight position in bonds by increasing exposure to gilts. We maintained a small overweight position in equities and added to positions in global high yield as a lower risk way of getting corporate exposure, as summer months tend to be more volatile.   

Recent signs of weaker economic activity in China led us to trim the overweight positions in commodities. We increased exposure to European equities, as the political outlook is more stable and European growth indicators continue to improve. 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 Jun 2017

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