Real governance needs to be transparent so you can see what action we've taken and why. This should give you and your clients peace of mind that we're looking after their investments.
The Investment Advisory Committee (IAC) meet every quarter to review our Governed Range and funds. Highlights from the most recent meetings can be found below.
Details of previous IAC meetings can be found on the governance meeting updates archive.
In July, we continued to take profits on our equity positions reducing the overweight to its lowest level since 2012. We also reduced our overweight commodity allocation with the proceeds moved into government bonds and cash reducing these underweight positions. We were modestly overweight global equities, global high yield bonds and commodities.
In August, we continued to reduce exposures to equities and commodities, bringing the latter into line with the benchmark. The proceeds were moved into government bonds, short dated high yield debt and cash. We were modestly overweight global equities and short dated global high yield bonds.
In September, we continued to de-risk portfolios by reducing exposures to equities and commodities, moving the latter allocation to an underweight relative to the benchmark. The proceeds were moved into government bonds, short dated high yield debt and cash.