Governance update - 1 December 2016

The Investment Advisory Committee met on 1 December 2016 to review our Governed Range and funds.


  • There have been five tactical asset allocation changes since the last IAC meeting in August. No further strategic asset allocation changes have been recommended.
  • Within the Governed Portfolios, we have reduced the exposure to equities and corporate bonds and used the proceeds to increase exposure to government bonds and index-linked bonds. Within the GRIPs, we have reduced the exposure to equities and high yield bonds and increased exposure to corporate bonds and index-linked bonds.
  • The surprise US presidential election result is unlikely to derail the recent pick-up in global growth nor result in any significant tightening in monetary policy. As a result, we continue to prefer equities to bonds on relative valuation grounds and our expectation of positive global growth.

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