Tactical change – 20 September 2018

20 September 2018
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?

With inflation continuing to rise and global growth cooling, we continue to de-risk our portfolios by reducing exposures to stocks 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.

With no central banks in a hurry to tighten policy, we’d probably buy stocks on weakness, as we expect the business expansion to continue in 2019.

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 Sep 2018

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London EC3V 0RL.