Tactical change - 20 November 2025
The Multi Asset Team at Royal London Asset Management have made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).
What’s changing?
Global stocks have delivered mixed returns over recent weeks with broad indices advancing, whilst growth sectors have continued to remain under pressure due to questions around the sustainability of AI earnings. We are taking profits on the asset class at the margin but remain overweight given the macro backdrop remains supportive and company earnings continue to deliver. Elsewhere, we are adding to commodities on continued strength, whilst we continue to remain neutral on bonds and will continue to monitor developments heading into the UK budget and FOMC meeting.
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.
| Overweight | Neutral | Underweight | |
| Equities | Decreased | ||
| Property | Increased | ||
| Commodities | Increased | ||
| High Yields Bonds | No change | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Increased |
The type of change noted is in relation to the last tactical allocation, position in table is the current tactical weighting of the asset class.
For individual portfolio changes, please see factsheets.