Tactical change – 05 June 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?
Equity markets have continued to rebound over the last month. Volatility has subsided with progress being made on tariffs and trade wars, however much uncertainty remains in the medium term. We maintain a broadly neutral tactical position to stocks. We have increased our allocation to bonds, moving closer to neutral. Pressure on the bond markets has eased and yields have come down from recent highs. Elsewhere we reduced our exposure to commodities, which have been extremely volatile amid uncertain demand outlook.
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
| Overweight | Neutral | Underweight | |
| Equities | No change | ||
| Property | No change | ||
| Commodities | Decreased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Increased | ||
| Absolute Return Strategies (including cash) | Decreased |
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.