Tactical change – 07 July 2022

Published  13 July 2022
   5 min read

Trevor Greetham has made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).

What’s changing?

We have reduced our tactical exposure to risk assets, moving further underweight stocks and taking our commodities position down to neutral. Economic data has weakened while the policy outlook remains hawkish.

These expectations of weaker growth could be a further headwind for risk assets. We have reduced our underweight in bonds, adding to conventional bonds on weaker growth expectations but remain underweight bonds in aggregate. We remain neutral on commercial property.

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     Decreased
Property   No change  
Commodities   Decreased  
High Yield     Decreased
Gilts Increased    
Index Linked     Increased
Corporate Bonds     No change
Absolute Return Strategies (including cash) Decreased    

For individual portfolio changes, please see factsheets.