Tactical change – 08 June 2023

Published  08 June 2023
   5 min read

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?

We remain overweight equities but have reduced this position at the margin, taking profits as the leading growth indicators become more mixed. We have been overweight equities so far this year and benefitted as technology shares have led markets close to bull market territory.  Elsewhere, we maintain our commodity underweight position, given signs of peaking inflation and waning energy demand.

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     No change
High Yield Increased    
Government Bonds     No change
Index Linked   No change  
Corporate Bonds   No change  
Absolute Return Strategies (including cash)     Increased

For individual portfolio changes, please see factsheets.