Tactical change – 08 September 2022

Published  08 September 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 further reduced our exposure to risk assets, given worsening macro outlook and the recent confirmation from central banks that tighter policy will be needed to control inflation. 

We have sold equities and high yield bonds, moving further underweight these asset classes.

We have also reduced our exposure to bonds at the margin, expecting that tighter policy will put further upward pressure on yields.

We have also maintained a modest underweight position in 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     No change
High Yield     Decreased
Gilts Decreased    
Index Linked     Decreased
Corporate Bonds     Decreased
Absolute Return Strategies (including cash) Increased    

For individual portfolio changes, please see factsheets.