Tactical change – 10 April 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?
We have further reduced our allocation to equities. Sentiment is very depressed and equity markets have fallen sharply amid recent volatility. Historically, it has paid to buy when others are fearful but a sustained turnaround usually hinges on a positive policy change. Things can get worse before they get better. With equity weakness and the risk of recession seemingly part of Trump’s strategy to put pressure on trading partners we think volatility is likely to remain high. Elsewhere we have reduced our allocation to commodities and increased our allocation to bonds, moving closer to neutral positions on these asset classes.
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 | Increased | ||
| Commodities | Decreased | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Increased | ||
| 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.