Tactical change – 10 August 2023

Published  10 August 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, with the underlying macro picture remaining supportive for the asset class. However, following a strong year to date rally and with our sentiment indicator showing that investors are at overly bullish levels, we have taken some profits. Elsewhere, we have added to commodities, moving overweight in the asset class, with inventories constrained and on-going geopolitical risks persisting.

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

For individual portfolio changes, please see factsheets.