Tactical change – 10 November 2022

Published  16 November 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 maintain a small underweight position in stocks, given our pessimistic macro outlook.

However, we have moved more neutral on the asset class due to markets showing signs of rebounding following investor sentiment being at overly depressed levels.

We have reduced our position in commodities to neutral with recession risks rising and demand slowing.

We have added to bonds with global inflation showing signs of peaking while growth continues to underwhelm.

We maintain an 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     Increased
Property     Decreased
Commodities   Decreased  
High Yield     Decreased
Gilts Increased    
Index Linked     Increased
Corporate Bonds   Increased  
Absolute Return Strategies (including cash) Decreased    

For individual portfolio changes, please see factsheets.