Tactical change – 10 October 2024

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?

Global stock markets have fared rather well in recent weeks and have risen to fresh highs, fuelled by improvements in the unemployment data and a shift towards easier policy from the Fed. We have increased our exposure to stocks and reduced our exposure to bonds, noting this improving macro backdrop. Elsewhere, we have added to commodities, moving closer to neutral. While the fundamental picture for broader commodity markets remains challenging, rising geopolitical risk and expectations around China stimulus present upside risk for the asset class in the near term.

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.