Tactical change – 10 September 2026
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 equity markets remain close to record highs following a strong rebound in August. However, uncertainty in the Middle East continues to drive volatility in commodity markets, with Brent crude oil once again rising above $100 per barrel. We are reducing our equity position at the margin, taking profits at these levels. We are also adding further to our position in commodities. Elsewhere, we are deepening our underweight position in bonds, with upside risk to inflation remaining a concern.
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 | Increased | ||
| High Yield | No change | ||
| Government Bonds | Decreased | ||
| Index Linked | No change | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| 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.