Tactical change – 11 June 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?
After their recent rally since the March lows, global equities came under pressure last week amid a sell-off in semiconductors as Broadcom’s disappointing outlook for AI chip demand was coupled with fears of Fed rate hikes, and a relapse in the Iran War situation. We are reducing our overweight in commodities, taking profits at these levels. Elsewhere, we continue to remain marginally overweight equities, given growth demand remains resilient as well as underweight bonds, as uncertainty surrounding the Iran War continues to drive yields higher.
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Latest tactical positions
| Overweight | Neutral | Underweight | |
| Equities | No change | ||
| Property | Increased | ||
| Commodities | Decreased | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| 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.