Tactical change - 11 August 2022

Published  11 August 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 reduced tactical exposure to risk assets, holding underweight positions in both stocks and commodities. Despite tight supply, the growth outlook has continued to deteriorate which has seen commodities struggle; we have reduced our exposure to the asset class.

We maintain a broadly neutral position in bonds at the aggregate level, with a reduced exposure to high yield bonds on weaker growth expectations.

We have also moved to a modest underweight position in commercial property through market drifts.

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

For individual portfolio changes, please see factsheets.