Tactical change - 11 July 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 equities have rallied to fresh highs over recent weeks, with growth stocks continuing to lead markets higher. We have benefitted from an overweight position which we continue to hold as earnings trends continue to show strength heading into reporting season. Elsewhere, we maintain a neutral allocation to commodities as weaker demand trends continue to weight on the asset class, even despite tighter supply. Elsewhere we have increased the size of our underweight position to government bonds.

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