Tactical change – 11 May 2023

Published  11 May 2023
   5 min read

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, has made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).

What’s changing?

We have been overweight equities, noting the improvement in macro conditions which has helped stock markets to record a positive start to the year. We maintain this overweight position in stocks but have deepened our commodity underweight position given signs of peaking inflation and waning energy demand. Elsewhere, we have decreased our exposure to government bonds at the margin.

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

For individual portfolio changes, please see factsheets.