Tactical change – 12 October 2023

Published  12 October 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?

Global equities have lost ground over recent weeks; volatility has risen on worries around interest rates remaining higher for longer than previously anticipated. We have reduced our overweight in equities but could add back to exposure should investors sentiment reach overly depressed levels.  We remain overweight commodities, with supply remaining tight and heightened geopolitical potentially leading to upside risk on the asset class despite weaker global demand. We remain underweight in bonds, as disinflationary forces continue to unwind.

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

For individual portfolio changes, please see factsheets.