Tactical change – 12 October 2023
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.