Tactical change – 13 August 2026
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 continued to rotate beneath the surface, with leadership moving away from some of the strongest AI-linked equity markets that dominated earlier in the year. We are adding to our position in equities as broad corporate earnings remain supportive and the team continues to see a constructive backdrop for risk assets. We are marginally reducing our position in commodities on optimism around Oman-mediated negotiations to restore oil flows through the Strait of Hormuz. Elsewhere, we are deepening our underweight position in bonds, with upside risk to inflation remaining a concern.
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 | Increased | ||
| Property | Decreased | ||
| Commodities | Decreased | ||
| High Yield | No change | ||
| Government Bonds | Decreased | ||
| Index Linked | No change | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Increased |
The type of change noted is in relation to the last tactical allocation, position in table is the current tactical weighting of the asset class.
For individual portfolio changes, please see factsheets.