Tactical change – 13 October 2022

Published  13 October 2022
   5 min read

Trevor Greetham has made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).

What’s changing?

We maintain a small underweight position in stocks, given pessimistic macro outlook. However, we have added to the asset class, moving closer to neutral, as markets could be primed for a short term rebound with investor sentiment reaching overly bearish levels.

Geopolitical risk is high and we have moved to a small overweight position in commodities.

We have added exposures to short dated corporate bonds and moved to a more neutral position in bonds in aggregate, following the recent sharp selloff in the asset class.

We maintain an underweight position in commercial property.

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

For individual portfolio changes, please see factsheets.