Tactical change – 13 October 2022
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.