Tactical change – 14 May 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 advance, as strong company earnings and optimism around AI have driven indices to new all-time highs. However, uncertainty surrounding the Iran war remains and macro indicators are deteriorating. We are reducing our equity exposure, taking profits following the recent rally. We are also adding to commodities given increasing expectations of a more prolonged disruption in the Middle East. Elsewhere, we are moving further underweight bonds. Yields continue to rise globally, especially at the longer end in the UK in the aftermath of the recent local elections.
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Latest tactical positions
| Overweight | Neutral | Underweight | |
| Equities | Decreased | ||
| Property | No change | ||
| Commodities | Increased | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| 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.