Tactical change – 15 May 2025
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?
We have tactically increased equity exposures while remaining broadly neutral as investor sentiment continues to recover from the third most depressed level in history, following a series of trade war de-escalations since the shock tariff announcement on Liberation Day. While a sentiment recovery could carry on in the near term, we remain cautious over the medium term given elevated macro uncertainty. We have also reduced the allocation to bonds marginally.
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 | No change | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| Absolute Return Strategies (including cash) | No change |
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.