Tactical change – 17 July 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?
Stock markets have continued to grind higher over recent weeks, with indices moving back towards all time highs. Geopolitical tensions remain elevated and the impact of tariffs on the global economy is still unclear. While technical factors have continued to improve, we have added to our position in global equities which moves the portfolios to a modest overweight position given that uncertainty in the macro environment over the medium term. We have also added to our position in high yield bonds. Elsewhere, we have reduced our allocation to government bonds, moving to a modest underweight position.
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 | Increased | ||
| Commodities | No change | ||
| High Yield Bonds | Increased | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | Decreased | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Decreased |
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.