Tactical change – 18 January 2024

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, has 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 taken a breather this year after very strong performance in Q4 2023. We remain overweight equities and have added to our position at lower levels, with investor sentiment having neutralised from exuberant levels and seasonal period still positive for the asset class. Elsewhere we are moving further underweight commodities which continue to struggle at the broad level, even despite ongoing geopolitical risk in the Red Sea. Bond yields have risen this year, with central bankers pushing back on markets' excessive rate cut expectations; we remain broadly neutral the asset class. We remain modestly underweight 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.