Tactical change – 18 September 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?
Global equities have continued their strong summer rally and now sit at fresh all-time highs. Growth stocks in particular have surged on Fed rate cut expectations, and AI optimism. We are adding at the margin to stocks, with corporate earnings and improving economic conditions both supportive for the asset class. Elsewhere, we are maintaining our current positioning in bonds and commodities.
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 | Increased | ||
| Index Linked Bonds | Increased | ||
| 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.