Tactical change – 19 February 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 remain near all-time highs. Despite concerns around AI and a pullback in selected US technology stocks, broader indices have continued to advance with Japan extending its rally following Takaichi's supermajority win in the Lower House, and EM and Asia Pacific shares continuing their strong year-to-date performance. We are adding to equities, acknowledging broad earnings improvement and a supportive macro environment. Elsewhere, we are adding to our overweight position in commodities which have continued their strong start to the year with geopolitical risk at the forefront. We are also reducing exposure to government bonds, taking profits at current levels.
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 | Increased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | No change | ||
| 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.