Tactical change – 19 June 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 reduced our tactical exposure to equities as stock markets have rallied sharply back towards their highs and investor sentiment has returned to normal levels. Despite these developments, much uncertainty still remains and geopolitical risk has spiked meaningfully. Noting the risk of an inflationary shock and improving technical backdrop, we have added to commodities. We have added to bonds at the margin but remain broadly neutral the asset class given the current macro uncertainty.
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 | Decreased | ||
| Property | No change | ||
| Commodities | Increased | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Decreased | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Increased |
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.