Tactical change – 19 March 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?
Tensions remain high in the Middle East and the uncertainty around the outcomes of the war in Iran continues to significantly impact financial markets. Volatility has risen across all asset classes, with global equity markets continuing to fall. Commodity prices have been particularly strong, and we have benefited from an overweight position in the asset class. Elsewhere, bond markets have suffered meaningful loses, reflecting concern that higher oil prices will lead to sustained inflationary pressure. We are continuing to reduce equity exposure, noting this extremely elevated level of geopolitical risk and escalating inflation concerns.
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 | Decreased | ||
| Commodities | No change | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | Increased | ||
| 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.