Tactical change – 19 September 2024
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 risen back to near all-time highs after some weakness earlier in the month; we remain modestly overweight stocks in the current backdrop. With global growth showing signs of softening and central bank rate cuts on the way, we have increased our overweight in government bonds. We remain underweight commodities that are expected to underperform in the current phase of the business cycle.
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 | No change | ||
| Property | No change | ||
| Commodities | No change | ||
| High Yield | No change | ||
| Government Bonds | Increased | ||
| Index Linked | Increased | ||
| Corporate Bonds | Increased | ||
| Absolute Return Strategies (including cash) | Decreased |
For individual portfolio changes, please see factsheets.