Tactical change – 20 March 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 further reduced the size of our overweight allocation to equities as the global macro picture continues to deteriorate. Global equities have continued to decline from their recent highs, with US stocks leading these losses. This deterioration in macro indicators has also seen us reduce exposure to high yield bonds. Elsewhere we maintain an overweight to commodities, which have resumed outperformance amid rising geopolitical tensions over the last month.
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 | Increased | ||
| Commodities | No change | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | No change | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | 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.