Tactical change – 20 February 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?
While we maintain an overweight position in global equities, we have reduced the size of this position, taking profits as investor sentiment normalises and markets return to all-time highs. Elsewhere, we have added to our overweight position in commodities; geopolitical risk is rising and precious metals in particular continue to benefit on strong fundamentals. We have reduced our allocation to bonds, moving further underweight as signs of inflationary pressures put upside risk on yields from here.
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 | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | Decreased | ||
| Corporate Bonds | Decreased | ||
| 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.