Tactical change – 20 July 2023

Published  20 July 2023
   5 min read

Trevor Greetham, Head of Multi Asset at Royal London Asset Management, has made a tactical change to the asset allocation of the Governed Portfolios (GPs) and Governed Retirement Income Portfolios (GRIPs).

What’s changing?

With inflation continuing to fall and the near-term global growth picture remaining supportive we remain overweight equities. However, we have taken some profits and reduced the size of this overweight with investor sentiment now at euphoric levels following the strong year-to-date rally.  Elsewhere, we have reduced an underweight position in commodities, moving towards neutral.  Commodities have been weak this year but we are starting to see signs of troughing over recent weeks, especially with the peak interest rates in sight, which could provide tailwind for the asset class with on-going geopolitical risks.

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     Increased
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.