Tactical change - 21 March 2024

Published  26 March 2024
   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?

Global stocks have continued to make new highs, and we believe this may have further to run. We remain overweight equities and expect the recent improvements in global growth indicators to feed through to corporate earnings upgrades over the year. Elsewhere, we have trimmed our underweight position in commodities, which have picked up from low levels. Oil prices have risen amid rising geopolitical risk and reduction in US inventories. We remain broadly neutral bonds and underweight property. 


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     Decreased
Commodities     Increased
High Yield No change    
Government Bonds     Increased
Index Linked     Increased
Corporate Bonds No change    
Absolute Return Strategies (including cash)     Decreased

For individual portfolio changes, please see factsheets.