Tactical change – 22 January 2026

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 equity markets have been volatile over recent weeks, with investors concerned about the actions of President Trump and the escalating Greenland situation. US policy uncertainty continues to increase, with concerns around Fed independence and the Supreme Court ruling on tariffs still in the balance. US equities have underperformed global peers so far this year, whilst Japanese stocks have outperformed. We are marginally reducing our equity exposure given this heightened geopolitical risk but remain overweight given the current global macro environment. Elsewhere, we are overweight commodities, and neutral on bonds, as we continue to monitor geopolitical and fiscal developments.

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