Tactical change – 22 June 2023
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?
We remain overweight equities which have continued to benefit as technology shares lead markets to new annual highs. Elsewhere, we have reduced the size of our commodity underweight position, moving closer to neutral. Commodities have struggled over the last year but are showing signs of troughing. Inventories are tight and news of El Nino has provided a boost to agriculture prices.
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 | No change | ||
| Commodities | Increased | ||
| High Yield | Increased | ||
| Government Bonds | Decreased | ||
| Index Linked | Decreased | ||
| Corporate Bonds | No change | ||
| Absolute Return Strategies (including cash) | Decreased |
For individual portfolio changes, please see factsheets.