Tactical change – 22 October 2026

Published  22 October 2026
   5 min read

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?

Equity markets have weakened as concerns over AI infrastructure spending and softer earnings expectations weighed heavily on technology and semiconductor stocks, with Asian markets leading global declines. Volatility has risen notably, with the VIX recording its largest weekly rise since May. Meanwhile, government bonds rallied as investors sought safer assets, driving yields lower despite resilient economic data and persistent inflationary pressures. Against this backdrop, we are reducing our overweight position in equities and increasing exposure to government bonds, reflecting a more cautious near-term outlook while retaining flexibility should investor sentiment and earnings expectations improve.


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Latest tactical positions

  Overweight Neutral Underweight
Equities Decreased    
Property     Increased
Commodities No change    
High Yield  No change    
Government Bonds     Increased
Index Linked    No change  
Corporate Bonds   No change  
Asset-Backed Securities   No change  
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.