Tactical change – 23 April 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 markets staged a sharp relief rally as the announcement of a two-week US-Iran ceasefire materially reduced immediate escalation risks. Equities surged globally, with the S&P 500 posting its longest winning run since October. We are adding marginally to our equity exposure, as investor attention has slowly begun to shift towards corporate earnings season, and company fundamentals remain strong. Elsewhere we are adding to commodities at the margin on strong momentum grounds, given vessel crossing through the Strait of Hormuz remains heavily constrained.
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Latest tactical positions
| Overweight | Neutral | Underweight | |
| Equities | Increased | ||
| Property | No change | ||
| Commodities | Increased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| Asset-Backed Securities | Increased | ||
| Absolute Return Strategies (including cash) | Decreased |
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.