Tactical change – 23 February 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?

While global growth remains weak, we are seeing some signs of stabilisation. We have added to our overweight position in equities and credit at the margin; we would not be surprised for more upside for risk assets in this environment. Stabilising growth data has also led markets to reassess expectations for central bank policy. We have reduced our exposure to government bonds as markets move to price in more hawkish monetary stances for longer. We have increased our underweight position in commodities and maintain an underweight position in commercial 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.