Tactical change - 23 July 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?
Volatility has risen in recent weeks, and global equities have lost some ground to start the new quarter. We recently took profits on our equities position, reducing the size of our overweight. We are adding to our position in commodities, moving further overweight the asset class. Further intensification of tensions in the Middle East have seen the flow of tankers through the Strait of Hormuz once again move to near zero levels; global supply chain issues should continue to support commodity prices. Elsewhere, we have tactically reduced our allocation to bonds, with upside risk to inflation remaining a concern.
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 | No change | ||
| Government Bonds | Decreased | ||
| Index Linked | Decreased | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| 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.