Tactical change – 23 March 2023

Published  29 March 2023
   5 min read

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 have been overweight equities but have reduced risk in the portfolios as uncertainty rises around the banking sector, reducing exposure to equities and deepening our commodity underweight position given rising recession risks. We are monitoring the situation closely, ready either to get more defensive – or buy the dip – as the economic impact of recent events becomes clearer.  We have increased our overall exposure to bonds, adding to credit and government bonds.

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 Decreased    
Property     Increased
Commodities     Decreased
High Yield     Decreased
Gilts Increased    
Index Linked     Decreased
Corporate Bonds Increased    
Absolute Return Strategies (including cash)     Increased

For individual portfolio changes, please see factsheets.