Tactical change – 23 October 2025
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?
Equities have rallied back towards all-time highs, shaking off recent US-China trade worries which saw the S&P 500 endure its sharpest one day pull-back since April. We have taken profits on the asset class at the margin but remain overweight given the macro backdrop remains supportive and company earnings continue to deliver. Elsewhere, we have added to bonds, moving neutral on the asset class. Global bond yields have fallen over recent weeks, with pressure on the long end of the curve easing as fiscal worries have subsided. We have also reduced our overweight in commodities, moving to neutral.
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 | No change | ||
| Commodities | Decreased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Increased | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Increased | ||
| 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.