Tactical change – 24 November 2022
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 added to equities, moving to a small overweight position. While we are pessimistic on the macro environment in the long term, we see upside risk over the near term that the asset class could continue to rally from depressed levels on signs that peaking inflation may lead to less central bank tightening than had been expected.
We have also added to bonds and reduced our position in commodities to an underweight with recession risks rising and signs of demand slowing, especially in China where lockdowns intensify. We 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.
Latest tactical positions
Latest tactical positions
| Overweight | Neutral | Underweight | |
|---|---|---|---|
| Equities | Increased | ||
| Property | Decreased | ||
| Commodities | Decreased | ||
| High Yield | Increased | ||
| Gilts | Increased | ||
| Index Linked | Increased | ||
| Corporate Bonds | Increased | ||
| Absolute Return Strategies (including cash) | Decreased |
For individual portfolio changes, please see factsheets.