Tactical change – 24 September 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?
Global equities remain near their all-time highs, following a strong tech led rally over recent months. With AI productivity and policy in focus, volatility has risen in recent sessions, and investor sentiment has become more bearish. US retail investors are particularly bearish following the first Fed rate hike. We have taken the opportunity to add to our equity exposure on this sentiment wobble. Furthermore, we are adding back to bonds, taking profits on our tactical underweight position as bond volatility moves higher amid policy and geopolitical uncertainty.
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 | Increased | ||
| Property | No change | ||
| Commodities | No change | ||
| High Yield | Decreased | ||
| Government Bonds | Increased | ||
| Index Linked | Increased | ||
| 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.