Tactical change – 25 June 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 markets have traded stronger over recent weeks as geopolitical tensions have eased on progress towards a US-Iran peace deal. In effect, this is a new ceasefire deal but with the agreement of the Strait of Hormuz reopening. Oil flows have picked up since the announcement, but traffic remains well below pre-war levels. We are moving neutral on commodities, taking profits at these levels given the increase in supply. Elsewhere, we are adding to equities at the margin given growth demand remains resilient and remain underweight bonds as market uncertainty continues to drive yields higher.
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Latest tactical positions
| Overweight | Neutral | Underweight | |
| Equities | Increased | ||
| 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.