Tactical change – 26 October 2023

Published  26 October 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?

Equity markets have continued to drift lower over recent weeks. Geopolitical uncertainty and worries that interest rates will remain higher for longer than previously anticipated have seen stocks move to their lowest level since early June. Investor sentiment has worsened but hasn’t yet reached levels we deem to be overly depressed. We have been trimming equities recently and we are now broadly neutral. We have added to commodities, moving further overweight; safe haven buying has supported the asset which already had seen strong performance over recent weeks on the back of tight supply and better than expected demand. 

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 Increased    
High Yield No change    
Government Bonds     No change
Index Linked     No change
Corporate Bonds     No change
Absolute Return Strategies (including cash) Increased    

For individual portfolio changes, please see factsheets.