Tactical change – 3 July 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?
Stock markets have rallied back towards all-time highs over recent weeks, as risk appetite has been supported by easing tensions in the Middle East. We are marginally adding to equities against an improving technical backdrop, with volatility now at subdued levels. Elsewhere, we are moving neutral on commodities following the reduction in geopolitical risks but continue to remain broadly neutral on bonds in the current macroeconomic climate.
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 | Decreased | ||
| Commodities | Decreased | ||
| High Yield Bonds | Decreased | ||
| Government Bonds | No change | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Decreased | ||
| Asset-Backed Securities | Increased | ||
| 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.