Tactical change – 4 December 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?
Global equities returned to their highs over recent weeks, rebounding from the recent sell-off driven by concerns over an AI bubble. Market sentiment has been much improved, as dovish comments from Fed officials and some weaker economic data reports seemed to reinforce the idea of a December rate cut in the US. We remain overweight equities as the macro backdrop remains supportive and company earnings continue to deliver. Elsewhere, we are overweight commodities, and neutral on bonds, as we continue to monitor developments ahead of the FOMC meeting.
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 | No change | ||
| Property | Decreased | ||
| Commodities | No change | ||
| High Yield Bonds | No change | ||
| Government Bonds | No change | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Increased |
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.