Tactical change – 4 January 2024

Published  04 January 2024
   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?

Stock markets ended a strong year of performance on a high, with the S&P 500 having advanced for nine consecutive weeks. We remain overweight equities but have trimmed our position at the margin with investor sentiment at exuberant levels following the recent rally. Elsewhere we are moving further underweight commodities which continue to struggle at the broad level, even despite ongoing geopolitical risk in the Red Sea. Bonds have rallied as markets have moved to price in rate cuts next year, however central bank messaging is mixed, and we remain broadly neutral the asset class. We remain modestly underweight property.


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

For individual portfolio changes, please see factsheets.