Tactical change – 04 September 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 stock markets have continued their strong post-Liberation Day performance over recent weeks, as positive economic surprises have helped propel markets to fresh highs. We are marginally reducing our overweight position in equities, taking profits at these levels, as we head into a potentially more volatile period. Elsewhere, we are moving further underweight bonds as concerns around fiscal sustainability and Fed independence have continued to weigh on the asset class, particularly at the long end of the curve.
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 | No change | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | Decreased | ||
| Corporate Bonds | Decreased | ||
| 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.