Tactical change – 5 March 2026
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?
The United States and Israel have embarked on a war with Iran. Energy prices have so far surged after the Strait of Hormuz was closed to shipping and Qatar ceased production of liquified natural gas. Much uncertainty remains but initial reaction has seen stocks sell off from near all-time highs, with energy importers in Europe and Asia hardest hit. We have reduced equity exposure, noting this extremely elevated level of geopolitical risk and resulting inflation concerns. Elsewhere, we are marginally reducing our overweight commodities position, taking profits following on from the spike in the asset class.
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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 | No change | ||
| Commodities | Decreased | ||
| 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.