Tactical change – 5 February 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?
We maintain a moderate overweight position in global equities. Despite some softness in markets over recent weeks, earnings growth continues to broaden in this corporate earning season and provide support to the asset class. Elsewhere we have reduced our exposure to government bonds and added further to our overweight position in commodities. Commodity prices have risen sharply to start the year and we continue to see upside in the asset class, with geopolitical risk at high levels.
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 | No change | ||
| Commodities | Increased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| 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.