Tactical change – 5 January 2023

Published  05 January 2023
   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?

We maintain a modest overweight position in bonds; global inflation is showing signs of peaking and the business cycle is moving into reflation which could be supportive for bonds going into the new year. We maintain an underweight position in commodities as the growth outlook has continued to deteriorate and hold a small overweight position in equities, which has been reduced at the margin. We maintain an underweight position in commercial 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     No change
High Yield     No change
Gilts No change    
Index Linked     No change
Corporate Bonds No change    
Absolute Return Strategies (including cash) Increased    

For individual portfolio changes, please see factsheets.