Tactical change – 5 November 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?
Global equity markets have remained volatile, with weakness in technology-related stocks weighing on broader equity performance over the last month. Government bonds have provided diversification, although yields remain elevated against a backdrop of resilient growth and persistent inflation. Commodity markets have also experienced some volatility, following on from a strong year of gains. Against this backdrop, we are maintaining our equity position, adding to government bonds to reduce our underweight, and taking profits on commodities.
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 | Increased | ||
| Commodities | Decreased | ||
| High Yield | Decreased | ||
| Government Bonds | Increased | ||
| Index Linked | No change | ||
| Corporate Bonds | No change | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Decreased |
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.