Tactical change – 5 September 2024
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 equities recovered sharply from their early August sell-off and investor sentiment has normalised. Furthermore, we have seen global growth show signs of weakening. Against this backdrop we have reduced the size of our overweight position in stocks, taking profits as macro support withdraws. We have also deepened our underweight position in commodities, as China demand continues to disappoint, and inflation falls. We have added to bonds, which typically perform well in this macro environment.
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 | Increased | ||
| Commodities | Decreased | ||
| High Yield | No change | ||
| Government Bonds | Increased | ||
| Index Linked | Increased | ||
| Corporate Bonds | Increased | ||
| Absolute Return Strategies (including cash) | Increased |
For individual portfolio changes, please see factsheets.