Tactical change – 6 February 2025

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 an overweight position in equities, having added recently on a contrarian buy signal. Despite a rise in market volatility, underlying macro-economic conditions are supportive for stocks, with central banks easing policy and leading growth indicators in the US continuing to improve. We have added to our position in commodities, acknowledging rising geopolitical risks. We remain underweight bonds, signs of inflationary pressures could see yields rise from here.

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.