Tactical change – 6 November 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?
Equity markets continue to rally, driven primarily by the outperformance of mega-cap technology companies following a strong earning season and positive trade announcements between the US and its key trading partners. We are adding to equities at the margin and continue to remain overweight given the macro-economic backdrop. In fixed income, with both macro data and fiscal news driving bond markets, we remain neutral on the asset class and will continue to monitor developments heading into the budget this month. Elsewhere, we remain neutral 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 | Increased | ||
| Property | No change | ||
| Commodities | No change | ||
| High Yield Bonds | No change | ||
| Government Bonds | No change | ||
| Index Linked Bonds | No change | ||
| Corporate Bonds | Decreased | ||
| 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.