Tactical change – 7 December 2023

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?

Stock markets have continued to rebound as lower than expected inflation data and softer labour market data have seen markets move to price in rate cuts next year. We have added to our overweight position, with investor sentiment remaining positive heading into this historically seasonally positive period. Elsewhere we are moving further underweight commodities, which have struggled down from their recent highs as geopolitical risk has subsided and macro data has softened. Bonds have rallied as markets have moved to price in rate cuts next year, however central bank messaging is mixed; we have moved to a broadly neutral position.

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.