Tactical change – 9 April 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 markets continue to be dominated by the war in Iran, as volatility has remained elevated throughout the last few weeks. Attention has now turned to the US-Iran ceasefire deal with markets optimistic for a resolution but still pricing in meaningful tail risk. We are adding marginally to our equity exposure, as investor sentiment remains oversold. We are also adding back to bonds having benefited from an underweight position in recent weeks, given fears over sustained inflationary pressure. Elsewhere we are reducing our overweight position in commodities, taking profits at these elevated levels.

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