Tactical change – 9 February 2023

Published  15 February 2023
   5 min read

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?

Global growth has been at a low ebb but is now showing signs of stabilising. We have added to our overweight position in equities and credit given the risk that recent positive momentum could carry on in this environment.

Inflation is showing signs of peaking, an environment which should support bonds over commodities. We maintain a moderate overweight in bonds but have increased the size of our underweight position in commodities and maintain an underweight position in commercial property.

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     Increased
Commodities     Decreased
High Yield Increased    
Gilts No change    
Index Linked     No change
Corporate Bonds Increased    
Absolute Return Strategies (including cash)     Decreased

For individual portfolio changes, please see factsheets.