Tactical change – 9 July 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 stocks have continued to rally over recent weeks and ended June with their strongest quarterly performance in six years. We are taking profits following this strong rally, reducing the size of our overweight position, viewing some signs of complacency and fragility in technology names. We are adding tactically to commodities, seeing value following the recent decline in prices, with the geopolitical situation still precarious.
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 | Decreased | ||
| Property | Increased | ||
| Commodities | Decreased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | Increased | ||
| Corporate Bonds | Increased | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Increased |
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.