Tactical change – 9 March 2023

Published  16 March 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?

Against the backdrop of a stabilisation in global growth and inflation rates declining slower than expected, we have added to our overweight position in equities and reduced our exposure to government and index linked bonds. Elsewhere we have continued to add to credit. We have also moved further underweight in commodities, which have continued to struggle despite the economic reopening in China, and maintain an underweight position in UK 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     Decreased
Gilts Decreased    
Index Linked     Decreased
Corporate Bonds Increased    
Absolute Return Strategies (including cash)     Increased

For individual portfolio changes, please see factsheets.