Tactical change – 9 October 2025
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?
Politics have moved into focus for investors, as we have seen the beginning of a US government shutdown, Japanese elections and the resignation of the new French Prime Minister. Despite this, investor sentiment has remained bullish and global equities have continued to rise. With a supportive technical backdrop and resilient macro data we are increasing our overweight to the asset class. Elsewhere we are marginally adding to commodities and deepening our bond underweight.
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 | No change | ||
| Commodities | Increased | ||
| High Yield Bonds | No change | ||
| Government Bonds | Decreased | ||
| Index Linked Bonds | Decreased | ||
| Corporate Bonds | Decreased | ||
| Asset-Backed Securities | No change | ||
| Absolute Return Strategies (including cash) | Decreased |
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.