Tactical change – 9 October 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?

Government bond yields continue to rise across the major developed markets with higher energy prices due to ongoing geopolitical risks an important driver. Elsewhere, resilient economic data and a more hawkish tone from central banks have continued to add further upward pressure. Against this backdrop, we are maintaining our underweight position in bonds and overweight position in commodities. Despite these pressures, global equities have once again eclipsed all-time highs, with the S&P500 marking its first record close since August. We are adding marginally to the asset class, noting strong corporate earnings.

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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.