Tactical change – 10 November 2022

16 November 2022
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?

We maintain a small underweight position in stocks, given our pessimistic macro outlook. However, we have moved more neutral on the asset class due to markets showing signs of rebounding following investor sentiment being at overly depressed levels. We have reduced our position in commodities to neutral with recession risks rising and demand slowing. We have added to bonds with global inflation showing signs of peaking while growth continues to underwhelm. We 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

 OverweightNeutralUnderweight
Equities     no change
Property     down
Commodities   down  
High Yield     down
Gilts no change    
Index Linked     no change
Corporate Bonds   no change  
Absolute Return Strategies (including cash) down    

 Directions of arrows show overall change from previous tactical change.

For individual portfolio changes, please see factsheets.

About the author

Trevor Greetham

Head of Multi Asset at Royal London Asset Management

Trevor Greetham is a portfolio manager at Royal London Asset Management. Prior to joining Royal London in 2015, Trevor was asset allocation director for Fidelity Worldwide Investment, where he was responsible for implementing tactical investment decisions across a wide range of institutional and retail funds including the Fidelity Multi Asset Strategic Fund.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.