Tactical change – 19 April 2018

19 April 2018
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?

Our Investment Clock remains in the early stages of its ‘Overheat’ phase, with a robust worldwide economic expansion and increased risk of inflation. Following considerable volatility in markets in recent weeks, portfolio activity focused on risk management. We have again increased the allocation to index linked government bonds, bringing this underweight almost in line with the benchmark; this was funded by reducing our overweight holding of equities and from cash. With economies continuing to expand and inflation remaining benign, we are overweight global equities, global high yield bonds and commodities.

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    
Property    
Commodities    
High Yield    
Gilts    
Index Linked    
Corporate Bonds    
Absolute Return Strategies (including cash)    

Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets

Last updated: 22 Nov 2019

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