Tactical change – 8 March 2018

8 March 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 is in the later cycle ‘Overheat’ stage, with strong global growth and more risk of inflation.

We have added to equities again, capitalising on stock market weakness and given that supportive world growth conditions remain in place. We also have increased the allocation to index linked bonds and conventional UK gilts. The changes were funded out of high yield debt, government bonds, property and 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

High Yield    
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.


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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.