Tactical change – 10 May 2018

10 May 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 its ‘Overheat’ phase, with increased risk of inflation, although the global economy is showing some signs of slowing.

With investor sentiment staying neutral, we have taken further profits on the extra equities purchases made during the market lows and March; we also reduced the overweight allocation to commodities.

Proceeds of these sales were moved into government bonds and cash. Longer term, we remain positive on stocks and 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: 21 Aug 2019

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