Tactical change – 20 September 2018

20 September 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?

With inflation continuing to rise and global growth cooling, we continue to de-risk our portfolios by reducing exposures to stocks and commodities, moving the latter allocation to an underweight relative to the benchmark.

The proceeds were moved into government bonds, short dated high yield debt and cash.

With no central banks in a hurry to tighten policy, we’d probably buy stocks on weakness, as we expect the business expansion to continue in 2019.

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

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

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

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