Tactical change – 4 April 2019

9 April 2019
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?

Having rebounded sharply over the last month, investor sentiment is now neutral. Central banks have signalled a loosening of policy but, while there are early signs of stabilisation, global economic activity remains mixed. Chinese economic stimulus measures to boost activity appear to be having an effect at the start of Q2, reducing the risk of a global recession in the short term. We have slightly increased our moderate overweight in equities and our overweight allocation to short duration global high yield debt, reducing cash and increasing our underweight in UK government bonds.

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.

 OverweightNeutralUnderweight
Equities increase    
Property   neutral  
Commodities     neutral
High Yield increase    
Gilts     decrease 
Index Linked   neutral  
Corporate Bonds neutral    
Absolute Return Strategies (including cash)     decrease 

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.

Last updated: 21 Aug 2019

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