Global equities rose again in November as investors focused on the accommodative monetary policies of central banks and early signs that global growth is stabilising. Given muted inflation, interest rate cuts in the US and other countries are positive for risk assets as the global economy picks up. However, stock markets are always vulnerable to political setbacks, such as US-China trade deal delays or Middle Eastern tensions. While remaining constructive on the outlook for equities, we have taken some profits and reduced our overweight position. We have also reduced our allocation to commodities, building up cash to buy equities on weakness.
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.
|Absolute Return Strategies (including cash)|
Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.
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.