Tactical change - 13 June 2019

19 June 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?

Global stock markets retrenched in May as President Trump reignited trade wars with China, having imposed tariffs on specific imports from China, and they retaliated; hopes of a US-China trade deal reduced. Economic data deteriorated slightly and antitrust scrutiny weighed on technology stocks. Central banks are concerned about trade tensions and are closer to cutting interest rates, which should boost investor sentiment. We have moved overweight in UK government bonds, given weaker inflation expectations, and retain a moderate overweight in equities, given positive global growth persisting; while reducing exposure to cash, and commodities which are sensitive to global trade slowing

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.

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

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.

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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.