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
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.