Tactical change – 9 May 2019

14 May 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?

While still patchy, global growth data have broadly improved, but investor sentiment remains neutral. Meanwhile, central banks are also on hold until there is more clarity on the direction of the global economy. Although there is a risk of disappointment from the US-China trade talks and the impact of Chinese stimulus measures, which won’t make a clear impact until the second half of the year, we have slightly increased our moderate overweight in equities and our overweight allocation to short duration global high yield debt, reducing cash.

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     no change
High Yield up arrow    
Gilts     no change 
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.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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.