Tactical change – 14 November 2019

27 November 2019

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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 equities rose again in October in local currency terms as investors focused on the supportive monetary policies of central banks and US-China trade talks moved towards an agreement. Given inflation remains muted, we expect lower interest rates to trigger a mini cyclical upswing. Having been broadly constructive on the outlook for stocks all year, despite mixed economic data; we have increased our overweight position in equities. In addition, we have increased our allocations to commodities and global high yield bonds. Against this, with bond yields remaining close to historical lows, we have further reduced our holdings of 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      
Property      
Commodities      
High Yield    
Gilts    
Index Linked      
Corporate Bonds    
Absolute Return Strategies (including cash)    

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: 02 Dec 2019

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