Global equities falling for only the second month this year and the inversion of the US yield curve, which has traditionally signalled a recession, showed investors feared escalation of US-China trade tensions could undermine global economic growth. Having taken advantage of seasonal market weakness over the summer to increase our overweight in equities, we have taken some profits after recent strength, but remain broadly constructive on the outlook for stocks. Against this, we have increased our position in commodities as prices start to strengthen. Also, as bond yields reached new lows, we have further reduced our holdings of government bonds.
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.
Directions of arrows show overall change from previous tactical change. For individual portfolio changes, please see factsheets.
|Absolute Return Strategies (including cash)|
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.