Tactical change – 16 April 2020

22 April 2020



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?

Disruption from the coronavirus pandemic caused turmoil in financial markets in March, which was exacerbated by oil prices collapsing. Very significant government and central bank stimulus packages have helped markets to recover somewhat. However, without visibility of the length of the crisis and its impact on the global economy, we remain relatively cautious. We are moderately overweight equities and global high yield bonds, given huge monetary and fiscal policy responses being supportive, but have moved further underweight in commodities as demand is weak. We are around neutral in commercial property for the diversification benefits this asset class gives to portfolios.

While the property weighting has decreased, this is for technical reasons and not a tactical decision.

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.

High Yield    
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.

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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.