Tactical change – 02 April 2020

8 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?

The disruption caused by the coronavirus pandemic caused turmoil in financial markets in March, exacerbated by the collapse of oil prices. Government and central bank stimulus is positive, but with limited visibility of the scale of the health crisis and its impact on the global economy, we have reduced our risk weightings. We’ve trimmed our overweight in equities after the rally and moved further underweight in commodities. We’ve also reduced the overweight position in global high yield and corporate bonds, reducing the underweight in gilts. The property weighting has increased however this is as a result of the impact of the property fund suspension rather than a tactical decision.

Read more information on how we are managing the property allocation during the period of suspension.

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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