Global equities continued to rise in December as the US and China trade tensions eased and the UK general election delivered a strong parliamentary majority, reducing political uncertainty here. There were further signs that the global economic slowdown is bottoming out. While inflation remains low, it has picked up slightly with higher oil prices, which may constrain central bank flexibility. We have added to commodities out of government bonds, partly to hedge against increased geopolitical risk and partly against some inflationary pressures. We have also added slightly to our overweight position in high yield 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.