Tactical change - 12 November 2020

18 November 2020

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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 were weaker in October, reflecting the impact of renewed national lockdowns in the UK and Europe, rising Covid-19 cases in the US and increased political risks. However, Joe Biden’s election as President of the US, but without a Senate majority, and positive trial data for a potential Covid-19 vaccine have since boosted investor sentiment. We have increased the modest overweight in equities and the overweight in global high yield bonds, funded by reducing the holdings of gilts, investment grade credit and cash. We remain overweight in commodities and underweight in commercial property and cash.

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.

This website is intended for financial advisers only and shouldn't be relied upon by any other person. If you are not an adviser please visit royallondon.com.

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.