Tactical change – 15 April 2021

21 April 2021

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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 strong in March, as successful vaccine programmes and loose monetary and fiscal policy reinforced positive sentiment. While global government bond markets settled, regional performance was mixed; ECB support saw European yields fall in contrast with global trends. Given strong global growth, we have increased our overweight in equities, cut our commodities overweight, and increased underweights in gilts and corporate bonds. We also marginally tempered our overweight in global high yield bonds. Our underweight in commercial property was also slightly reduced.

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.