Tactical change - 7 January 2021

13 January 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 rose again in December despite Covid-19 case numbers increasing and renewed restrictions in many countries, boosted by the approval of the first vaccine and the start of vaccination programmes as well as the $900bn US fiscal package and last-minute Brexit deal. With increased confidence in a ‘return to normal’ later in the year, we have increased our overweight positions in global equities, global high yield bonds and commodities, funded by moving more underweight in commercial property and cash. Otherwise, we remain moderately underweight in gilts and overweight in investment grade corporate bonds.

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.

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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.