Tactical change – 13 May 2021

19 May 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 delivered strong returns in April, as Covid-19 case rates fell across leading markets and stimulative fiscal and monetary policy stayed in place. While central banks ruled out near-term rate rises, bond markets remained conscious of medium-term inflation risks given expansionary policy in a strong global recovery this year.

Given strong equity performance over the last three quarters, we tempered our equities overweight and increased our positive tilt to commodities which benefit in a global recovery. We remained overweight in global high yield bonds, underweight gilts, and slightly underweight commercial property.

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.