Tactical change – 11 November 2021

17 November 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 data was strong in October; positive earnings drove strong global equity returns. However, inflation concerns remained dominant and the trend of decelerating growth continued. Central banks globally turned more hawkish – Governor Bailey commented that the Bank of England “will have to act” on inflation. Government bond yields rose globally as the medium-term risk of interest rate rises increased. We took profits in commodities and equities after strong performance this year, and trimmed our overweight in global high yield bonds. We remained underweight gilts but moved to neutral in corporate bonds. We remained modestly 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 down arrow    
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.