Tactical change – 14 October 2021

21 October 2021



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?

Inflation concerns remained in September, driven by rising wages and commodity prices. The US Federal Reserve revised down its growth outlook but still expects inflation to be transitory, while central banks became more cautious regarding quantitative easing. Global government bonds and stock markets provided negative returns in the month, with equity valuations squeezed by the struggling Chinese real estate sector. We extended our stocks overweight into weakness, added to commodities into the rally, and increased the government bonds underweight. We reduced the exposure to high yield bonds, remained underweight corporate bonds, and trimmed the underweight in 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.

Equities up arrow    
Property     up arrow
Commodities up arrow    
High Yield down arrow    
Gilts     down arrow
Index Linked     down arrow
Corporate Bonds     down arrow
Absolute Return Strategies (including cash)     down arrow

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.