Tactical Change - 11 August 2022

11 August 2022
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?

We maintain a reduced tactical exposure to risk assets, holding underweight positions in both stocks and commodities. Despite tight supply, the growth outlook has continued to deteriorate which has seen commodities struggle; we have reduced our exposure to the asset class. We maintain a broadly neutral position in bonds at the aggregate level, with a reduced exposure to high yield bonds on weaker growth expectations. We have also moved to a modest underweight position in commercial property through market drifts.

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.

Latest tactical positions

Equities     no change
Property     down
Commodities     down
High Yield     no change
Gilts no change    
Index Linked     no change arrow icon
Corporate Bonds     no change arrow icon
Absolute Return Strategies (including cash) up arrow icon    


Directions of arrows show overall change from previous tactical change.

For individual portfolio changes, please see factsheets.

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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.