Tactical change – 21 July 2022

21 July 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 an underweight position in stocks and a neutral position in commodities. Economic data has continued to weaken while the policy outlook remains hawkish. These expectations of weaker growth could be a further headwind for risk assets. We have moved to a neutral position in bonds at the aggregate level, adding to conventional bonds but reducing exposure to high yield bonds at the margin on weaker growth expectations. We remain neutral on 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.

Latest tactical positions

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

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.