Tactical change – 09 June 2022

9 June 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 remain underweight stocks; hawkish rhetoric has continued from policy makers against a backdrop of strong inflation data and global growth could face further headwinds. However, with investor sentiment at overly bearish levels, we have reduced this underweight position at the margin, seeing potential for a short term relief rally. We have increased our underweight in corporate bonds, with a relative preference for short duration global high yield bonds. We maintain our overweight in commodities which we believe will continue to provide resilience against an inflationary backdrop. 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

 OverweightNeutralUnderweight
Equities    
Property    
Commodities up arrow icon    
High Yield   no change arrow icon  
Gilts    
Index Linked    
Corporate Bonds    
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.