Tactical change – 22 September 2022

22 September 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 equities, holding an underweight position in the asset class due to our pessimistic macro view. Despite a weaker growth outlook, we have moved to a neutral position on commodities, as geopolitical risk rises in Ukraine. Furthermore, we maintain a negative position in bonds; inflation is still high and we see the potential for yields to rise further as central banks continue to tighten policy. We maintain an underweight position 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.

Latest tactical positions

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

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.