We have examined the development in load sharing and misfit stress evolution during cyclic loading of an SiC particulate-reinforced aluminium metal matrix composite. Neutron diffraction measurements were made during in situ loading of a cylindrical test specimen subjected to cyclic plasticity. The strain in each phase of the composite was measured parallel and perpendicular to the applied load. The plastic anisotropy of the aluminium is clearly visible during the loading, as evidenced by differing responses of the Al 111 and 200 peaks. These results are compared with predictions from an analysis combining finite element and elasto-plastic self consistent models. The model results capture the load sharing between Al and SiC and also demonstrate the origin of the anisotropy in the Al strains.