Jasper Thornton-Boelman

After an abrupt start to the quarter, equity markets have bounced back in V-shaped fashion. The risks of Liberation Day are far from abated, and with little progress made on trade deals to date, a theoretical deadline for “reciprocal” tariffs looms large. Should markets be more concerned? Probably. We see the biggest risk being to US companies and so we retain an underweight to the region. We’ve also removed an overweight to Government Bonds, the overall direction of Fiscal expenditure and debt issuance leads us to view current yields as being closer to a fair value than an attractive one.

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