Richard Bonnor-Moris

Despite grappling with many different sources of uncertainty since the Trump administration took power in January, investment markets have been remarkably resilient. The exception, of course, was the aggressive sell-off in April sparked by the "Liberation Day" tariffs. That did change momentum, but not for long. The deferment of tariffs almost instantly boosted markets. Most have retraced that lost ground, and indeed, some sectors have climbed to new highs. While we still seem to be heading into a period of geopolitical turmoil, sentiment remains positive. At this time, it is important to remain diversified and allocate to risk assets only when valuations justify the risk-reward. There are attractive opportunities, especially beyond the U.S. markets, with Europe, Emerging Markets, and Japan offering more attractive valuations.

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