Stacey Ash

Caution is certainly required following markets' recovery post Liberation Day, as markets prior to this were pricing in earnings growth at a level that might not be the case moving forward. While this comment applies globally, it is particularly relevant to the US market, where input prices are likely to rise and consumer spending affected by tariffs, regardless of any deals after the 90 day hiatus.

The dollar is a genuine concern. However, employing an asset allocations strategy that doesn't lean on AWCI gives us clear advantages in diversifying away the risks from high US equity exposure. With events in the middle east thrown in, a policy of remaining as globally diversified as possible certainly has merit at present.

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