Contents
Economic and market outlook
To borrow a phrase from the football pundits, 2025 has been a game of two halves for the stock markets – before and after 8th April. In the first period, the United States almost fell into a bear market1, and the tech sector fell right in. Then President Trump changed his mind on tariffs, or had it changed for him by the bond market, and an extraordinary rally followed.
Global equity outlook
US President Trump has dominated the headlines since he took office – which is exactly how he likes it. But he’s also had a significant impact on the performance of stock markets.
Shocking investors with his April 2nd ‘Liberation Day’ tariff announcements, global equities dropped, with the S&P 500 falling into bear market1 territory. He capitulated a few days later and markets bounced.
Strategic asset allocation
In a market shaped by constant change, strategic asset allocation (SAA) provides the structure needed to build portfolios that can adapt and endure. It defines the balance between risk and return, shapes diversification, and ultimately guides each investor’s journey through different market cycles.
