Helen Bradshaw

The volatility of policy and atypical delivery methods under the new political regime in Washington and this has clearly started to have a material impact on global growth outlooks and we need to consider is the impact on consumer confidence with the potential impact of job losses within government departments and agencies. A key factor in the outlook is going to be whether this rotation from the US to rest of world equity – particularly European and Chinese equity – is the start of a significant mean reversion or a shorter-term trade.

With so much going on we are maintaining a moderately cautious stance and a willingness to be flexible with the positioning of the portfolios. As we have said for many years diversification will be key to maintaining the overall risk and return profile of our portfolios and this seems even more pertinent now.

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