Phil Wellington

2025 kicked-off strongly, but the lustre quickly came off of US markets, as import tariffs took hold. The result has been a sharp drop in equities as consumers and businesses globally digest the knock-on impact for inflation and growth expectations. 'Uncertain' best describes the current situation, with the war in Ukraine and the apparent shift in global political allegiances.

In the face of heightened uncertainty we stick to our long-term goals of controlling risk for clients and remaining well diversified across asset classes. This approach helps to mitigate against uncertainty and should serve our clients well for the current environment and beyond.

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