Surging policy uncertainty has dented sentiment, raised inflation risk and stalled the market rally. Should uncertainty ebb in coming months, risk assets should rebound.
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Emerging markets meaningfully outperformed developed markets over the month, which was mainly led by Brazil and Mexico, accompanied by recovery in China and India.
More...Global equities delivered mixed results in April, with some regions persevering better than others through continued volatility in global economic relations as the Trump administration unveiled “Liberation Day” tariffs against all U.S. trading partners.
More...While the U.S. has outperformed long term, international equities tend to pick up the slack when domestic markets falter.
More...Massive fiscal reforms in Europe and resolution of the Russia-Ukraine war could help close the leadership gap between the U.S. and the rest of the world.
More...Q1 2025 Global Value Improvers Strategy Commentary: Global value stocks rose as a rotation out of U.S. tech and the prospect of greater fiscal stimulus in Europe helped bolster returns.
More...Q1 2025 Global Growth Strategy Commentary: Global equities outside the U.S. outperformed as increasing policy uncertainty under the new Trump administration spurred investors to look overseas.
More...Q1 2025 Global Infrastructure Income Strategy Commentary: Infrastructure’s defensive nature was rewarded in this environment, with regulated utilities leading returns, in particular in Europe and North America.
More...Q1 2025 Global Infrastructure Value Strategy Commentary: Infrastructure delivered positive returns in the first quarter, outpacing both global equities and U.S. equities, which were weaker amid higher policy uncertainty, specifically around tariffs.
More...Trump’s policy agenda has so far been more disruptive than expected, and we anticipate uncertainty will weigh on U.S. growth.
More...During the quarter, we exited our positions in Chinese electric utility China Power International and Chinese toll road operator Shenzhen Expressway.
More...Surging policy uncertainty has dented sentiment, raised inflation risk and stalled the market rally. Should uncertainty ebb in coming months, risk assets should rebound.
Politics and trade concerns remained centre stage in February, as discussions and negotiations around tariffs by the new U.S. administration and retaliatory tariffs by trade partners weighed on global markets, driving value to outperform growth stocks.
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