Q1

March 2025

Portfolio insights

Matthew Zunckel (CFA)

A major theme of the first quarter has been a significant spike in volatility in global markets, particularly the US. This has naturally fed into the entire financial eco system, driven by Trump assuming office and implementing a barrage of executive orders from the get-go. The US, as a result, is undergoing massive
changes which will lead to structural change in the
US economy.

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