Insights
By: Graham Wainer
Q1 Quarterly Investment Outlook - April 2025
In contrast to the widely held expectation of a US market friendly pro-growth agenda, President Trump’s second term has begun with a clear prioritisation for aggressive reform. At this early stage, he has targeted geopolitical realignment, protectionism and government efficiencies (i.e. ‘DOGE’). The somewhat erratic approach to government has lifted uncertainty to levels unseen since the onset of the 2020 pandemic , culminating in ‘Liberation Day’ announcements of draconian tariff policy. In addition, the investment landscape is evolving rapidly; the superiority of the US equity market is maturing, with competitive advantage within technology harder to sustain.
The speed of these developments has shaken market confidence in the first quarter of 2025. US sentiment has swung from fiercely optimistic in late 2024 to distinctly negative, as consumers, businesses and investors try to digest volatile tariff announcements.
In our April Investment Outlook, we explore the potential economic impact of these tariffs and outline how we are positioned to reflect a more defensive stance.
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Download '2025 April Investment Letter'