In brief
- On April 2, 2025, as part of ‘Liberation Day,’ President Trump announced a slew of new tariffs targeting the United States’ trading partners. Since then, global financial markets have experienced a pronounced downturn, with major indices across North America, Europe, and Asia posting declines spurred on by investor anxiety
- This broad market sell-off is not driven by a single catalyst, but a convergence of factors that are reshaping the global investment landscape
- We do not believe we are in a 2008-style economic crisis. Instead, it appears to be a cyclical correction, driven by accumulated macroeconomic risks and overvaluation in certain sectors.
- In periods of heightened uncertainty, discipline becomes our strongest asset. We remain committed to our long-term strategic allocation and are avoiding reactionary drawdowns in client portfolios. Additionally, our current gold exposure, through the Absa NewGold ETF, serves as a natural hedge in this climate as well as our fixed income carry
- Market corrections test conviction — but they also create opportunity. We are watching closely, acting cautiously, and staying optimistic. Crises have a way of sharpening portfolios — and revealing the strength of a sound, patient strategy.
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