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Sam Mackay -
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Global perspectives from
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Principal Advisers
Quarterly Investment Report
Quarterly Investment Report – April 2025
The first quarter of 2025 brought a notable shift in market conditions, driven by renewed geopolitical tension, shifting policy expectations, and deteriorating investor sentiment. In this environment, it’s easy to focus on what can go wrong. But extreme pessimism often signals a turning point.
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Market Update
Market Update – Tariff Shock
The long-anticipated tariff announcements have finally landed, and markets wasted no time in responding. Framed as the Trump administration’s first major shift in trade policy, the move aims to bring manufacturing back to the US, but not without ruffling feathers among key trading partners.
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Market Update
Market Update – Q&A on Recent Volatility
Given recent market movements, we want to provide some context on what’s happening and answer some questions that you may have. While headlines may appear unsettling, it’s essential to remain focused on broader market trends and opportunities.
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Market Update
Market Update – March 2025
The optimism that followed Trump’s re-election has faded – at least for now. His administration is prioritising tariffs and spending cuts (austerity) over tax reductions and deregulation (growth), adding uncertainty to financial markets and weighing on investor sentiment.
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Quarterly Investment Report
Quarterly Investment Report – February 2025
As we move through the first quarter of 2025, financial markets remain at an interesting crossroads – supported by economic resilience yet facing risks that could test investor confidence. Below is a summary of our latest insights and a video from Advisory Board member Daryl
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Quarterly Investment Report
Quarterly Investment Report – October 2024
As we enter the closing stages of 2024, the global landscape is undergoing a notable transformation. Donald Trump’s re-election, alongside a Republican majority in the House and Senate, has introduced a refreshed stance on geopolitics, fiscal policy, and international economic growth, reshaping the financial horizon.
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