Performance review
Having shrugged off the capture of the Venezuelan president, the US Supreme Court judgement on tariffs, and US threats to takeover Greenland there was a significant turnaround in sentiment following the campaign against Iran. The rotation within markets continued during the quarter with energy-related commodities being the clear winners while more growth-oriented equities struggled. As the oil price surged, market expectations for future rate cuts were reversed, which impacted returns from traditional fixed income.
