Key Takeaways

  • The rollout of tariffs by the Trump Administration has created a heightened period of volatility and uncertainty in global capital markets, emphasizing the importance of adaptability in a rapidly changing investment landscape

  • We continue to view the emerging markets space as being fairly diversifying to global equities overall, and we see opportunities in India and Brazil while remaining hesitant about China

  • Amid trade uncertainty and a reduction in total capital expenditure expectations for the buildout of large language models, we have observed a strong resurrection in value relative to growth equities

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