This month’s commentary examines contributors and detractors from this quarters performance, as well as recent portfolio shifts, in greater detail.
A famous 20th century leader once quipped “there are decades when nothing happens and there are weeks when decades happen”… safe to say we are living in the latter these days. At the end of last year we highlighted how macro forces had returned to be the dominant driver of markets, it appears this theme has exploded even more with the onset of a US led tariff and trade war.
Uncertainty, driven by concerns surrounding tariffs, fiscal policy, and monetary policy, is the dominant theme in the markets today. The path, implementation, and ultimate levels of tariffs, as well as the regions and sectors that will bear the most impact remain fluid. The Event Driven team continues to identify and invest in opportunities that offer compelling risk adjusted returns, and identifiable catalysts that can unlock value.