Another week and another tariff announcement. On Monday, Trump said he would be reinstating the 25% levy on steel imports from his first term and increasing tariffs on aluminium imports to 25%, writes Ian Slattery.

Last month, concerns over economic growth and the introduction of new tariffs had a significant impact on global financial markets. In this investment review, we look at how markets performed.

February, the shortest month of the year, felt extended due to the market volatility seen, writes Richard Temperley.

From Trump tariffs to concerns around the technology sector with the emergence of Chinese AI company DeepSeek, investors searched for safety in government bonds and commodities, writes Richard Temperley.

As we enter 2025, we look to maintain perspective and to balance the risks across respective asset classes.

As we enter 2024, we have a broadly balanced asset allocation stance, namely a neutral weighting in equities and a much-increased weighting in bonds. This follows a steady reduction in equity exposure throughout the last quarter of 2023.

As we look forward to 2023, we maintain a preference for equities over other asset classes. The prevailing market consensus is that inflation has now peaked, and that rates will therefore peak by the middle of 2023.