The great volatility challenge

April proved to be another eventful month for markets, with trade policy changes from the White House in particular driving uncertainty throughout entire economies. Read what top institutions have to say on these matters—and more—below. 

Insights for CIOs

Seeking Stability (PIMCO)

Protectionist U.S. policies, coupled with the prospect for government spending cuts, are stoking concerns about U.S. recession risks and a rekindling of inflation.

Fixed Income Allocations for 2025 and Beyond (Mawer IM)

Poor returns from traditional fixed income in 2021 and 2022 have caused some investors to reconsider the composition of their fixed income allocations.

Tariff Tantrum (Northern Trust Asset Management)

What has been the immediate impact of tariff announcements on various financial markets? This report answers this question.

China: Investment Opportunity or Uninvestable? (Morningstar Indexes)

When investors stop and reflect, they may realize how dramatically the investment story around China has changed.

2025 Workplace Outlook for Investment Decision-Makers (Fidelity Investments)

For compliance reasons, this paper is only accessible in certain geographies

In addition to geopolitical, economic, and monetary trends, retirement plan investment decision-makers must also consider the shifting demographics of their participants.

What If You Owned No U.S. Stocks? (Cambria Investments)

Despite U.S. stocks accounting for roughly 64% of the global market cap, most U.S. investors invest nearly all of their equity portfolio in U.S. stocks.

Views from CIOs

Nobody Knows, Yet Again (Oaktree)

Predicting the future is a bad idea, because it always fails. Howard Marks drives this point home in this memo.

A Mar-a-Lago Accord? (Rockefeller Global Family Office)

During this period of heightened uncertainty, investors have been fixated on the on and off tariff threats and the Fed’s “to ease or not to ease” refrain.

Perspectives on Markets – March 2025 (DB Wealth)

The Eurozone economy is weak and is yet to experience an urgently needed awakening, partly due to political uncertainties.

10 Trends That Will Shape the Coming Decades – Part 2 (Tikehau Capital)

Who will absorb the increase in Western government bond issuance? Central banks are ending their quantitative easing programs. Who else?

The Implications of “Liberation Day” (Standard Chartered)

On a self-proclaimed “Liberation Day”, U.S. President Trump announced wide-ranging tariffs on all imports.

Humpty Dumpty Was Pushed (Hussman Funds)

It’s striking how little Wall Street analysts recognize the extent to which the government deficits of recent decades have contributed to record corporate profits.

CIO Insights Q2 2025 (DBS Private Bank)

Hou Wey Fook discusses a wide range of outlooks for various asset classes and markets that might materialize in Q2 of this year.

1st Quarter 2025 Commentary (TIFF)

Swift changes implemented by the Trump administration have led to increased market volatility and uncertainty.