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1、Market GPS shares the thinking of our Investment and Portfolio Construction&Strategy teams,offering insights to help navigate the investment landscape and prepare for the route ahead.MARKET GPSWHATS INSIDE:MACRO OVERVIEWPORTFOLIO TRENDS Equities Fixed Income AlternativesMacro overview:Market turbule

2、nce,but also opportunitiesThe nature of the U.S.tariff rollout and ongoing global geopolitical realignment means market turbulence is likely to continue.Only with an easing of tensions and greater visibility into what a new global trade regime might look like and,importantly,how it will impact the c

3、orporate sector do we expect volatile conditions to ease.What does this mean for investors?While adding incremental risk to portfolios may seem like a tall order in the current environment,bouts of volatility can lead to price dislocations that active managers can capitalize on.In the first half of

4、2025,volatility and rapid drawdowns in major indices meant high-quality companies were temporarily discounted by macro uncertainty.Additional buying opportunities could present themselves if the path to a new global economic framework proves protracted,resulting in more market turbulence.Ultimately,

5、any economic paradigm shift may enhance the prospects for the asset classes and regions that were out of favor while a concentrated group of U.S.technology names led markets.Our Market GPS Mid-Year Investment Outlook identifies actionable takeaways based on the macro backdrop and highlights six port

6、folio positioning trends for consideration.Within equities,geopolitics and trade rifts may spur reforms across Europe that could catalyze earnings growth.Globally,domestically focused small-and mid-cap companies may benefit from a reorientation of trade to nearshoring and onshoring.Many of these mar