In summary, the global markets have experienced significant turbulence due to the escalating trade tensions, resulting in a flight to quality in bonds, a decline in equities, and increased volatility in hedge fund performance. The path forward for investors will require a balanced and adaptive approach to navigate the rapidly changing landscape.

Purchasing the market winners of 2024 in recent weeks has been a natural response from US retail investors, who are accustomed to v-shaped recoveries in bull markets.