In contrast to much of the prior year, the first quarter of the year delivered an environment that was challenging for many international share markets. A significant contributor to this was widespread uncertainty surrounding the forward policy path of the new Trump administration.
The lead article provides a brief overview of the quarter and highlights several themes, including international tariffs, the market reaction to the tariff announcements, and the potential benefit for New Zealand housing values due to lower mortgage interests.
A more detailed summary of important asset class returns through the quarter, and over longer time horizons, is covered in the key market movements section.
In the feature article, we summarise advice from four Nobel Prize winners which serves as a timely reminder that when times get tough, we need to stay focused on our long-term strategy and not get distracted by short-term market ‘noise’.
As always, I hope that 2025 turns out to be another satisfying year, and we look forward to continuing to update you with the progress of investment markets in the coming months.
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