1Q 2025 Quarterly Investment Letter

Global equity markets saw a modest decline in the 1st quarter, a period that was quickly put in the rearview mirror by investors to focus on US trade and tariff policy. Uncertainty on trade policy and increased tariff levels are creating a substantial headwind for corporate earnings and the market while investors appear to be diversifying away from US assets. Our investment team discusses the launch of State Street’s private credit ETF and the evolution of alternative investments becoming accessible to retail investors and concerns about placing illiquid investments into investment structures that offer more liquid investment terms.