Back to normality

Since 2022, equity markets have experienced an unusually calm period, with market volatility contained aside the fallout post-US President Trump’s ‘Liberation Day’ measures in April 2025. But now, markets are beginning to reflect economic, geopolitical and technological changes, giving investors with strong valuation discipline an edge. The US exceptionalism narrative, supported by AI-driven changes and dominated by a small number of companies, has allowed markets to navigate volatility with ease. But looking back through history, periods of low volatility are never permanent, and it is arguably...