April was a month of tough love in the markets as President Donald Trump kicked off a huge volatility cycle with his now infamous Liberation Day tariffs speech. Washington DC watchers were expecting something nasty, and they weren't disappointed.
The interesting thing about April was that you could be forgiven for thinking nothing had happened if you took the month off in the Maldives and left your cellphone behind. Just by way of example, the FTSE 100 index opened the month at 8,643 and closed it at 8,494. Risk off sentiment was swiftly followed by risk on as it become increasingly obvious Trump's tariff fantasies were politically unsustainable, especially once the US government bond market crashed.
Hence it comes as no surprise to see most of our positions still in the green at the end of April, with few stocks in the red and only a couple of suspended cash shells still substantially down in our heavily de-risked venture portfolio.
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