On April 2nd — ‘Liberation Day’ in the US — fears of market volatility materialised as Donald Trump enacted reciprocal tariffs on all US trading partners. These tariffs vary by country and are not fixed, increasing uncertainty for investors.

With the possibility of retaliation or renegotiation, markets currently lack clear direction, making it difficult to position fully for one outcome over another. This reinforces the importance of an actively managed, globally diversified investment strategy to navigate both risks and opportunities.

Why a Global Multi-Asset Approach?

At MAIA, we invest across different asset classes, regions, and sectors to provide a smoother investment journey for our clients. With over 100 years of combined investment experience, we understand that volatility is inevitable. Rather than react to short-term swings, we take a long-term view, ensuring our portfolios are positioned to weather uncertainty while still capturing growth. A well-diversified portfolio not only protects against downturns but also provides opportunities to generate returns across different market conditions.

Our Current Positioning

Our portfolios remain actively allocated across a broad range of asset classes, ensuring a balance between defence and growth.

Approximately 45% of our assets are in fixed income and alternative investments, including defined returns, gold & infrastructure. Within fixed income, we hold a mix of longer-duration government bonds, which remain attractive on a historical pricing basis and can perform well in a slowing global economy. This is because longer duration bonds often benefit from falling interest rates that typically accompany economic slowdowns. Given current yield levels and increasing risks to growth, we favour a more cautious approach within our corporate debt allocation, focusing on higher-quality companies with strong fundamentals and shorter-duration call dates to mitigate default risk.

In alternative assets, we continue to invest in infrastructure, which provides inflation protection, stable income streams, and defensive qualities. These assets have already demonstrated their importance in 2025, performing well amid heightened volatility.

We also maintain an allocation to gold and gold miners, which serve as a safe-haven hedge in times of market stress. While gold does not generate income, it continues to fulfil its role as a reliable store of value when uncertainty rises.

Finally, we have an allocation to defined return strategies which can provide investors with positive returns in all but the worst performing market scenarios.

The remaining 55% of our assets are invested in equities, with exposure diversified across geographies, sectors, company sizes, and investment styles. With this approach approximately 75% of our equity holdings follow a value or blended style. These investments focus on companies that are attractively priced relative to the market, more domestically focused, and defensive in nature. In times of slowing global growth, we believe this quality-value bias provides an advantage, as these businesses tend to be more resilient and less impacted by slowing growth and any trade issues. This resilience is partly due to the stable cashflows and lower reliance on international trade, which shields them from the volatility associated with global economic fluctuations. Additionally, value companies often have strong financial positions, allowing them to navigate challenging economic conditions more effectively than their growth orientated counterparts.

Why a Balanced, Multi-Asset, Globally Diversified Strategy

While no portfolio can be fully insulated from volatility, we do not believe in trying to time the market, so will always be fully invested. Instead, we focus on maintaining a globally diversified, actively managed approach that allows us to adjust as conditions evolve. Market uncertainty is an inherent part of investing, but our disciplined strategy ensures that we remain positioned to navigate challenges and to capitalise on opportunities in the future. As economic and trade dynamics shift, we will continue to refine our allocations and investment selections to maximise long-term growth while managing downside risks.