Global markets continue to be roiled by US government policy. This is creating opportunities for us to shift positions around, helping cushion volatility and ultimately delivering better long-term returns. Coming into April, the Portfolio had significantly reduced exposure to US shares. The exposure to shares was subsequently increased across the US, UK, Europe and Australia following the sharp intra-month falls in share markets. Within shares, our stock picks fared well as our stocks are more defensive (and cheaper) than the broader market. Bonds performed well last month. After holding reduced exposure to bonds at the start of the year, this had been increased again in January and February. Positive performance from bonds helped cushion the Portfolio from volatility in shares throughout the month. The Portfolio has also benefited from a reduced exposure to US dollars, with increased exposure to the Euro and Japanese yen. The global investment backdrop is shifting. In the medium term, we are navigating a slowing in economic growth, particularly in the US. Longer-term, the notion of US exceptionalism is coming into question, including from an investment perspective. These shifts are providing plenty of opportunities for active, multi-asset portfolios to profit from these changes. As shares have rallied back sharply, the Portfolio is now looking to reduce exposure again. The Portfolio has also reduced its underweight to US dollars given the sharp fall. In bonds, the Portfolio has taken some profits given the rally but maintains a reasonable exposure. A shifting investment landscape can be unsettling, but we think the Portfolio can continue to deliver solid medium-term returns as we navigate these markets.