Power play: Q2 game plan for investors

"THERE'S no such thing as a winnable war." Sting, 1985, Lyrics from Russians.

As we enter the second quarter of 2022, the devastating effects from the Russia-Ukraine war and the spillover impact from US and European sanctions against Russia on energy and commodity prices; inflationary expectations; and slowing global growth continue to dominate market sentiment.

Investors have weathered significant volatility. Almost all major asset classes (equities, fixed income, and currencies) ended lower over the past quarter except for commodities and gold - which played up their safe-haven status. We remain cautious despite the recent market bounce, which we view as an opportunity to deleverage and increase resilience through diversification and portfolio hedges.