Large cap growth U.S. equities moved lower as the dollar declined and yields fell with a steeper curve.

Barriers to open trade are rising at a pace not seen in decades, as the initial brunt of President Donald Trump’s sweeping tariffs proliferate through major economies. What began as a trade spat during Trump’s first term has broadened into a worldwide reshuffling of supply chains, with tariffs, anti-dumping duties, and import quotas escalating across the globe.

Pomona Capital is in active discussions with portfolio fund GPs to monitor the potential impact of the developments in tariff policies on our portfolios.

Following last week’s turbulent equity market and the surprising sell off in bonds, we gathered our thoughts on the markets and what we’re watching closely.

Highlights from the week of April 4– April 10, 2025.

Markets experienced violent swings as equities vacillated throughout the week, treasuries sold off, and the dollar weakened.

Get the latest insights from our securitized credit desk.

With U.S. high yield markets starting from solid ground, our approach to managing trade risk is to limit unnecessary exposure to affected industries.

The fluid tariff situation is paralyzing businesses, worrying consumers, and confusing investors. In periods of high uncertainty, we believe the best approach is to remain steady and reassess whether portfolio allocations align with investment goals. Here’s how our teams are managing the current environment.

Voya’s Multi Asset Strategies and Solutions team is committed to helping our clients and investors weather turbulent times. Here’s our latest thinking and portfolio positioning.