The quarter ended with market turmoil as “liberation day” approached, with markets continuing their fall into the new quarter. Market gains were wiped out for 2025, and the last twelve months in many cases. Ethical portfolios benefited from the under exposure to the Magnificent Seven shares (such as Alphabet, Amazon, Apple etc), in addition to no exposure to the recently hyped defence sector, which enabled a recovery in relative performance at least. We referred to the “Trump bump” as a knee jerk reaction in our last report and this proved to be the case. It began to turn in February and the DeepSeek news further crimped expectations for the overheated AI sector. Simultaneously, the consumer weakened in the US (first noted by the airline industry) leading to a rotation away from US equities.