Since the start of 2025, the S&P 500 is down nearly 5 per cent due in part to Donald Trump's 'will he, won't he' approach to tariffs. This week tariffs were on again (before they weren't) so the US bluechip index fell by more than 3 per cent.

This comes after a period of several years when it seemed like the world revolved around US equities and the strong returns they provided.

In this week's episode of the Asset Allocator Podcast, David Thorpe and Joseph Wilkins are joined by Peter Dalgliesh, chief investment officer at Parmenion, to discuss the fall out.

They discuss how he views the outlook for US equities and what he's doing about it.

The Asset Allocator Podcast is a weekly series aimed at discretionary fund managers, fund selectors and wealth managers, providing insight into the issues that drive investment decisions.

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