RGA Investment Advisors Q2 2025  Investment Commentary

2025-08-10 21:00:00 ET

Leaning Into Conviction

Quarter-end levels masked what was one of the most volatile three-month stretches in recent memory beginning with a steep selloff and ending with clarity around global trade that reset the landscape for evaluating businesses. Navigating the period demanded just as much interpretation of intentions and expectations as it did analysis of company fundamentals. Had President Trump followed through with the aggressive tariffs announced on “Liberation Day,” the U.S. economy would have faced unprecedented, self-inflicted headwinds. Either the market forced a reversal, or the tariffs were a calculated gambit to open trade negotiations. It remains unclear which answer is true, but what’s certain is that today there is more clarity on global trade such that conditions have become more manageable and quantifiable, creating firmer footing for valuing real businesses....

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