All themes
Tariffs & trade policy
238 managers wrote about this in 471 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2024 Q437% of 30
- 2025 Q180% of 40
- 2025 Q274% of 88
- 2025 Q351% of 88
- 2025 Q445% of 129
- 2026 Q126% of 137
- 2026 Q215% of 709
- 2026 Q313% of 863
- 2026 Q48% of 73
- Platinium AM Platinum TrustOct 2026
Event lighting manufacturer Guangzhou Haoyang Electronic staged a solid rally as its customers adjusted to tariff changes and resumed spending.
Read the letter → - SageOne Investment Managers SLMPOct 2026
Tariffs, the onset of the Middle East conflict, a sharp rise in crude oil prices and growing concerns around AI and its potential impact on India, had created a long list of reasons for investors to remain cautious.
Read the letter → - Avity Investment Management PerspectiveOct 2026
Successive supply shocks of higher energy prices from the Iran conflict, capacity bottlenecks created by strong demand for artificial intelligence infrastructure and lingering effects from global tariffs have kept prices elevated.
Read the letter → - Loomis SaylesOct 2026
Supply chain disruptions, surging inflation, energy and food shortages across Europe after Russia’s invasion of Ukraine, US protectionism and the most recent oil price shock have not been able to keep the global economy down.
Read the letter → - Rhenman Healthcare Equity L/SOct 2026
The sub-sector trades near record-low valuations after tariffs, weak consumer confidence, a lack of product cycles and reduced insurance coverage have weighed on medtech this year.
Read the letter → - Asia Frontier Capital AFC Vietnam FundOct 2026
Exports to the United States, Vietnam’s largest export market, rose to approximately USD 140 bn, despite ongoing concerns over tariffs and trade restrictions.
Read the letter → - Muza Inversiones, SICAVSep 2026
Tariffs: the beginning of a path to mitigate the deficit The Trump administration, aware of this reality, began actions to try to mitigate part of this deficit through the controversial tariff war well known to all.
Read the letter → - MUZA, FISep 2026
Tariffs: the beginning of a path to mitigate the deficit The Trump administration, aware of this reality, began actions to try to mitigate part of this deficit through the controversial tariff war well known to all.
Read the letter → - Bristlemoon Global FundSep 2026
Q2 volume was down -6.6% with only 0.9% of positive price/mix despite tariff- driven list price increases, because customers are trading down to lower opening price points.
Read the letter → - GreensKeeper Value FundSep 2026
Half of the planned tariff increase took effect on October 1, with the remainder scheduled for January 1, 2027.
Read the letter → Some recoveries come quickly, as after the COVID selloff and the tariff-related declines during President Trump's second term; others take longer, as after the global financial crisis.
Read the letter →- Windward Capital Management Risk Averse Asset ManagementSep 2026
Resilient Prior to the recent self-inflicted financial market tur- moil and trade disruption caused by the Trump Administration’s tariff announcements and declara- tion of war in the Middle East, the U.S. economy was on track to reach an “immaculate disinflation” out- come, whereby inflation decreases without causing a recession or significant unemployment increases.
Read the letter → - Miralta Asset ManagementSep 2026
The offer comes after the United States linked a 50% tariff on Canada to the demand for a preferential right over its minerals.
Read the letter → On July 20, Washington announced 50% tariffs under Section 338 on nearly US$20 billion of Canadian goods.
Read the letter →Miller’s scale allows it to absorb tariff and emissions-compliance costs better than smaller rivals, and it is funding a roughly $100 million, 200,000-plus-square-foot expansion in Ooltewah largely from operating cash flow, with production readiness targeted for late 2027.
Read the letter →On the negative side, our overweight to Industrials, the benchmark's weakest sector, was the largest drag, and two of the global Industrial manufacturers in the portfolio struggled to immediately offset rising manufacturing, logistics and tariff-related costs, which led to negative estimate revisions.
Read the letter →Pharmaceutical companies have also spent much of the past year adapting their commercial plans to the new Most Favored Nation pricing and tariff regime.
Read the letter →On the negative side, our overweight to Industrials, the benchmark's weakest sector, was the largest drag, and two of the global Industrial manufacturers in the Fund struggled to immediately offset rising manufacturing, logistics and tariff-related costs, which led to negative estimate revisions.
Read the letter →We remain constructive on infrastructure’s long-term outlook, supported by regulated rate-base growth, electrification, grid investment and data center demand, with inflation-linked tariffs and contractual escalators helping preserve real asset values over time.
Read the letter →- Nexus Investment Management ULCSep 2026
Current estimates are for third quarter growth of approximately 1.9%, reflecting tariff-related headwinds that have led forecasts to be revised lower.
Read the letter → - L1 Capital Long Short FundSep 2026
Copper prices were strong and continued to rise, supported by U.S. stockpiling ahead of potential tariffs and weather-related supply disruptions, with copper now up approximately 40% over the past 12 months.
Read the letter → After Canadian tariff headlines hit Century Aluminum (CENX) in August, we sold the majority of that position; our view of the business has not changed, but the trade risk was one we had not underwritten.
Read the letter →Frequent tariff changes, increased customs enforcement and greater supply chain complexity are making these tools increasingly important to customers.
Read the letter →- Palm Harbour Capital FundSep 2026
The company’s 2024 and 2025 performance remained subdued due to elections in Korea followed by US tariff headaches, which delayed expansion projects particularly in Samsung’s U.S. investments.
Read the letter → In a world of tariffs and fractured supply chains, producing where you sell is not a slogan.
Read the letter →Carrier Global’s quarterly earnings results were mixed, with strong order growth especially within the commercial HVAC segment, offset in part by operating margin pressure driven by unfavorable mix, higher input costs, and tariff timing.
Read the letter →- Antipodes Global Fund (PIE)Sep 2026
We see a clear catalyst after derisking the first tariff review, which reset the regulatory asset base higher to reflect post-privatisation investment.
Read the letter → - Investor ABSep 2026
Adjusted for tariff recla ims and currency effects, the margin was in line with last year , despite higher raw material and freight costs .
Read the letter → The shares remained under pressure amid broad weakness in industrial stocks and an escalating tariff dispute between the U.S. and Canada.
Read the letter →Regulated utilities recover prudently incurred costs through customer tariffs, while regulators periodically recalibrate allowed returns to reflect prevailing financing conditions.
Read the letter →- 1 Main Capital PartnersSep 2026
Tariff uncertainty, Medicaid cuts, and the Iran war led many customers to pause discretionary projects.
Read the letter → - Somma Investimentos Fund FamilySep 2026
The performance reflects an environment of strong economic resilience, yet under the weight of persistent inflationary pressures, new trade tariffs and serious geopolitical tensions in the Middle East, which drove oil back above US$ 100 per barrel.
Read the letter → - Madison Investments MonthlySep 2026
Supply weakness stems directly from higher tariffs and the Iran war, which restricts oil and refinery products through the Strait of Hormuz.
Read the letter → - Baron International Growth FundSep 2026
As U.S. tariff uncertainty and biosecurity concerns around Chinese CDMOs prompt originators to reshore or friend-shore peptide production, Bachem's combination of Swiss manufacturing heritage and U.S. domestic facilities positions it as a natural beneficiary to gain market share.
Read the letter → - Ave Maria Funds Multi-FundSep 2026
Investors continued to weigh persistent inflation, tariff-related cost pressures, geopolitical uncertainty, and the longer-term implications of sustained federal deficits.
Read the letter → - Belgravia Capital Epsilon and Value StrategySep 2026
Growing geopolitical fragmentation, wars, tariffs and trade tensions are forcing governments and companies to rethink their priorities.
Read the letter → - Norinchukin Value Investments Ohbune JAPANSep 2026
The Lehman Shock, the Great East Japan Earthquake, the COVID-19 pandemic, Trump tariffs...
Read the letter → - SKBA Capital ManagementSep 2026
Perhaps that is no longer as significant an issue as it was due to on-and-off tariffs policies, but for those steeped in market economics, forecasting has become all the more difficult.
Read the letter → Despite the uncertainty created by tariffs, executive orders, inflation, and geo-political tensions, we remain focused on maintaining a diversified portfolio of wide moat, large capitalization dividend-paying companies trading at reasonable valuations, according to our analysis.
Read the letter →- Diamond Hill Select FundSep 2026
While much of the compression reflects temporary factors, including manufacturing start-up costs, higher energy prices and tariffs, increased competition may also be contributing.
Read the letter →
Showing the 40 most recent of 471 letters.