All themes
Tariffs & trade policy
39 managers wrote about this in 61 letters. Every passage below is copied verbatim from the letter it came from.
Share of letters mentioning it
- 2026 Q120% of 54
- 2026 Q214% of 295
- 2026 Q313% of 53
- Loomis Sayles Municipal SectorAug 2026
Debt to earnings before interest, taxes, depreciation and amortization (EBITDA) of 3.9X remains well below the 20-year average of 5.6X. • The macro backdrop for ports remains constructive, with tariff-related risks appearing more balanced between upside and downside scenarios.
Read the letter → - Guinness Sustainable Energy FundJul 2026
After the tariff and tax credit uncertainty of 2025, policy has moved from a source of great uncertainty to relative stability.
Read the letter → - Guinness Greater China FundJul 2026
The company’s 2025 results had already shown some of these pressures, with customers absorbing only part of the additional tariff burden.
Read the letter → Guinness Asian Equity Income July 2026 Shenzhou International (-34.5%), a textiles manufacturer that supplies global names such as Nike and Adidas, has been driven by concerns over weaker demand from global sportswear customers, as well as margin pressure and tariff uncertainty.
Read the letter →The current macroeconomic environment is marked by significant uncertainty, driven by shifting trade policies, tariff escalations, geopolitical risks, concerns over economic growth, and the potential resurgence of inflationary shocks.
Read the letter →Whilst tariffs and investment spending have had an impact on earnings in the near term, the bear case is mostly focussed on Alcon’s intraocular lens (IOL) franchise for cataracts surgery.
Read the letter →While Spain suggested that China could be an ally, others called for higher tariffs and quotas.
Read the letter →None of it moved the stock until June 30, when Lundin rose 2% on Commerce Secretary Lutnick's recommendation of a 15% refined copper tariff from 2027.
Read the letter →- SVN Capital FundJun 2026
KKR has been a holding since the fund's first day, bought first in the high teens and averaged into the low $40s. In those years the stock has fallen hard five times: the COVID crash of 2020, the rate shock of 2022, the tariff fright of 2025, and twice on this private-credit scare.
Read the letter → Unfortunately, WOSG faced another setback when the United States imposed 39% tariffs on Swiss imports.
Read the letter →Adjusted diluted EPS of $1.57 was in line with estimates, though down 22% year-over-year, driven primarily by significant margin compression as tariff-related costs peaked during the quarter.
Read the letter →Consumer Discretionary (-10.1%) is still the worst performer YTD, despite May's bounce, with autos, luxury, and retail continuing to bear the brunt of tariff anxiety and soft Chinese demand.
Read the letter →- Baron Durable Advantage FundJun 2026
In the first quarter of last year, we got the “tariff tantrum” in mid-February and experienced an approximately 15% drawdown over the next seven weeks, with the Fund posting a 7.0% decline for its March 2025 quarter.
Read the letter → Consumer Discretionary (-11.6%) is still the worst performer YTD, with autos, luxury and retail continuing to bear the brunt of tariff anxiety and softened Chinese demand.
Read the letter →US tariff refunds under the IEEPA framework began, but the US announced a new 10-12.5% tariff on a large number of trading partners relating to forced labour in supply chains.
Read the letter →- Alluvium AM ConventumJun 2026
On 15 April the Linamar share price fell 12.6% as the market suddenly seemed convinced that US tariff changes (implemented a few days earlier) would have a devastating effect on its business.
Read the letter → Investors also gained confidence that Masco could offset tariff and commodity inflation through pricing, cost controls and operational improvements while continuing to expand margins despite a challenging housing backdrop.
Read the letter →Qualcomm prices moved up on news of a 90-day temporary US-China tariff pause, as well as news that the company had agreed a deal to supply ByteDance’s data centres with custom AI chips.
Read the letter →- Ninepoint PartnersJun 2026
But in some countries, inflation has been above target for several years, and new upside pressures such as the AI CAPEX boom in the U.S. and the goods price increases from the 2025 tariffs are all pushing prices up.
Read the letter → The Vietnamese government’s recently imposed tariffs on Chinese steel imports should also lead to better pricing and margins for Hoa Phat as a domestic producer.
Read the letter →Events like spiking gas prices, rising tariffs, rising interest rates, can lower a company’s earnings.
Read the letter →- Baillie Gifford Emerging MarketsJun 2026
In 2018, the US launched tariffs targeting industrial, technology, machinery, electronics and intermediate goods, reflecting US concerns about China's technology-transfer and intellectual property practices.
Read the letter → - Pershing SquareJun 2026
Underlying margin expansion and earnings growth have been tempered by foreign exchange headwinds, tariff absorption, and significant sales, research, and capital investments in support of new product launches.
Read the letter → - Baron Focused Growth FundJun 2026
Shares of global footwear retailer Birkenstock increased 19.6% in the second quarter and helped performance by 75 bps as sales continued to be quite strong and grew at a mid-teens rate despite concerns about the war in the Middle East, a depreciating dollar, and tariffs.
Read the letter → - Vltava Fund SICAV, plcJun 2026
A year ago, in the spring of 2025, when uncertainty surrounding U.S. trade tariffs was at its peak, the spot price for a barrel of WTI crude oil plummeted to nearly $60.
Read the letter → - Royal London US Equity TrustJun 2026
However, it surged in the second quarter, after beating earnings forecasts and benefiting from relief about tariff concerns and evidence of rising sales.
Read the letter → Military outcomes that could hurt economic growth and trade policy are the obvious sources of risk but not the only ones.
Read the letter →Conversely, we reduced our position in BJ's Wholesale Club, which operates membership warehouse clubs in the eastern half of the U.S. Shares of BJ’s fell -11% as persistent tariff-related cost uncertainty and record-low consumer sentiment weighed on the sector, though membership growth continued to prove resilient among bargain-conscious shoppers.
Read the letter →The company has been under pressure given the emergence of extremely competitive local OEMs in China (c.25% of sales) and the impact of tariffs on key export hubs, however, is arguably now trading at a negative enterprise value.
Read the letter →- Spheria Opportunities FundJun 2026
This result was achieved despite several cost headwinds outside the company's control, including: 1 An anticipated €20m shortfall in the French revenue guarantee; 2 The impact of French medical practitioner strikes; and 3 Insufficient public tariff funding relative to cost inflation.
Read the letter → Inflation proved stickier than many investors had hoped, reflecting the lingering effects of tariffs and higher energy prices following the conflict with Iran, while Treasury yields remained elevated as investors adjusted to expectations that the Federal Reserve would maintain its focus on price stability under new leadership.
Read the letter →We bought TPG in our large cap strategy in the first quarter of last year during a market overreaction caused by the tariff tantrums.
Read the letter →- Praetorian Capital Fund LLCJun 2026
As I like to remind people, during the Trade War, Main Street won for 6 days.
Read the letter → Geopolitical and tariff conditions remain fluid, and further Fed rate cuts may prove difficult against stubbornly sticky inflation, low unemployment, and resilient economic activity.
Read the letter →The company has been under pressure given the emergence of extremely competitive local OEMs in China (approximately 25% of sales) and the impact of tariffs on key export hubs, however is arguably now trading at a negative enterprise value.
Read the letter →- Palm Valley Capital FundJun 2026
For the average company, the misses weren’t as dramatic, but they were still substantial, particularly since tariff-related impacts were less than anticipated.
Read the letter → Also, continued tariffs on aluminum and alumina products will help pricing stay elevated, even if Middle East capacity comes on faster than expected.
Read the letter →- Aristotle Value Equity StrategyJun 2026
The management team cited potential second-half headwinds from tariffs, higher oil-related input costs, farmer fuel expenses, and competitive crop protection pricing in Latin America and Asia.
Read the letter → - Guinness Multi-Asset FundsJun 2026
Among the more notable risks are a Chinese invasion of Taiwan, a deterioration in US relations with China and/or other countries, higher than expected inflation, the Iran conflict, and if the tariff impact ends up being greater than the consensus expects.
Read the letter → We exited the position as tariffs, cost inflation and product recalls reduced visibility into the company’s earnings trajectory and delayed the anticipated profit cycle.
Read the letter →
Showing the 40 most recent of 61 letters.