For investment professionals only.

Following Trump’s Liberation Day announcement, a few investors have asked how the Fox portfolios are faring and what, if anything, the managers have been doing in response.

In their monthly commentary video, Alex Paget and Simon Evan-Cook discuss the growing global unease with the US—coined 'the ick'—as trade tensions and dollar weakness prompt investors to reassess.

In response, the MGTS Downing Fox Funds reduced US dollar exposure and added Japanese yen to strengthen the defensive mix. With capital potentially flowing back to undervalued markets like the UK, the managers believe the portfolios remain well-positioned to manage risk and adapt to shifting global dynamics.

MGTS Downing Fox Funds: commentary for April 2025

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Important notice

This video is intended for financial advisers and has been approved and issued as a financial promotion under section 21 of the Financial Services and Markets Act 2000 by Downing LLP. Any subscription to the fund should be made on the basis of the relevant product literature available from Downing, or from the ACD, Margetts Fund Management Ltd and your attention is drawn to the charges and risk factors contained therein. Any personal opinions expressed are subject to change and should not be interpreted as advice or a recommendation. Capital is at risk and investors should note that their investments and the income derived from them can fall as well as rise and investors may not get back the full amount invested.

Downing is a trading name of Downing LLP. Downing LLP is authorised and regulated by the Financial Conduct Authority (Firm Reference No. 545025). Registered in England and Wales (No. OC341575). Registered Office: 10 Lower Thames Street London EC3R 6AF.