The rotation we've seen has been very aggressive and suggests the market is questioning the strategy. We think there are some mega-caps which are really oversold, valuations are now compelling, and we look for these opportunities where this is being discriminating in selling.

We would wait till the dust settles and take a very diversified approach to portfolio construction, not only in the US but also broadly to asset classes. We would look for these stocks which are oversold and we would bide our time.

If you think back of peak disruption, we think back of last April (Liberation Day). With the AIPAC tariffs being gone, the administration will have less power to dial up and down tensions with trade partners. These new tariff avenues don't have the same sort of power, so we think disruption will be less.

We have to be invested, so we do remain invested. The one thing we're looking at is how the EU responds to this.