The Macro Pieces
President Trump escalated trade war hostilities with China; put Mexico & India on notice
Beyond tariffs, clear and present risks/disruptions to global supply chains have emerged. Globalization has been a key driver of expanding US corporate profit margins for the past 30 years. Recalibrating supply chains and sourcing inputs would negatively impact future earnings.
Needless to say; the capital markets were not anticipating the escalation (all figures for May):
On the Brightside:
“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC, which also includes the Madison Scottsdale office. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer, and is a member firm of the Financial Industry Regulatory Authority.
Madison Investments shares all personnel and resources at their Madison, Wisconsin location. Statistical data is for the consolidated Madison organization. The Madison organization consists of its holding company, Madison Investment Holdings, Inc. and its affiliates: Madison Asset Management, LLC; Madison Investment Advisors, LLC; and Hansberger Growth Investors, LP. Asset information presented includes non-discretionary assets. Refer to each entity’s Disclosure Brochure for more information.