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Portfolio Manager Insights
First Quarter

A conversation about tariffs, taxes, and more

Key Takeaways

  • How to make sense of tariffs and how they may affect the economy.
  • Understanding new tax proposals and the potential impact.
  • The benefits of diversification and allocation of your portfolio.

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Views expressed are as of March 11, 2025 and are subject to change at any time based on market and other conditions. Data is unaudited. Information may not be representative of current or future holdings.

Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.

Past performance is no guarantee of future results.

Diversification and asset allocation do not ensure a profit or guarantee against loss. This presentation does not constitute an offer or solicitation to any person in any jurisdiction in which such offer or solicitation would be unlawful. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. No assumptions should be made regarding the manner in which a client’s account should or would be handled, as appropriate investment strategies will depend upon each client’s investment objectives. None of the information contained herein takes into account the particular investment objectives, restrictions, tax or financial situation, or other needs of any specific client. Certain strategies discussed herein give rise to substantial risks and are not suitable for all investors. The information contained in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. The information provided by third parties has been obtained from sources believed to be reliable, but Strategic Advisers LLC. makes no representation as to its accuracy or completeness. Statements concerning financial market trends are based on current market conditions, which will fluctuate. In general, the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk, liquidity risk, call risk, and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. Investment decisions should be based on an individual’s own goals, time horizon, and tolerance for risk. This material may not be reproduced or redistributed without the express written permission of Strategic Advisers LLC. Optional investment management services provided for a fee through Fidelity Personal and Workplace Advisors LLC (FPWA), a registered investment adviser and a Fidelity Investments company. Discretionary portfolio management provided by its affiliate, Strategic Advisers LLC, a registered investment adviser. These services are provided for a fee. Effective March 31, 2025, Fidelity Personal and Workplace Advisors LLC (FPWA) will merge into Strategic Advisers LLC (Strategic Advisers). Any services provided or benefits received by FPWA as described above will, as of March 31, 2025, be provided and/or received by Strategic Advisers. FPWA and Strategic Advisers are Fidelity Investments companies. Brokerage services provided by Fidelity Brokerage Services LLC (FBS), and custodial and related services provided by National Financial Services LLC (NFS), each a member NYSE and SIPC. FPWA, Strategic Advisers, FBS, and NFS are Fidelity Investments companies.

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