From trade wars to wildfires | with MALTS

May 2025

The first quarter of 2025 delivered a potent mix of geopolitical escalation, technological disruption, and environmental catastrophe—all of which had material impacts on public markets and the alternative strategies we monitor.

From escalating trade tensions and “Liberation Day” tariff shocks, to the emergence of DeepSeek’s low-cost AI model and devastating wildfires across California, the landscape for Marketable Alternatives has been defined by dispersion, volatility, and uncertainty.

In this edition of Meeting of the Minds, our Marketable Alternatives (MALTS) research team unpacks these events and explores how hedge fund strategies, insurance-linked investments, and global macro themes have evolved.