The ongoing war in the Middle East has disrupted energy markets and raised understandable questions about inflation, consumer spending, and global growth. In this month’s letter, WestEnd explains why the portfolio was already positioned for a more friction-filled environment, how the team is using scenario analysis to pressure-test assumptions, and why recent volatility has reinforced the importance of themes like defense, infrastructure, energy security, and financial modernization. 

The letter also highlights two portfolio decisions that reflect that thinking in practice: adding to Fluor and exiting Wynn Resorts.

WestEnd Capital’s 2025 Tax Guide breaks down key updates in the One Big Beautiful Bill Act, covering deductions, credits, retirement rules, small business incentives, and more. Our guide puts these complex changes into a clear, easy-to-reference format.

The April 2 “Liberation Day” tariff announcement sent stocks into a severe volatility patch. We maintained our cash allocation but started buying selectively.

Rising economic and trade policy uncertainty – driven by the on-again, off-again, on-again nature of tariff pronouncements – has corresponded with rising market volatility. Given the uncertainty is not likely to fade soon, we’ve raised 25% cash in portfolios.