The S&P Investment Manager Index’s (IMI) Risk Appetite Index remained near March’s 22-month low at -31% in April.

• This pessimism was evident even though most responses were collected before the reciprocal tariffs were announced.

• The political and macro environments remain the most negative factors impacting sentiment.
• The adverse impact of politics on equities is now running at its highest for just over three years.
• Only shareholder returns and central bank policy (marginally) are positive factors.