Money managers are shifting defensive as the Iran war fuels sharp market swings,
with the S&P 500 whipsawing on headlines and oil surging about 50% since late
February. David Royal of Thrivent said, “There’s not a clear end game for market
disruption," while adding, "Markets bottom when uncertainty is at its maximum."
Florian Ielpo of Lombard Odier cut risk exposure, saying, “Sometimes there is a
shock and you need to be disinvested.” Investors are rotating into value, bonds
and hedges, while watching oil near $110 and assessing prolonged economic risks.
