The risks markets are ignoring

Markets in a Nutshell — March 2026

Did you know? Bretton Woods

Foreword | Issue 77 | 1st Quarter 2026

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MARKETS IN A NUTSHELL — FOR MARCH 2026

March was a reminder of how quickly market optimism can unravel. The beginning of the month was defined by hopes that inflation had been tamed and would start to fall. But by mid-March, the escalation of the Israel-American conflict with Iran triggered an inescapable disruption the world over. Linda Eedes unpacks this shift and its immediate and far-reaching consequences on global markets during March and beyond in this episode of Markets in a Nutshell.

MARKETS IN A NUTSHELL — FOR MARCH 2026

Investors began March assuming that the rich world had slain the inflation beast and interest rates would continue to trend lower. By the Ides they were confronting a rather older problem: the consequences of war in the Middle East on energy prices, inflation and interest rates. The Israeli-American attack on Iran, and the effective closure of the Strait of Hormuz to oil traffic, triggered a classic energy supply shock. Brent crude surged 63% in March. Equities and bonds fell globally, with Europe among the worst hit. South African assets and the rand tumbled.

YOU CAN'T PREDICT THE MARKETS, BUT YOU CAN PREPARE FOR THEM

Brian Arcese, Portfolio Manager at Foord Asset Management, explains how the Foord International Fund’s all-weather approach is positioned for 2026

MARKETS IN A NUTSHELL — FOR FEBRUARY 2026

February ended in dramatic fashion as the United States and Israel launched air strikes on Iran. Iran’s supreme leader, Ayatollah Khamenei, was reported killed. Tehran described the attack as ‘criminal’ and vowed retaliation, which is underway. Iran’s reprisal threatens regional contagion. As March begins, investors are focused on the consequences of the war on energy prices, inflation expectations and risk premia.

MARKETS IN A NUTSHELL — FOR JANUARY 2026

January started with a geopolitical bang, and the world’s risk premium rose - forcing markets to price a world in which alliances appear more transactional and institutions more exposed to politics. In this month’s Markets in a Nutshell, investment professional Linda Eedes recaps January 2026, from equity gains amid tensions to sharp commodity reversals. Volatility reminded us that crowded trades can unwind with little notice, underscoring the value of diversification, liquidity and fundamentals. The key lesson? Preparation matters more than prediction: deploy capital with discipline as opportunities broaden across regions and sectors.

MARKETS IN A NUTSHELL — FOR JANUARY 2026

January was a stark reminder for investors that geopolitics is more than background noise. The year started with a geopolitical bang and the world’s risk premium rose. Markets advanced through much of the month, even as the headlines grew steadily more martial. Then, at month-end, several crowded trades snapped back sharply.