The Q1 2025 Quarterly Market Review describes a challenging start to the year for U.S. equities amid rising trade tensions, policy uncertainty, and shifting expectations around interest rates. U.S. stocks posted negative returns for the quarter, underperforming both international developed and emerging markets, with value stocks outperforming growth and small caps lagging large caps. International developed markets delivered the strongest equity returns, while emerging markets were also positive but trailed non-U.S. peers. Fixed income markets provided stability as interest rates generally declined, leading to positive returns across most bond sectors. Commodities were a notable bright spot, posting strong gains driven by energy and industrial metals. The review also explores the impact of renewed tariff discussions, noting that markets often price in trade policy risks ahead of time and that countries targeted by tariffs have not necessarily underperformed. The report reinforces the importance of diversification and maintaining a long-term investment perspective during periods of heightened uncertainty.