The Merchants Trust: value, volatility and vigilance

Simon Gergel, lead manager of The Merchants Trust (MRCH), outlines a cautious but opportunity-rich outlook for the remainder of 2025. While global uncertainty, spurred by US tech sell-offs, Trump's tariff threats, and UK economic stagnation, has dampened sentiment, larger UK and European companies have held up relatively well. Gergel, a value investor, is trimming expensive holdings and reallocating to undervalued UK opportunities, with a constant reassessment of fundamentals and risk.