The Globe and Mail reports in its Wednesday, May 28, edition that Scotia Wealth Management manager Greg Newman was optimistic about the markets after Donald Trump's election, but grew defensive with the rise of tariff discussions this year. The Globe's Brenda Bouw writes that Mr. Newman says, "I didn't think [Mr. Trump] would be as draconian with his tariffs as he started off being, so I was glad we were hedging." Mr. Newman oversees about $1-billion in assets. Mr. Newman says he began to increase his equity holdings to about 65 per cent in recent weeks as the tariff rates eased, and he believes the markets could continue to recover later this year. He says: "We're still cautious. But I believe the outlook looks good over the next 18 months with deregulation and tax cuts [in the U.S., and] hopefully some tariff resolution." His average portfolio was up 10.5 per cent over the past 12 months, as of May 12, and has seen an annualized return of 14.9 per cent over the past three years. The performance is based on total returns, net of fees. Asset allocation varies depending on a client's risk tolerance.