Bloomberg Surveillance Trump Offers Hormuz Assurances as Iran War Rages On
4 snips
Mar 4, 2026 
Sébastien Page, CIO at T. Rowe Price, outlines using real asset equities as a geopolitical hedge. Debbie Cunningham, CIO of Global Liquidity Markets at Federated Hermes, talks cash management and short-term Treasury flows. Angie Gildea, KPMG energy leader, examines Strait of Hormuz disruption risks and supply constraints. Liana Fix, CFR senior Europe fellow, explores European security shifts and political divisions.
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Real Asset Equities As A Geopolitical Hedge
- Real asset equities act as a geopolitical hedge by combining energy, metals, mining, precious metals and real estate in a stock sleeve.
- Sébastien Page says a 10% dedicated allocation gives equity premium plus inflation shock protection when bonds fall with stocks.
Oil Rallies Often Peak Weeks After Conflict Starts
- Historical analysis shows oil rallies after military action tend to peak roughly 23 days in, with an average rally of 27 percent.
- Page warns oil probably hasn't peaked yet and that past military-related rallies can persist several weeks.
Diversify Hedging Beyond Treasuries
- Diversify hedges rather than relying solely on treasuries; include commodities, gold, cash and real asset equities.
- Page recommends a barbell equity stance: selective AI/tech exposure plus overweight energy, materials and healthcare as defensive/value wings.