Uncertainty around tariffs has caused volatility across financial markets, but there’s no “one-size-fits-all” answer to how the tariffs will impact different market segments and sectors. FEAC’s Chief Investment Officer of Direct Lending Michelle Handy explains why the lower middle market tends to be more insulated from the direct impact of tariffs, why deal flow volumes in this space may likely remain intact, and how the team’s all-weather approach to lending to non-cyclical businesses with high free cash flow and lower capex may provide resilience in a recessionary environment.