Whether you are a Brexiter, a Remainer, a Unionist or (I'm not quite sure if we have come up with an appropriate term yet, but let's improvise) a 'Scexiter', one can't help but be absolutely fascinated with the current to-ing and fro-ing between Westminster and Holyrood. As I write, it seems that Sinn Fein are getting in on the action calling for a referendum on leaving the UK and joining the Republic of Ireland.

Whilst the thought of the breakup of the United Kingdom would fill many with dread, it's difficult to ignore the fact that, love her or loath her, Nicola Sturgeon has a point.

There is certainly no guarantee that an independent Scotland would be able to join the EU (based on the assumption that the EU continues to exist) or any of the associated trade zones. There are also reasons why countries such as Spain and France, who have their own separatist movements, might be reticent to allow it, however, it is a tough sell for the UK government to essentially give Scotland the counter-argument to Brexit, saying we are 'better together'. I think I've heard that somewhere before...Theresa May certainly has a tough job on her hands keeping it all together and negotiating a good exit deal for Britain!

Not too far in the distance are the Dutch, French and German elections which we will be watching with a keen eye, however for the time being, equity markets are making good ground, corporate profits are resilient, and momentum is certainly positive. What populism has thrown our way so far has been brushed aside by the equity markets, at least for now.

We are very mindful of the impact of politics on our investable universe, especially when a Trump tweet, for example, can wipe 20% off a company's market cap overnight. Many could feel paralysed by this level of uncertainty, as always the value of investments can go down as well as up, and investors can get back less than they originally invested. However, market turbulence (which is very sector specific at present) and changing political landscapes actually open up opportunities for active managers such as ourselves and we are finding that our ability to target certain market segments and avoid others is giving us opportunities that perhaps weren't there in the recent past.

Is this all a storm in a teacup, or will we look back on this as the beginnings of the breakup of the Union, the EU, both or either? Your guess is as good as mine.