Which ASX sectors led the pack in March, according to Macquarie?

The S&P/ASX 200 Index (ASX: XJO) fell 3.4% in terms of total returns in March, with defensive stocks outperforming growth shares.

In a new note, top broker Macquarie said the market de-rated in March “as investors anticipate the impact of Trump’s tariffs”.

When markets are nervous,…