Our Quarterly Commentary aims to carry and share the bulk of our reflections and analysis of the past quarter. To help cater to your preferences, we've provided various avenues for navigating through an entire Quarter's worth of news and data, including video feedback sessions, presentation slides, and commentary documents for SA and Global markets and portfolios.

March saw the end of the last standing negative interest rate, with Japan’s central bank raising its policy rate into positive territory. Globally, equity markets continued trending upwards in the face of broadly neutral economic news, as market participants continued to discount the chance of a recession, which also contributed to solid, if unspectacular, fixed income returns…

Since our last rebalance midway through 2023 we have experienced a continued meaningful outperformance of global equity. The result of this has been that portfolios have drifted from their target asset allocations, and we feel it is an opportune time to bring these weights back to target.