- Market Background: Developed markets rallied as the initial volatility sparked by Russia’s invasion of Ukraine subsided in most markets throughout March. US and Australian equities made significant gains with the S&P 500 and All Ordinaries up 3.57% and 6.36% respectively, while MSCI Europe was slightly down, -0.53%. Emerging Market equities extended their losses down -2.52%, while the Russell 2000 edged out higher on the month, up 1.08%. Investors continue to focus on commodities and interest rates as the two send ripples throughout the global economy. Crude was up another 4.58% and natural gas spiked 21.53% to 5.65. Rates also spiked significantly with the US 10-Year up to 2.32 from 1.83 (26.78%), the 10-year GILT up to 1.69% (19.26%) and the 10-year Bund closed at 0.55, all post-COVID highs.
- US Equities: Return of the familiar Quality, Growth and Momentum trio with large cap.
- Europe: Quality, Growth and Momentum outperformance.
- Emerging Markets: Solid gains in Value and Yield with some elements of Momentum and Quality.
- Australia: Shareholder yield, large caps and Momentum outperformed with limited losses elsewhere.
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