Emerging Markets Income: May Monthly Commentary
3 minutes read timeOver the month the fund gained 7.5% (USD terms), led by Taiwan and South Korea, with Technology and Industrials the standout sectors. China and Brazil were the heaviest detractors, whilst Real Estate and Communications were the weakest sectors.
Global Listed Infrastructure: May Monthly Commentary
< 1 minute read timeThe global listed infrastructure sector was weaker over May with the benchmark index (FTSE Global Core Infrastructure 50/50 Index Net Tax USD) returning -2.32% over the month.
Multi-Asset: Market Update May 2026
4 minutes read timeGlobal equity markets maintained their strong momentum in May, recovering from March lows. This rebound was underpinned by a combination of artificial intelligence (AI) optimism, robust corporate earnings, and an easing of geopolitical tensions.
Global Active Credit: April Monthly Commentary
2 minutes read timeThe Iran conflict remained at the forefront of market attention in April. Fears around the trajectory of the conflict persisted into the start of the month, but risk rallied as April progressed – first on news of a two-week ceasefire, and subsequently after Trump posted that an agreement with Iran had largely been negotiated, including a commitment from Iran to never close the Strait of Hormuz again.
Multi-Asset: April Monthly Commentary
2 minutes read timeOngoing tensions between the U.S. and Iran dominated headlines, with the Strait of Hormuz remaining severely disrupted. Oil prices exhibited significant volatility throughout the month, retreating sharply in early April amid optimism for a Middle East ceasefire before rebounding as negotiations stalled.
Emerging Markets Income: April Monthly Commentary
3 minutes read timeIn May the fund rallied by 6.8% in GBP terms, with most of the gains coming from South Korea and Taiwan. Technology was the leading sector followed by Industrials, some of which have significant technology exposure.
Global Listed Infrastructure: April Monthly Commentary
< 1 minute read timeThe global listed infrastructure sector was stronger over April with the benchmark index (FTSE Global Core Infrastructure 50/50 Index Net Tax USD) returning 3.55% over the month.
Emerging Markets: April Monthly Commentary
3 minutes read timeDuring April, the Strategy outperformed the MSCI Emerging Markets index by 0.6% as markets rebounded following the Iran conflict sell-off. The greatest contribution to outperformance came from semiconductor stocks in Taiwan and Korea, but we also had a strong contribution from Chinese industrials and were helped by our underweight in Brazil and India.
G10 Macro Rates: April Monthly Commentary
1 minute read timeApril 2026 net performance was negative -0.08%. As the Middle East conflict between the US, Israel and Iran entered its second month, confusion continued to beset the market and central bankers alike.
Multi-Asset: Market Update April 2026
4 minutes read timeFollowing a challenging backdrop in March, global equities rebounded sharply last month as risk appetite strengthened and markets discounted ongoing geopolitical uncertainty.