Overall Market Backdrop, May

– The equities rebound continued into May with steady gains across equity indices.
– The VIX index of market volatility has declined by over 16% from the end of April but remains high at 27%.
– Small Cap was the strongest performing factor for the second month with a return of 8.7%.
– Momentum had a strong performance and is the highest performing factor for the past 5-years.
– Credit markets have performed well, with Investment Grade Bonds continuing to rally for the second month.
– WTI July crude oil contracts ended on $35.49 per barrel, a monthly rise of 79%.

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