Overall Market Backdrop, April

– Equity markets worldwide had a month of strong positive returns. The S&P 500 had its best monthly return since 1987.

– US oil futures prices tumbled into negative territory for the first time.

– Small Cap was the strongest performing factor with a return of 11.56% (MSCI ACWI Small Cap).

– Fixed Income continued to rally.

– U.S. junk bonds rallied the most since 1998.

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