Overall Market Backdrop, March

• After a two-month slump, developed equities finally broke free from negative returns. However, the same can not be said about emerging markets, which have extended their negative run to 3-months.
• On the back of a challenging inflation environment, the Federal Reserve (Fed) and Bank of England
• (BoE) both raised policy rates by 25 basis points.
• Sovereign bond yields saw a massive increase globally, with the US 10-Year Treasury increasing by 50 basis points and ending at 2.32%.
• Minimum Volatility was the best performing factor with a strong return of 6.56%.

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