Global fixed income markets moved sharply lower during March 2026 as the conflict in Iran disrupted what had been a broadly constructive start to the quarter.
Markets largely abandoned expectations of U.S. Federal Reserve rate cuts and began pricing in multiple rate hikes by the European Central Bank and Bank of England.
Grounded in our valuation discipline, we had positioned the Fund defensively entering the year, which set it up to take advantage of opportunities that emerged during the first quarter.
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Market Commentary
Global fixed income markets moved sharply lower during March 2026 as the conflict in Iran disrupted what had been a broadly constructive start to the quarter. Higher energy prices rekindled inflation concerns, pushing yields higher
