News & Insights

Returns experienced by investors will have been negative across all currencies and risk profiles in March, with year to date results mixed and largely driven by reporting currency.

March was a volatile month for investors, with markets dominated by concerns over valuations in the large-cap growth sector, economic growth and geopolitical risks related to trade policy. US equities came under pressure, led lower once again by the "Mag7" names. Continuing the recent trend, Europe/UK equities outperformed the US and value stocks outperformed growth.

Year to date US equity markets are down almost 5%, while stocks in the UK, Europe and Switzerland have materially outperformed with returns ranging from 6% to 9%. Within the UK equity market, large-caps outperformed small and mid-cap companies by more than 10 percentage points over the quarter, highlighting the importance of being invested in the right part of that market.

The recent US dollar weakness continued, with the greenback losing further ground to both the pound and the euro. Gold was once again the star performer, rising 10% in March, taking year to date gains to 18%.