The first quarter of 2024 saw a continuation of the robust performance enjoyed by risk assets at the end of 2023, boosted by resilient economic data and strong corporate earnings. While equities raced away, fixed-income assets faced a more challenging period as the prospects for aggressive interest-rate cuts faded. Even so, better returns from high-yield credit helped offset the modest weakness in government bonds. Both the Monthly Income and the Monthly Income and Growth portfolios delivered positive returns, gaining 1.7% and 3%, respectively. Growth stocks outperformed value stocks over the quarter while the UK trailed global equity markets. Both of these were headwinds to the performance of the portfolios compared to their respective peer groups.
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