Developed market equities retreated 2.8% in the face of persistently robust US inflation data that forced investors to reappraise the likelihood of near-term interest-rate cuts. Emerging markets delivered modest gains driven by a resurgent China, which was the top performing regional market. Thanks to its high weighting to buoyant energy and commodity companies, the UK was the second-best performing regional market. In fixed-income markets, government bonds retreated due to the prospect of interest rates staying higher for longer, while corporate bonds delivered more muted losses.
Stuart Clark
Portfolio Manager
Helen Bradshaw
Portfolio Manager
Bethan Dixon
Portfolio ManagerPast performance is not a guide to future performance and may not be repeated.
Investment involves risk. The value of investments may go down as well as up and investors may not get back the amount originally invested.