May 2018 || Newsletter

Investment Perspective

A number of trend reversals were observed during April as European equities outperformed and as the dollar started to rebound; G-7 sovereign debt also returned to its early-year trend of rising yields, with U.S. Treasuries recording the steepest moves. When looking at year-to-date returns of regional equity indices, European equities have more than made up their underperformance relative to U.S. and emerging markets. Part of this catch-up can be explained by the rebound of the dollar, which appreciated by 2% against the euro during April. Japanese equities also performed well during the month as the Topix Index gained 3.6%, helped by the 2.8% depreciation of the yen vs. the dollar.

Newsletter summary

  • Investment Perspective
  • Investment Strategy
  • Portfolio Activity/News

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