SUMMARY
The Fund returned -18.10% in March, underperforming the benchmark return of -15.20%.
The global markets have entered one of the most challenging periods since the Global Financial Crisis in 2008 – 2009. Complacency has been replaced by fear as investors grapple with the economic uncertainty caused by the COVID-19 pandemic. Beginning the last week of February, forced selling placed massive downward pressure on prices across asset classes. Volatility also rose to extreme levels. March witnessed the second fastest sell-off in US equities, followed by the largest three-day rally, since the Great Depression. Increased participation by computer-driven strategies exacerbated the often-violent price swings. Our full commentary is below >>