Expectations of a de-escalation in tensions between the US and Iran supported strong equity market returns over the last quarter. Fixed income markets also delivered positive performance, although resilient economic data led investors to scale back expectations for monetary policy easing and prompted some central banks to adopt a more hawkish tone. Despite this, moderating inflation pressures helped support bond markets. Overall, a more constructive risk environment drove broad-based gains across most asset classes. Against this backdrop, the Monthly Income Portfolio returned 7.1% and the Monthly Income and Growth Portfolio returned 9.0%, with equities the key contributor to returns.
The performance figures shown refer to past performance. Past performance is not a reliable indicator of future performance.
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