•After a positive start to the year, March brought further volatility to markets as the effects of conflict in the Middle East were felt globally.
•Portfolio performance was supported by exposure to energy companies and a larger than average allocation to defensive assets such as short dated government bonds.
•We continue to rebalance portfolios, maintaining a barbell positioning that balances downside protection with equity exposure to capture long term opportunities.
The value of securities and the income from them can fall as well as rise. Past performance should not be seen as an indicator of future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.
