• Generally positive month for bond markets; Fund’s QDUSD class gained 1.02%
• US dollar index weakened; Trump’s pro-growth policies are slow to get implemented
• Risk-on bias into month end; French Presidential election result as expected
• Fed still on track to raise rates although recent economic data releases have ‘softened’
Generally positive month for bonds; the 10 year UST yield fell by 11 bps to 2.28% at month end and investment grade credit spreads tightened benefiting from more of a risk-on bias into month end. The swing in sentiment was mirrored in the VIX index of volatility which spiked to a 5 month high mid-month only to reverse this and reach the lows of the past 10 years.