- The Fund’s QDEUR hedged class rose over the month 0.14%, YTD 4.93%
- US Treasury yield curve continued to flatten
- Brent crude continues to rally in anticipation of production cut extension
- The US Dollar Index (DXY) fell 1.59%
The yield curve continued to flatten over the month with the yield on the UST 30 year falling 5 bp to yield 2.83% at month end while the 10 year UST yield edged higher to 2.41%. The spread between the 2 and 30 year Treasury compressed to its lowest level since 2007 as it pushed below 1% at one point during the month.