- The Fund’s USD I Class was up +4.39% in March and +6.15% in Q1’16
- Risk-on rally across asset classes. Brent crude up 10%
- The offshore renminbi appreciated 1.37% against the dollar
- Holdings in Russian quasi-sovereign and China issue outperformed
After what was a very volatile start to the year, March ended the quarter with a risk-on rebound as the ECB delivered further easing (in excess of market expectations) and Fed members revised their dots lower. Commodities witnessed the largest rally; Brent crude surged over 10% over the month helped by rumours of a Saudi-Russia led supply freeze. The Fund’s USD I Class was up +4.39% over the month and +6.15% during the first quarter.