- The Fund’s USD I Class gained 2.03% over the month
- Treasury yields stumbled despite little insight from FOMC’s statement
- Slightly weaker data from China; central bank introduce further policy easing
- Holdings in Russia continue to perform well
Broadly, April was positive for credit markets although the last few days saw US Treasury yields jump as speculation that the Fed will raise interest rates this year mounted, despite data erring on the weaker side and little insight from the FOMC minutes. The yield on the ten-year Treasury ended 11 basis points higher over the month, closing at 2.03%. In Europe, Switzerland issued its first ever ten-year government bond at negative yields and there were an increasing number of eurozone government bonds trading at negative yields, with the likes of Germany and the Netherlands trading below 0% for up to five year maturities.