March saw a continuation of the broadening out of the source of returns across global equity markets, away from the so called Magnificent 7 in the US. As can be seen in the ‘league table’ below* Japan was the standout market over the quarter. Indeed, the wider MSCI World Index recorded its best start to the year since 2019. Whilst Nvidia still remains the focus of attention in the US, returns there too have now broadened out, with the S&P Mid-Cap index delivering a return of 5.6% in March. The FTSE 100 had its best relative month for a while, as overseas investors sought value opportunities, but the UK market lagged behind all bar China over the quarter.
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Find out more in our April Investment Update.