Summary

• Global stocks fell sharply in the first quarter amid escalating conflict in the Middle East and its potentially adverse impact on global economic growth.
• Global fixed-income markets also tumbled as rising energy prices resulting from the Middle East conflict sparked inflationary concerns, which drove bond yields higher and bond prices lower.
• The fund posted a negative return for the quarter and underperformed its benchmark, the ICE BofA ML 0-3 Month U.S. Treasury Bill Index.

Quarterly commentary