Key takeaways

• Global markets saw a resurgence of inflation and rate risk. A major Middle East conflict pushed oil and gas prices higher, heightening concerns about supply-side pressures and reinforcing higher-for-longer rate expectations, with yields and spreads rising late in the quarter.

• In the United States, equity markets struggled amid higher rates and geopolitical uncertainty, with pressure concentrated in mega cap stocks as moderating growth prompted a rotation towards more defensive areas of the market. Outside the U.S., equities generally faced headwinds from higher energy costs, geopolitical exposure, and region-specific growth challenges.

• During 1Q26, the Voya (VOYA) Global Perspectives Market Models: ETF Series delivered positive absolute and relative returns.

• On a net-of-fees basis for the following: The GPMM Income ETF, Voya GPMM Conservative Growth ETF, Voya GPMM Moderate Growth ETF, and Voya GPMM Aggressive Growth ETF Models outperformed the Bloomberg Global Aggregate Bond, S&P Target Risk Conservative, Moderate and Aggressive Indices, respectively.

Market review

Global markets became unsettled during the first quarter following the eruption of a major conflict in the Middle East. Disruptions to shipping through the Strait of Hormuz constrained energy supply and drove sharp increases in crude oil and broader commodity prices. These supply pressures lifted costs for gasoline, jet fuel, and fertilizers, prompting investors to reassess expectations for inflation, monetary policy, and overall market stability. Markets with greater reliance on energy imports experienced the most pronounced pressure, while defensive positioning provided only limited insulation. Late-March selling contributed to oversold conditions based on several short-term market sentiment indicators.

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