Summary

• The U. S. and Israel struck Iran at the start of the month, setting off four straight weeks of equity declines and making March the worst month for U. S. stocks in a year.
• Global listed real estate delivered slightly positive performance for the quarter and outperformed global equities.
• The Duff & Phelps Global Real Estate Securities Strategy performed in line with the FTSE EPRA Nareit Developed Index for the quarter.
• Equinix and Digital Realty Trust performed well in the quarter following positive updates on industry demand fundamentals and future growth prospects for their global data center platforms.
• Scentre Group underperformed its global retail peers during the quarter as the Australian listed real estate market came under pressure following two consecutive policy rate hikes by the Reserve Bank of Australia.

Market Review

Global markets entered the year navigating mixed economic signals and rising policy uncertainty, but the quarter was ultimately defined by geopolitical shock rather than fundamentals. January and February were characterized by fragile global disinflation

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