First Quarter 2018 Investment Commentary

The return of volatility in the first quarter provided a reality check for global equity investors—an experience we’d suggest getting used to as investors contend with an evolving fiscal and monetary policy landscape, in addition to a plethora of headline-related risks. Nonetheless, the global economic and corporate earnings backdrop still appear solid—and supportive of risk assets—over the near term. The events of the past quarter have not materially changed our longer-term asset class views or risk assessments. Consequently, our portfolio positioning has not changed.

In our first quarter investment commentary, we address the recent market volatility, then highlight a potential path for the economy and financial markets going forward.

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