04.04.2025

• Macroeconomics – Weaker US, Recovering Europe, China acted. Tariffs’ war is on its summit, for now
• Equities – Second consecutive month of negative markets, with Asia ex-Japan in positive territory
• Bonds – Positive US Government bonds, steady Investment Grade Corporate bonds, negative High Yield bonds
• Currencies – Softer USD amid uncertainties and weaker macroeconomic data
• Other – Cryptos down, Gold hits all-time high
• Belvoir Global Allocation II Universal Fund at -4.8% in March, now -2.2% YTD

Read more about the Belvoir Global Allocation II Universal Fund in the Monthly Update, written by the fund manager Steffen Bauke.