Global equities fell by -6.3% (in local currency terms) in March, with Eurozone markets falling by -8.5% and North America falling by -2.6% (in EUR terms). The US dollar strengthened against the Euro over the month.
European equities suffered sharp losses in March, marking their largest monthly decline since 2022. The main headwind was the Middle East conflict and disruption around the Strait of Hormuz, which drove up oil and gas prices and renewed inflation concerns.
Similarly, US equity markets weakened in March, although sentiment improved towards month-end amid speculation that tensions in the Middle East could de-escalate.
The sample DB scheme’s funding level declined to c.105% during the month, reflecting a decline in asset values (calculated using a Funding Standard proxy).
Our High Risk, Medium Risk & Pension Purchase DC strategies all experienced negative returns over the month with both equities and bonds down.
