Global equities rose by 5.4% (in local currency terms) in May, with Eurozone markets rising by 4.3% and North America rising by 5.7% (in EUR terms). The U.S. dollar strengthened against the Euro over the month.
Following a strong April, global equities delivered another positive month in May, supported by resilient macro data and strong corporate earnings. Technology stocks were the primary driver of market performance, supported by continued demand for AI-related infrastructure and semiconductors, growth stocks continued to outperform value.
The sample DB scheme’s funding level rose to c.112% during the month, reflecting an increase in asset values (calculated using a Funding Standard proxy).
Our High Risk, Medium Risk and Pension Purchase DC strategies all experienced positive returns over the month.
