70% Fixed Income — 30% Equity

We maintained a balanced global allocation in April, keeping portfolio positioning at 50% Fixed Income and 50% Equities amid continued geopolitical uncertainty, rising inflation risks, and evolving central bank expectations.

For Fixed Income, global yields remained elevated as markets repriced inflation expectations driven largely by energy price pressures and ongoing geopolitical developments. The U.S. Federal Reserve kept policy rates unchanged but signaled a more cautious stance amid persistent inflation risks and uncertainty surrounding the growth outlook. Portfolio positioning remains slightly below benchmark duration, with a continued focus on high coupon securities to help manage volatility and support income generation in a higher rate environment.

For Equities, global markets continued to advance, supported by resilient earnings from large-cap technology companies. However, gains were increasingly concentrated, with markets showing signs of overextension amid rising bond yields and lingering geopolitical risks. Portfolio positioning remains balanced but with a more cautious tilt, as underlying funds begin to reduce risk exposure while maintaining participation in global growth opportunities. We continue to monitor market conditions closely for signs of a more sustained consolidation or pullback.