– Global equities had a strong performance in March supported by the ongoing economic recovery and positive vaccine news flow. While defensive sectors recovered, cyclical sectors continued to perform well and the rotation triggered further profit taking in quality growth names. This “value” rotation has now lasted for more than 5 months. It is difficult to assess its duration as it will depend on macro factors like inflation, interest rates and the strength of the economic recovery. The current environment may offer some opportunities to buy, at attractive valuation levels, stocks that will eventually resume their outperformance. In this context, we have seen new incoming requests for information on equity and EM Debt funds in our range.