In March,global markets were optimistic, with the MSCI World index rising 3.3% month-on-month.This positive trend was fueled by several factors,including optimism surrounding a US soft landing scenario, continued momentum in artificial intelligence stocks, and expectations of forth coming rate cuts by central banks in the second half of 2024.

However, February's US inflation data disappointed, with a 3.2% reading, slightly higher than January's 3.1%, while core inflation was at 3.8% compared to the previous month's 3.9%. On the economic front, US 4Q23 GDP was revised upward to 3.4% year-on-year.

Gold prices surged 9.1% in March, bringing the first quarter's gain to 8.1%, largely driven by its safe-haven appeal and expectations of delayed Fed rate cuts. Oil prices also saw a positive performance, rising by 4.6% for the month.The Fund's performance for March stood at 2.65%, with a year-to-date return of 11.31%.