Happy May! We continue to hope everyone is healthy and well!
- On the global equity front, while March brought sharp losses across each asset class, April delivered positive gains across all asset classes, with the MSCI ACWI index gaining > 10%.
- All global equity indexes are still negative on a YTD basis.
- With global fixed income, all indexes were positive with the exception of intermediate term and long term munis.
- All global fixed income benchmarks, with the exception of HY and munis are positive YTD
- With munis, it is important to keep in mind the buyer base is fairly narrow (i.e. retail investors), the historical default rates are quite low, while the main muni products East Bay clients utilize are highly diversified.
As we continue to move forward through this crisis, we are here to answer the questions you and your clients may have. Don't hesitate to reach out.
As always, please feel free to contact us at firstname.lastname@example.org