April experienced an extension of gains realized in the first quarter. This, in spite of a slumping dollar and the US economy posting a disappointing GDP number in Q4. Meanwhile, Europe’s economy continues to find its footing,
as measures such as availability of credit improved, and oil prices reversed their downtrend and rose sharply upward in April. International stocks continued their outperformance in 2015, with developed international stocks gaining 4% and emerging markets returning over 7%. In the US, large cap stocks were up about 1% for the month. The 10‐year Treasury yield rose during the month, while intermediate term bond returns dipped a slight 0.4%. High yield bonds gained 1.2%.