Global equities were generally positive in March, though results were mixed in the U.S. as investor sentiment waned on Speaker Ryan’s inability to move President Trump’s healthcare legislation through the House. Growth stocks continued to outperform, with cyclical and technology shares adding to recent gains as investors sought growth wherever they could find it. The outperformance of international stocks continued, reflecting general bullish sentiment as well further improvements in economic and corporate fundamentals. In a widely expected action, the Federal Reserve increased interest rates during the month, negatively impacting fixed income markets and causing losses in many investment grade bonds.

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