March marked a turning point for global markets.

Geopolitical tensions moved from background noise to a central driver, reshaping inflation expectations, interest rate paths and investor positioning across asset classes. The sharp rise in energy prices added a new layer of complexity, reinforcing a more cautious and selective environment.

Equities declined broadly, with dispersion increasing across regions and sectors. Fixed income reflected a repricing of policy expectations, while in alternatives, gold and Bitcoin highlighted how differently assets respond to shifts in liquidity and macro conditions.

More than a directional market, March reinforced a regime where outcomes are increasingly driven by selectivity, positioning and structural understanding rather than broad momentum.

In our latest Monthly Investment Review, we break down the key developments across global markets and the forces shaping the current investment landscape.

Read the full report.