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Our views 04 April 2022

Q1 2022 review: War, stagflation and market volatility

5 min read

The first quarter of 2022 showed the benefits of the diverse multi asset approach used in our multi asset funds.

The inclusion of commodities and property, in addition to a greater exposure to UK equities than our peers, helped to provide resilience over a volatile quarter.

As central banks around the globe began to raise rates, bond yields rose sharply from their lows, now anticipating further policy tightening to come over the year. This saw bonds record their worst quarterly return since 1980. Equities also experienced a negative quarter, for the first time since 2020, as uncertainty around the war in Ukraine compounded with higher bond yields and saw technology stocks lead a market sell off.

Read in full: War, stagflation and market volatility


Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. Portfolio characteristics and holdings are subject to change without notice. The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.