Market Commentary
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%.
Market News
  • The US economy posted a disappointing Q1 GDP number, with annualized growth at modest 0.2%, due to the harsh winter in the northeast and a slowdown in business investment
  • The crude oil market reversed trend in month, rising sharply higher as the market appears to attribute recent price weakness to excess supply, not waning demand; WTI crude remains 40% below its peak in June 2014
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Notes: 1) Sources: Bloomberg, J.P. Morgan Asset Management, Morningstar, Hedge Fund Research, Bureau of Labor Statistics, Bureau of Economic Analysis. 2) Data as of the date of this report unless otherwise noted. 3) U.S. GDP measures the percentage change during the referenced quarter as published by BEA. 4) Consumer Price Index for All Urban Consumers: U.S. City Average, All Items Less Food and Energy is based on 12-month percent change as published by BLS.

Disclosures: This material is provided for informational purposes only and does not constitute an offer or solicitation by HFS, or its subsidiaries or affiliates, to invest in these indices or their constituent products. The data contained herein are from referenced sources which HFS believes to be reliable. This information discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions and should not be construed as research or investment advice. The views expressed are those of HFS. They are subject to change at any time. These views do not necessarily reflect the opinions of any other firm. Investing involves a high degree of risk, and all investors should carefully consider their investment objectives and the suitability of any investment. Past performance is not necessarily indicative of future results. All data is as of the date of this report unless otherwise noted.
 


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