The month of March 2020 will be remembered alongside those of previous significant market crashes. Seldom have we seen such extremes of market volatility, mirrored only in the crashes of 1929, 1987 and 2008. COVID-19 is about three months old, yet has wreaked havoc on normal economic activity, and is severely disrupting supply chains and choking demand. This of course, alongside the tragic ongoing human cost of the virus. The purpose of this note is to give an update on recent market movements and to position the performance and potential management actions associated with our smoothed bonus portfolios.

Comfort through the storm OMC smoothed bonus portfolios commentary 19 March 2020