The Fund and global equity markets had a bad March and Q1. The Fund underperformed the benchmark by 0.62% and 2.18% basis points in March and Q1, respectively.

The Fund and global equity markets had a rough Marchand Q1. The Fund returned -0.89% and –9.28% basis points in March and Q1, respectively versus 1.94% and –5.73% for the benchmark.

The Fund's performance versus the benchmark has been strong since inception. During the first quarter and year-to-date, the fund has returned 0.37% and 9.08% vs the benchmark which returned 0.68% and 8.08%. Over the past 3 years, the Fund has averaged 6.55% per annum versus 3.40% for the benchmark.

In Q1 the Fund returned -0.40% versus 0.09% for the BISX All Share Index (BISX). Over the last year the Fund returned 17.57% versus the 13.57% generated by BISX. Over the last three years the Fund outperformed BISX by 8.62% per annum.

The Fund generated a steady 0.53% return in Q1. Over the past 3 years, the Fund has averaged 3.71% per annum, which nearly in-line with the benchmark. With net inflows reaching near all time highs, the Fund’s cash holdings grew to 33% of the portfolio.

The Fund and global equity markets had a rough Marchand Q1. The Fund returned -0.89% and –9.28% basis points in March and Q1, respectively versus 1.94% and –5.73% for the benchmark.

Yields fluctuated throughout Q1 and bond prices followed accordingly. The Fund returned –1.78% in March and –3.84% in Q1, outperforming the index. Over the quarter we saw elevated inflation, hawkish central bank policy shifts and the emergence of the Omicron Covid-19 variant.