FIMARGE Funds and SICAVs

Markets navigated a mixed landscape in April, which wasmarked by ongoing uncertainty, diverging monetary policy signals, andgeopolitical tensions that shaped investor sentiment across asset classes. Inthe sovereign bond markets, US yields saw modest increases across the curve,with the 10y yield approaching 4.5% by month-end and reflecting persistent concernsabout sticky inflation and robust labor market data. In Europe, bund yields remainedrelatively stable.However, credit spreads moved within a tight range, with Investmentgrade broadly stable, while HY bonds experienced slight widening. Notably, financialsector bonds regained ground after the volatility in March. Equity marketsdelivered mixed performance across regions. The S&P 500 edged higher helpedby better-than- expected earnings from megacap tech, and European equitiesposted modest gains. In contrast, Asian equity markets lagged, particularly inChina, where weaker industrial output and ongoing property sector stressweighed on sentiment. Finally, the USD firmed against most major peers, buoyedby upward revisions to US growth forecasts and delayed rate cut pricing.