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Highlights include:
- Echoing March, the S&P 500® recorded a new high in early April, sold off mid-month then recovered to finish close to the highs. Technology and biotechs were particularly hammered in the brief sell-off, while Utilities have continued their superlative YTD performance in the U.S.
- The S&P Emerging Markets BMI traded within a tight range over the month, as - barring events in Ukraine and a material fall in Russian equities - market moving developments were limited.
- Accordingly, dispersion ticked up both in the U.S. and in other developed markets - largely driven by differentiated sector performances - while in a reverse of recent trends, emerging
market dispersion fell. - In each market, dispersion remained well below average.