The first quarter ended on a subdued note. Investor sentiment retreated as the US-Iran conflict fanned the flames of geopolitical turmoil across the globe and sparked wild swings across financial markets. There was little place to hide in what was a tumultuous market environment, with both stock and bond markets recording losses in March. However, there was a dramatic comeback at month-end on speculation that the US and Iran may be moving towards a resolution – which triggered a rush to risky assets. Still, for that bounce to be sustained, investors will need to see more clarity on the path to de-escalation – and particularly as it pertains to the reopening of the Strait of Hormuz.