Fund managers have been tripped up by global stocks and bonds falling in tandem in the first quarter.
The FTSE All World stocks index, including dividends, dropped 5.1 per cent in the first three months of the year, reflecting rising benchmark interest rates and the outbreak of war in Ukraine.
At the same time, soaring inflation and tighter monetary policy took a 6 per cent bite from the Bloomberg Global Aggregate Bond index, leaving those shying away from stocks without a reliable bolt hole.
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