The performance of asset classes in the first quarter of 2026 can be divided into two phases: before and after the start of the war with Iran, when trends and sentiment reversed. Overall, with the exception of commodities (oil and gold) and the U.S. dollar, nearly all major asset classes have posted negative returns since the start of the year. Gold, which had risen by more than 22 % in USD terms year-to-date before the war began, fell by 11.6 % in USD terms over the course of the month, and silver also gave up most of its year-to-date gains. Yields on U.S. Treasuries and German Bunds rose by over 30 basis points in March. As a result, government bonds offered no protection – nor did corporate bonds. With the exception of the Pacific and UK regions, established equity markets were in negative territory.

As already mentioned, there was hardly any asset class that offered protection against losses in the first quarter of 2026. This trend is also reflected in the strategies, which were negative across the board. Portfolios with a high allocation to precious metals or commodities tended to perform better.

Calculation LMM: reference date 01.01 –31.03.2026

Note: the figures are before costs
Calculation LMM: Period 01.01.–31.03.2026