Courtiers Wealth Management
Courtiers Wealth Management

News & Insights

April 2021 – Market Update


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23rd March 2021 marked the anniversary of both the UK’s first national lockdown and the bottom of the equity market. The recovery over the last year has been extraordinary, with global equities not only recovering from the 32% crash, but also going on to reach new highs.

The below chart shows the MSCI World Net Total Return index in local currencies from the start of 2020 to the end of March 2021:

Source: Bloomberg & Courtiers. Chart shows total return of index from 31st December 2019 to 31st March 2021. Returns are in local currencies and the return in sterling may increase or decrease as a result of currency fluctuations. Past performance is not a reliable indicator of future returns.

Full round-up of March market performance

In the UK, the FTSE 100 index gained 4.16%, while medium and smaller companies, measured by the FTSE 250 ex IT index and the FTSE Small Cap ex IT index respectively, rose 3.29% and 6.80% respectively.

In the US, the S&P 500 index climbed 4.38% in USD while in Europe the Eurostoxx 50 index surged 7.91% in euros. Japanese stocks measured by the Topix index gained 5.71% in yen.

Emerging markets underperformed developed markets during the month, with the MSCI Emerging Markets index slipping 0.85% in local currencies. This was led by the losses in China, as the MSCI China index slumped 6.02% in Chinese yuan.

Indian stocks, measured by the Nifty 50 PR index, crept up 1.11% in Indian rupee while Latin American equities, measured by the MSCI Latin America local currency index, gathered 4.88%.

In the fixed income market, UK government bonds, measured by the FTSE Gilts All Stocks index, were flat on +0.01%. Long dated (over 15 years to maturity) gilts also moved just +0.01%.

Sterling denominated corporate bonds, measured by the Markit iBoxx Sterling Corporates index, dropped 0.18%. In the high yield market, the Bank of America Merrill Lynch Sterling High Yield index picked up 0.22%.

Commodities had a negative month overall. The S&P GSCI index, which consists of a basket of commodities including oil, metals and agricultural items, declined -2.15% in USD. The dollar price of a crude oil futures contract fell -3.54%. The precious metals both suffered losses as the S&P GSCI Gold and Silver indices conceded 0.92% and 7.91% in USD respectively. In the agricultural markets, corn and wheat returned +2.97% and -6.06% in USD respectively.

In the currency markets, the pound had a mixed month as it declined 1.08% against the US dollar but appreciated 1.82% versus the euro and 2.82% against the yen.

Past performance is not a reliable indicator of future returns. The value of your investments and any income you take from it may fall as well as rise and is not guaranteed. You might get back less than you invest. Further details of the risks associated with investing in Courtiers funds can be found in the Key Investor Information Document or Prospectus, copies of which are available on request or at

Issued by Courtiers Asset Management Limited, CAM0421532. Courtiers Asset Management Limited is Authorised and Regulated by the Financial Conduct Authority – Register No: 616322. Address: 18 Hart Street, Henley on Thames, Oxfordshire RG9 2AU. Telephone: 01491 578368 Fax: 01491 572294 Website:

Warning – the views expressed by Courtiers in this summary and any video and video transcripts, are reached from our own research. Courtiers cannot accept responsibility for any decisions taken as a result of reading this document, watching the featured video or reading the video transcript and investors are recommended to take independent professional advice before effecting transactions. The price of stocks, shares and funds, and the income from them, may fall as well as rise. Past performance is not necessarily a guide to future returns. Where returns are quoted in non-sterling currency denominations the sterling return may increase or decrease as a result of currency fluctuations.

We do not endorse nor accept responsibility for the content of any website not operated by Courtiers which you may visit by following a link from this article.

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