Executive Summary

Global financial markets staged a powerful recovery during April 2026 as investors moved beyond the severe risk-off conditions that had dominated March. Strong corporate earnings, renewed enthusiasm surrounding artificial intelligence and an initial improvement in Middle East sentiment encouraged investors to rebuild equity exposure despite oil prices remaining exceptionally high and monetary-policy expectations becoming more restrictive. The MSCI World Index gained approximately 9.6% and reached a new record high.

US equities led the recovery. The S&P 500 gained approximately 10.5%, its strongest monthly performance since November 2020, while the Nasdaq Composite surged 15.3% and closed at a new record. Small-cap equities also participated, with the Russell 2000 advancing approximately 12.3%.

The rebound was particularly striking because the Middle East conflict remained unresolved. Early optimism surrounding a possible ceasefire pushed oil prices sharply lower, but negotiations subsequently stalled and the Strait of Hormuz remained effectively closed. Brent crude later traded above $125 per barrel before ending April close to $115.

Equity markets nevertheless began to separate from the immediate movement in energy prices. Investors increasingly focused on corporate profitability and the ability of businesses to absorb higher costs, while technology companies continued announcing substantial expenditure on AI processors, data centres, networking and computing infrastructure.

The Federal Reserve maintained its target range at 3.50%-3.75%. The decision was unusually divided, reflecting disagreement about whether weaker economic growth justified eventual easing or whether elevated energy-driven inflation required a more cautious stance.

The European Central Bank also maintained its three policy rates, leaving the deposit facility rate at 2.00%. Policymakers discussed the possibility of future tightening as the energy shock pushed inflation higher, while simultaneously recognising that elevated energy costs were weakening economic activity.

The Bank of England maintained Bank Rate at 3.75% by an 8-1 vote. Chief Economist Huw Pill preferred an immediate increase to 4.00%, while the majority concluded that tighter financial conditions and a weakening economy provided sufficient restraint for the time being.

Japan also maintained its policy rate at 0.75%, although three Bank of Japan board members voted for an increase to 1.00%. The increasingly hawkish vote reinforced expectations that Japan could tighten policy again if inflation and imported energy costs remained elevated.

Digital assets participated strongly in the broader risk rally. Bitcoin gained approximately 13.6% and Ether approximately 11.4%, while gold declined modestly as investors reduced some defensive positioning.

Key Themes During April

• Global equities staged a powerful recovery from March's sell-off.
• The S&P 500 gained approximately 10.5%.
• The Nasdaq Composite surged approximately 15.3%.
• Artificial-intelligence shares returned to market leadership.
• Oil remained above $100 per barrel despite early ceasefire optimism.
• The Federal Reserve maintained rates at 3.50%-3.75%.
• The ECB held its deposit rate at 2.00%.
• The Bank of England maintained Bank Rate at 3.75%, with one vote for a hike.
• Emerging-market equities rebounded sharply.
• Bitcoin and Ether participated strongly in the risk-asset recovery.

Global Economic Overview

The global economy remained caught between weaker growth and higher inflation during April. The immediate panic surrounding March's energy shock diminished, but oil and gas prices remained substantially above pre-conflict levels. Central banks therefore continued to face the difficult combination of inflationary supply pressure and weakening underlying demand.

United States

US economic data proved more resilient than investors had feared. March nonfarm payrolls increased by approximately 178,000 after the previous month's employment decline was revised to around 133,000. Unemployment edged down to 4.3%, reducing immediate concern that the economy was entering a severe employment downturn.

First-quarter GDP was initially estimated to have expanded at an annualised rate of approximately 2.0%, representing a significant improvement from the unusually weak fourth-quarter figure. Business surveys also improved during April, with the flash composite PMI rebounding to approximately 52.0.

US Inflation

Headline inflation accelerated sharply as the energy shock entered consumer prices. March CPI increased approximately 0.9% month-on-month and 3.3% year-on-year, driven heavily by gasoline. Core inflation was more reassuring, easing to approximately 2.6%.

Producer-price inflation also remained elevated, but came in below market expectations. The differing headline and core measures reinforced uncertainty over whether the energy shock would become embedded within broader inflation or remain concentrated in directly affected goods and services.

Federal Reserve

The Federal Reserve maintained its federal funds target range at 3.50%-3.75% on 29 April. Policymakers continued to emphasise incoming data, the evolving outlook and the balance between employment and inflation risks.

The meeting revealed unusually significant disagreement within the Committee. Some policymakers were concerned that retaining language suggesting possible future easing understated inflation risks, while Stephen Miran continued to prefer an immediate quarter-point reduction.

Markets generally interpreted the meeting as confirmation that near-term easing had become unlikely. The Federal Reserve appeared prepared to remain on hold while assessing whether the Middle East energy shock produced persistent inflation or significant demand destruction.

Eurozone

Eurozone economic activity weakened as elevated energy costs reduced household confidence and business margins. First-quarter GDP growth slowed to approximately 0.8% year-on-year, while April's flash composite PMI declined to 48.6, signalling contraction for the first time since late 2024.

Inflation moved in the opposite direction. Final March CPI was revised to approximately 2.6%, while the preliminary April estimate rose to around 3.0%. Energy remained the principal source of renewed inflation pressure.

European Central Bank

The ECB maintained the deposit facility rate at 2.00%, the main refinancing rate at 2.15% and the marginal lending rate at 2.40%.

Policymakers discussed the possibility of increasing rates but concluded that insufficient information was available to justify immediate tightening. The debate nevertheless represented a substantial change from the easing cycle that had dominated ECB policy during 2024 and 2025.

United Kingdom

UK inflation increased to approximately 3.3% in March as higher fuel costs affected households. At the same time, labour-market conditions remained relatively soft, with unemployment around 4.9% and annual wage growth moderating to approximately 3.8%.

Economic data were mixed. February GDP rose approximately 0.5% month-on-month, while April's flash composite PMI recovered to 52.0. Businesses nevertheless reported an exceptionally large increase in input costs and weaker confidence.

Bank of England

The Bank of England maintained Bank Rate at 3.75% by an 8-1 majority. Huw Pill voted for an increase to 4.00%, arguing that inflation persistence and the latest energy shock justified an immediate response.

The majority preferred to wait. The Bank expected inflation to average approximately 3.1% during the second quarter before rising towards 3.3% in the third quarter, while weaker demand and tighter financial conditions were expected to restrain second-round inflation effects.

Japan

The Bank of Japan maintained its overnight policy rate at approximately 0.75%. Three members voted for an increase to 1.00%, highlighting growing concern about inflation and the continued accommodative nature of financial conditions.

The Bank continued to indicate that further normalisation remained likely if economic activity, prices and financial conditions developed in line with expectations.

China

China continued to demonstrate relative economic resilience. First-quarter growth exceeded some market expectations, although property weakness and uncertainty surrounding external demand remained important constraints. Chinese policymakers maintained highly accommodative lending rates.

Global Outlook

The April environment remained fundamentally different from the benign disinflation scenario anticipated at the beginning of 2026. Economic growth had not collapsed, but energy-driven inflation had substantially reduced the probability of rapid monetary easing across developed markets.

Equity Markets

Global equities experienced an extraordinary recovery during April. Strong earnings and renewed artificial-intelligence enthusiasm encouraged investors to look beyond elevated oil prices and geopolitical uncertainty. The MSCI World Index recorded its strongest month since November 2020 and finished at a record high.

United States

The S&P 500 gained approximately 10.5%, its strongest monthly performance since November 2020. The index recovered its March losses and reached a fresh record high.

The Nasdaq Composite surged approximately 15.3%, its strongest month since April 2020, while the Russell 2000 gained approximately 12.3% and also reached record territory.

Artificial Intelligence and Technology

Artificial intelligence returned decisively to market leadership. Semiconductor shares recorded one of their strongest rallies of the cycle, with the PHLX Semiconductor Index experiencing a sequence of 18 consecutive daily gains and advancing more than 45% during that run.

Investors regained confidence in hyperscalers, semiconductor manufacturers and AI infrastructure companies as corporate earnings demonstrated continued demand for computing capacity. Capital expenditure remained enormous, but markets became more willing to accept the spending where revenue growth and utilisation remained strong.

Small and Mid-Capitalisation Companies

The rally extended beyond mega-cap companies. Smaller businesses benefited from improved risk appetite and stronger economic data, although they remained vulnerable to elevated borrowing costs and energy expenses.

Europe

European equities also rallied strongly. The MSCI Europe ex UK Index gained approximately 6.0% in euro terms and 7.7% in US-dollar terms, while Germany's DAX advanced nearly 9%.

The regional advance occurred despite weaker economic data and higher energy costs. Investors focused on attractive valuations, stronger corporate results and the possibility that fiscal investment could partially offset weaker private demand.

United Kingdom

UK equities advanced more moderately. The MSCI UK Index gained approximately 2.1% in sterling terms, while the FTSE All-Share rose around 2.8%. Sterling appreciation increased the corresponding returns for US-dollar-based investors.

Japan

Japanese equities recovered sharply. The TOPIX rose approximately 6.6% in yen terms, while the Nikkei 225 surged approximately 16.1% because of its heavier exposure to AI-related and technology companies.

Asia-Pacific

Asia-Pacific excluding Japan recorded one of the strongest regional recoveries. The MSCI AC Asia Pacific ex Japan Index gained approximately 15.1% in US-dollar terms, led by semiconductor-heavy markets.

South Korea gained approximately 37.4% and Taiwan approximately 26.6% as memory and semiconductor companies benefited from renewed enthusiasm surrounding artificial-intelligence demand.

China

Chinese equities participated more modestly. The MSCI China Index gained approximately 3.6%, as stronger first-quarter growth was offset by mixed domestic activity and continued uncertainty surrounding trade.

Emerging Markets

The MSCI Emerging Markets Index gained approximately 14.7%, its strongest month since November 2022 and enough to recover the majority of March's severe decline.

Indicative April Performance

Fixed Income Markets

Fixed-income markets did not participate fully in April's equity rally. Government yields remained elevated because investors continued to price the inflationary consequences of high energy costs and a reduced probability of central-bank easing.

US Treasuries

The US 10-year Treasury yield increased approximately five basis points during April and ended the month around 4.37%. The Treasury curve remained considerably higher than levels prevailing before the March energy shock.

Resilient employment, stronger first-quarter growth and elevated headline inflation reduced expectations that the Federal Reserve would lower rates during the near term.

European Government Bonds

German government bonds were broadly stable, with the 10-year Bund yield rising approximately three basis points after its substantial increase during March.

The possibility of future ECB tightening limited demand for longer maturities, although weaker regional economic activity provided some protection.

UK Gilts

UK government bonds remained under pressure. The 10-year gilt yield increased approximately 10 basis points and ended April above 5%, its highest month-end level in approximately 18 years.

The Bank of England's 8-1 decision, including one vote for an immediate hike, reinforced concern that policy rates could remain restrictive for longer than previously anticipated.

Japanese Government Bonds

The 10-year Japanese government-bond yield increased approximately 15 basis points and ended the month above 2.5% for the first time in more than 25 years.

Corporate Credit

Corporate debt performed considerably better than sovereign bonds as stronger equity-market sentiment caused credit spreads to narrow. The Bloomberg Global Aggregate Corporate Index gained approximately 1.3%, while global high-yield bonds returned around 2.6%.

Private Credit

Private-credit sentiment also improved as fears of an immediate recession declined. However, the persistence of high base rates and elevated sovereign yields meant borrower interest costs remained substantial.

Energy-intensive companies and highly leveraged borrowers continued to require conservative stress testing, while assets with inflation-linked or contractual revenue became increasingly attractive.

Foreign Exchange

Currency markets reflected reduced demand for traditional defensive assets as equities recovered, alongside changing expectations for central-bank policy.

US Dollar

The US Dollar Index weakened by almost 2% during April as risk appetite improved and investors moved away from defensive dollar positions.

Relatively high US interest rates continued to provide fundamental support, preventing a more substantial decline.

Euro

The euro strengthened as investors considered the possibility that the ECB might eventually need to increase rates if elevated energy costs produced persistent inflation.

Sterling

Sterling also advanced against the dollar, benefiting from the Bank of England's comparatively hawkish policy outlook and the vote for an immediate rate increase.

Japanese Yen

The yen strengthened moderately against the dollar during the month, helping increase Japanese equity returns for international investors.

Australian Dollar

The Australian dollar performed strongly as markets increased expectations that the Reserve Bank of Australia could tighten policy because of inflation and commodity-price pressure.

Emerging-Market Currencies

Emerging-market currency performance improved alongside the broader equity recovery, although energy-importing countries continued to face pressure from high oil prices and deteriorating trade balances.

Commodities

Commodity markets remained heavily influenced by the unresolved Middle East conflict. Oil experienced exceptional volatility, while gold weakened modestly as investors moved back towards equities and other risk assets.

Oil and Energy

Brent crude fell sharply during early April as investors responded to apparent progress towards a ceasefire. Prices subsequently reversed as negotiations stalled and shipping through the Strait of Hormuz remained heavily restricted.

Brent briefly exceeded $125 per barrel before ending April near $115. West Texas Intermediate finished above $105 and recorded a fourth consecutive monthly gain.

The persistence of triple-digit oil prices reinforced concerns about transportation, manufacturing and consumer costs even as equity markets became more optimistic.

Natural Gas

Natural-gas markets remained sensitive to Middle Eastern LNG supply and shipping conditions. European and Asian buyers continued to compete for alternative cargoes while governments assessed strategic energy security.

Gold

Gold declined modestly during April as improved equity-market sentiment reduced immediate safe-haven demand. A broad multi-asset review estimated a monthly decline of approximately 1.5%.

The longer-term support from central-bank demand, geopolitical uncertainty and concerns surrounding government debt nevertheless remained intact.

Copper and Industrial Metals

Industrial commodities benefited from the improvement in risk appetite and renewed expectations of continued technology, electricity-grid and infrastructure investment.

Strategic Materials

High energy prices reinforced the strategic importance of domestic mining, processing and recycling capacity. Energy-intensive refining operations also faced substantially higher operating costs.

Agricultural Commodities

Agriculture remained vulnerable to the indirect effects of higher fuel, transport and fertiliser costs. A prolonged energy disruption could therefore extend inflation beyond energy into food prices.

Digital Assets

Digital assets participated strongly in April's broad recovery in speculative and growth-oriented investments. Improving equity sentiment and renewed institutional demand outweighed the continued absence of easier Federal Reserve policy.

Bitcoin

Bitcoin gained approximately 13.6% during April, benefiting from the broader risk-on environment after a difficult start to 2026.

The recovery demonstrated the asset's continued sensitivity to equity-market liquidity and investor risk appetite rather than functioning consistently as a conventional geopolitical safe haven.

Ethereum

Ether gained approximately 11.4% during April. Institutional interest in tokenisation, stablecoins and blockchain-based financial infrastructure remained an important long-term source of support.

Institutional Holdings

Corporate and institutional ownership of Bitcoin remained substantial, while regulated investment products continued to provide conventional investors with easier access to the asset class.

Tokenisation

Traditional financial institutions continued developing tokenised deposits, securities and settlement infrastructure. These regulated applications increasingly formed a distinct investment theme from speculative cryptocurrency exposure.

Risk Considerations

• Bitcoin and Ether recorded double-digit monthly gains.
• Digital assets remained strongly influenced by broader risk appetite.
• High bond yields remained a competing source of investment returns.
• Institutional ownership remained increasingly concentrated.
• Tokenisation continued independently of short-term cryptocurrency prices.

Private Equity

Private-equity conditions improved significantly during April as public markets recovered and corporate credit spreads narrowed. However, financing remained expensive and geopolitical uncertainty continued to complicate long-term forecasting.

Deal Activity

Improving public-market sentiment encouraged sponsors to reconsider transactions postponed during March. Technology, healthcare, industrial services, energy infrastructure and business services remained active areas.

Financing

Corporate-credit spreads narrowed substantially during the month, improving conditions for leveraged transactions. Global high-yield debt returned approximately 2.6%, reflecting the considerable improvement in credit sentiment.

Underlying government yields remained high, meaning total acquisition-financing costs were still materially above those experienced before 2022.

Artificial Intelligence

The strong public-market rebound in semiconductor and AI-related companies improved comparable valuations for private technology businesses. Investors nevertheless continued to demand evidence of customer adoption, defensible intellectual property and measurable revenue growth.

Energy and Infrastructure

Persistently high energy prices strengthened the investment case for power generation, storage, electricity networks, energy-efficiency services and infrastructure designed to reduce dependence upon vulnerable international supply routes.

Exits

Record US equity markets substantially improved the potential IPO environment. However, sponsors remained aware that the April rally had occurred despite unresolved geopolitical risks and could therefore prove vulnerable to renewed volatility.

Secondaries

Secondary-market activity remained attractive as institutions sought liquidity and investors looked for mature assets acquired at valuations established before the April public-market rebound.

CE Global Private Equity Observations

• Public-market recovery improved transaction confidence.
• Corporate-credit spreads narrowed substantially.
• High sovereign yields continued to limit leverage.
• Energy security remained an increasingly important structural theme.
• Improved equity markets supported exit preparation.

Artificial Intelligence & Technology

Artificial intelligence returned decisively to market leadership during April as investors focused on strong corporate earnings, continued cloud demand and substantial infrastructure expenditure.

Semiconductors

Semiconductor shares produced exceptional gains. Renewed demand for AI accelerators, advanced memory and networking equipment helped reverse much of the weakness experienced during February and March.

Cloud Computing

Major cloud providers continued investing heavily in computing infrastructure. Investors responded positively where companies demonstrated strong customer usage and credible growth in AI-related revenue.

Hyperscaler Capital Expenditure

Capital expenditure remained historically large. The investment case increasingly depended upon utilisation rates, pricing and the ability to convert infrastructure spending into recurring revenue rather than the scale of expenditure alone.

Energy and AI

Triple-digit oil prices and continuing disruption to global energy markets reinforced the dependence of artificial-intelligence infrastructure upon reliable and affordable electricity.

Projects with secured long-term electricity contracts, dedicated generation and efficient cooling appeared increasingly valuable as energy-market volatility persisted.

Asia-Pacific Technology

South Korean and Taiwanese semiconductor companies were among April's strongest global equity performers. Their recovery highlighted the importance of Asian memory and semiconductor manufacturing within the international AI supply chain.

Technology Risks

• AI valuations recovered rapidly after March's correction.
• Capital expenditure remained exceptionally high.
• Energy prices increasingly affected data-centre economics.
• Semiconductor supply chains remained internationally concentrated.
• Higher long-term rates continued to affect growth-stock valuations.

Sector Spotlight

AI Semiconductor and Memory Infrastructure

April's sector spotlight examines semiconductor and memory infrastructure after technology-heavy markets produced some of the strongest monthly equity gains globally.

Accelerated Computing

Modern artificial-intelligence models require specialised processors capable of performing enormous quantities of parallel computation. Demand for graphics processors and dedicated AI accelerators therefore remained exceptionally strong.

High-Bandwidth Memory

Advanced AI processors require high-bandwidth memory capable of transferring extremely large datasets quickly. South Korean semiconductor manufacturers remained strategically important within this market.

Networking

Large AI clusters require high-speed networking and optical connections linking thousands of processors. Networking performance increasingly determines the efficiency of the entire computing system.

Semiconductor Manufacturing

Advanced semiconductor production remained geographically concentrated, particularly within East Asia. The exceptional April performance of South Korean and Taiwanese equities reflected both renewed investor optimism and the strategic importance of these markets.

Equipment and Materials

Semiconductor fabrication depends upon highly specialised manufacturing equipment, chemicals, gases and materials. These businesses provide additional investment exposure without relying upon any individual AI model developer.

Private-Market Opportunities

• Semiconductor equipment components
• Advanced packaging
• Thermal-management systems
• High-speed networking
• Specialist semiconductor materials
• Data-centre testing and maintenance

Principal Risks

The industry remains highly cyclical and capital intensive. Export restrictions, customer concentration, rapid product cycles and geopolitical exposure can cause substantial changes in demand and valuation.

Investment Perspective

Artificial-intelligence semiconductor infrastructure remains a compelling structural opportunity, but April's rapid appreciation demonstrated the importance of entry valuation. Private-market opportunities may be particularly attractive among specialised suppliers whose products remain essential across multiple processor architectures and customers.

Regulatory Update

April's regulatory environment remained dominated by monetary policy, energy security, artificial intelligence and international trade.

Federal Reserve

The Federal Reserve maintained rates at 3.50%-3.75%, while the unusually divided vote demonstrated substantial disagreement over the appropriate direction of future policy.

Bank of England

The Bank of England's 8-1 decision included the first vote for higher rates following the latest energy shock. Businesses therefore needed to consider scenarios involving stable or rising borrowing costs rather than assuming that the next policy move would necessarily be a reduction.

European Central Bank

The ECB maintained rates but discussed the possibility of tightening. The debate reflected the increasing risk that prolonged elevated energy prices could create more persistent inflation within the eurozone.

Bank of Japan

Three Bank of Japan board members supported raising the policy rate to 1.00%, strengthening expectations that further Japanese monetary normalisation could occur.

Energy Security

The continued disruption to the Strait of Hormuz reinforced government interest in strategic inventories, domestic energy production, LNG capacity and diversified supply chains.

Artificial Intelligence

AI governance and regulatory requirements continued to expand as adoption moved from experimentation towards business-critical applications. Data governance, model oversight and operational resilience remained key priorities.

Compliance Priorities

• Stress-test portfolios against stable and rising interest-rate scenarios.
• Monitor energy-price pass-through into wages and customer pricing.
• Review strategic energy and supply-chain dependencies.
• Continue AI governance and regulatory implementation.
• Assess private valuations after the rapid public-market rebound.
• Maintain conservative liquidity assumptions within private credit.

Looking Ahead

Markets entered May with equities at or near record highs, oil still above $100 per barrel and major central banks increasingly divided over whether the next policy move should eventually be a cut or an increase.

Middle East Conflict

The Strait of Hormuz remained the most important geopolitical variable. Any meaningful restoration of shipping could reduce oil prices rapidly and ease global inflation expectations, while continued disruption could keep energy costs elevated and ultimately weaken economic activity.

Federal Reserve

The Federal Reserve appeared likely to remain patient after April's decision. Stronger employment and a 2.0% first-quarter growth estimate reduced the urgency of easing, while inflation remained sufficiently elevated to prevent policymakers from declaring the energy shock temporary.

European Central Bank

The ECB's June meeting was increasingly likely to involve an active debate over higher rates if energy prices remained elevated. April inflation around 3% represented a significant departure from the near-target environment that existed before the Middle East conflict.

Bank of England

The Bank of England's next scheduled decision was due in June. Markets would focus on whether inflation expectations and corporate pricing behaviour indicated meaningful second-round effects from higher energy costs.

Bank of Japan

The Bank of Japan's increasingly divided board raised the possibility of another rate increase. Wage growth, imported inflation and the yen would remain central to the decision.

Artificial Intelligence

April's exceptional semiconductor rally increased the importance of earnings discipline. Investors would require continuing evidence that demand for computing, memory and data-centre infrastructure justified rapidly recovering valuations.

Corporate Earnings

The remainder of first-quarter earnings season would provide greater information about energy costs, tariff exposure, consumer behaviour and AI investment. Forward guidance remained particularly important given the rapid change in economic conditions.

Private Credit

Improving risk appetite supported credit markets, but high policy and sovereign yields continued to place pressure on leveraged borrowers. Interest coverage and maturity schedules remained important indicators of resilience.

Private Markets

April's public-market rebound improved exit prospects and comparable valuations, but investors should avoid assuming that the geopolitical and inflation risks responsible for March's correction had disappeared.

CE Global Private Equity Perspective

April demonstrated the extraordinary speed with which investment sentiment can reverse. Global equity markets recovered much of March's decline even though the underlying geopolitical conflict remained unresolved and energy prices stayed historically high.

CE Global Private Equity believes this divergence reinforces the importance of separating market prices from underlying operating fundamentals. Strong businesses can justify recovering valuations, but investment assumptions should continue to incorporate elevated energy costs, high financing rates and the possibility of renewed geopolitical disruption.

Artificial intelligence remains one of the strongest structural investment themes. April's recovery in semiconductor and Asian technology markets confirms continued demand for computing infrastructure, but rapidly rising valuations make selectivity increasingly important.

Energy security also remains a compelling complementary theme. Electricity generation, storage, grid infrastructure and energy-efficiency businesses can benefit from both geopolitical concerns and the extraordinary power requirements associated with AI and digital infrastructure.

CE Global Private Equity continues to favour businesses with recurring revenue, pricing power, conservative leverage and limited dependence upon a single economic or geopolitical outcome. Market volatility can create attractive entry and exit opportunities, but investment decisions should remain based upon durable cash generation rather than short-term momentum.

This market review is provided for general information and discussion purposes only. It does not constitute investment, legal, tax or other professional advice, nor an offer or solicitation to purchase or sell any security, financial instrument or investment product. Market values can rise or fall, and past performance is not a reliable indicator of future results.