The NIC Fund performance commentary for the month March 2012 is now available here.
This month’s European markets remained flat, mainly due to last weeks’ considerable downturn after 2012’s first performance data had indicated Europe could be in for the best first quarter performance since 2006 (+7.7%). However, in the aftermath news of services and manufacturing output drops of March, as well as the revival of fears of a Spanish bailout that followed the mild bond issue and rising yields, the upward trend came to a halt. This lead to a more modest European stock market first quarter rally of around 5%.
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