As part of the usual review of last month and Q1 asset performance, it is worth nothing one surprising element of Q1 we showed over the weekend, namely that the VIX index had its lowest average quarter since Q4 2006.

According to Jim Reid, who is perplex by this collapse in equity vol, "data best predicts where equity vol will trade but we've been surprised that there hasn't been the odd spike up given the political uncertainties on both sides of the Atlantic. Data is winning out for now." We will have more to say on the technical aspects of why equity vol appears to have gone on a permanent sabbatical shortly, but for now, here is a recap of March and Q1 2017 performance: