Despite a bout of volatility that emerged towards the end of the quarter, global equity markets finished the first quarter with positive gains. The advance in the stock market was driven by improving economic conditions and progress with COVID vaccinations. During the quarter, the United States generated some of the strongest gains on the back of two overriding themes – greater than expected stimulus and an accelerated vaccine rollout. During the quarter, the S&P 500 generated a total return of 6.2%. This compares with a total return of 4.9% for the MSCI World Index.