Portfolio Pulse

Following a challenging April, global equity markets rebounded strongly in May, fuelled by renewed investor optimism about expected rate cuts later in the year. Over the month, the DJIA, S&P 500, NASDAQ, Euro STOXX 50 and FTSE 100 all recorded positive returns of 2.6%, 5.0%, 7.0%, 2.4% and 2.0%, respectively and measured in their local currencies. In fixed income markets, yields on US and UK 10-year bonds declined by 18.1 and 2.9 basis points, respectively driven by the markets continued anticipation around the timing and pace of interest rate cuts. In commodities, Brent Crude oil was down 4.7% over the month, after peaking in April, due to OPEC+’s plans to phase out voluntary production cuts later in the year. The pound was up 1.9% and 1.6% against the US dollar and euro, respectively.

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The information and opinions expressed in this document have been compiled from sources believed to be reliable. None of Credo, its directors, officers or employees accepts liability for any loss arising from the use hereof or reliance hereon or for any act or omission by any such person or makes any representations as to its accuracy and completeness. Any opinions, forecasts or estimates herein constitute a judgement as at the date of this document. There can be no assurance that the future results or events will be consistent with any such opinions, forecasts or estimates. Investors are warned that past performance is not necessarily a guide to future performance, income is not guaranteed, share prices may go up or down and you may not get back the original capital invested.