I am pleased to enclose our Spring Update, which contains two main articles. In the investment market review I summarise some of the key talking points in global markets over the last three months. In spite of plenty of news ‘distractions’, it was another generally favourable period for diversified investors. In addition, following its outstanding equity market performance over the last decade. I also remind you that all known news is already priced in and it is future news that will shift prices.