Investment Insights summary: April 2026

In this edition:

• The Iran conflict dominated markets in March, but as long-term investors, we're not reducing our stock market investments.
• Expectations for peak oil and gas demand have shifted further out, and geopolitics has highlighted the fragility of supplies.
• The global economy is in an era of structurally higher and more volatile inflation, and relations between major global powers
  have become more confrontational.