March and Q1 2026 Performance Review

Q1 2026 was defined by a massive stagflationary shock following the outbreak of war in Iran, which drove Brent crude up 94% and triggered a broad selloff in equities and bonds. The software sector and cryptocurrencies were among the hardest hit, while the US dollar and commodities were rare gainers.

Key Takeaways

• 1.The conflict in Iran was the primary driver of market performance in Q1 2026, leading to a massive spike in oil prices and a cross-asset selloff.
• 2.Brent crude oil saw its largest quarterly gain (+94%) since the 1990 Gulf War, closing the quarter at $118.35/bbl.
• 3.Equities and sovereign bonds suffered significantly in March as inflation expectations surged and markets priced out central bank rate cuts.

Table of Contents

• March and Q1 2026 Performance Review
• Quarter in Review - The high-level macro overview
• Which assets saw the biggest gains in Q1?
• Which assets saw the biggest losses in Q1?
• Figure 1: Returns for Major Global Financial Assets in March (in Local Currency)
• Figure 2: Returns for Major Global Financial Assets in March (in USD)
• Figure 3: Returns for Major Global Financial Assets in Q1 (in Local Currency)
• Figure 4: Returns for Major Global Financial Assets in Q1 (in USD)
• Figure 5: Returns for Major Global Financial Assets (Local Currency)
• Appendix 1
• International Production Locations

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