• Government bond interest rates increased across all maturities in the UK, eurozone and US. Generally, longer-term rates increased by more than short-term rates
  • In periods of unusual stress, a clear philosophy and process can guide calm, rational, long-term decision making

April’s market action extended the trends that shaped the first quarter. Equities and bonds tumbled, while commodities climbed.

Global equities posted their largest one-month decline since March 2020 and most major equity markets delivered their poorest monthly performances of 2022. Developed-market shares fared worse than emerging markets.

The selloffs in UK and mainland Chinese equities were comparably shallow against the broad-based decline. Hong Kong shares fell by a bit more, followed by European equities, while Japanese and US shares suffered steeper losses. Growth oriented equities tumbled by considerably more than value-oriented shares.

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Important information

Data refers to past performance. Past performance is not a reliable indicator of future results.

Investments in SEI Funds are generally medium- to long-term investments. The value of an investment and any income from it can go
down as well as up. Investors may get back less than the original amount invested. Returns may increase or decrease as a result of currency
fluctuations. Additionally, this investment may not be suitable for everyone. If you should have any doubt whether it is suitable for you, you
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information should not be relied upon by the reader as research or investment advice regarding the funds or any stock in particular, nor should it be construed as a recommendation to purchase or sell a security, including futures contracts.

Additional important information

In addition to the normal risks associated with equity investing, international investments may involve risk of capital loss from unfavourable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. Bonds and bond funds are subject to interest rate risk and will decline in value as interest rates rise. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities, due to the speculative nature of their investments. Narrowly focused investments and smaller companies typically exhibit higher volatility. SEI Funds may use derivative instruments such as futures, forwards, options, swaps, contracts for differences, credit derivatives, caps, floors and currency forward contracts. These instruments may be used for hedging purposes and/or investment purposes.

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SEI sources data directly from FactSet, Lipper, and BlackRock, unless otherwise stated.

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