Omnis Managed Portfolio Service
April 2026 | Monthly update
Market-moving events
Shifting headlines. Global equities and bonds were volatile and ended the month weaker as investors priced in rising inflation and interest rate risks. European, emerging market and Asian equities were hit hardest, while small caps also came under pressure. A late relief rally on hopes of easing Middle East tensions offered limited support. Bond yields in the US, Europe and UK moved higher overall, reflecting expectations of tighter policy.
Energy prices surge. Oil was a standout performer, rising sharply after the closure of the Strait of Hormuz removed a significant share of global supply. The speed of the move was among the strongest in decades. As a key driver of inflation, the surge has intensified concerns about persistent price pressures and their impact on growth.
Geopolitical risks rise. Uncertainty has increased amid concerns over supply chains, energy security and broader economic disruption. In response, the OECD has downgraded global growth forecasts and raised inflation expectations across multiple regions. This combination of weaker growth and higher inflation underscores the increasingly challenging outlook for policymakers and investors.
Investment highlights
Reduced US equities; increased global bonds. Throughout the month, we further reduced our US Equity Leaders Fund exposure and redeployed the funds into to the Omnis Global Bond Fund, reflecting caution around stretched US equity valuations.
Tactical positioning rewarded. Overweight exposure to global bonds was a positive driver of performance through a volatile period.
Remain cautiously positioned. We continue to hold a moderate overweight position in bonds and an underweight allocation to equities, with a particular bias away from US large caps. We expect market leadership to broaden as the dominance of US mega caps fades and the AI led narrative comes under greater scrutiny.
Asset allocation
Take a look at our latest asset allocation in the Omnis Managed Portfolio Service.
Issued by Omnis Investments, which is authorised and regulated by the Financial Conduct Authority. Registered address: Auckland House, Lydiard Fields, Swindon SN5 8UB. This update reflects our view at the time of writing and is subject to change. The document is for informational purposes only and is not investment advice. We recommend you discuss any investment decisions with your financial adviser. Omnis Investments is unable to provide investment advice. Every effort is made to ensure the accuracy of the information but no assurance or warranties are given. Past performance should not be considered as a guide to future performance.
Approved by Omnis Investments on 1 April 2026.
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