Fund performance for March 2014 was 0.88% versus the benchmark return of 0.21%. The Australian equity market (represented by the S&P/ASX 300 Accumulation Index) posted a small gain of 0.2% amid mixed global and domestic macroeconomic trends. Chinese data released during the month was softer in tone, suggesting weaker than forecast GDP growth. The US Fed announced the continuation of its tapering program in April with rhetoric pointing towards potential rate hikes in late 2015. In Europe, low inflation poses the new threat for the European Central Bank (ECB) whilst political tension in Crimea grabbed the headlines. Domestically, employment posted strong gains whilst the RBA left the cash rate unchanged.