As at 30 April 2026, The Holiday Allowance Fund had delivered a return of 2.1 per cent. LD Discretionary, the main fund within The Cost-of-Living Allowance Fund, achieved a return of 0.9 per cent. The negative returns from the first quarter have thus been more than recouped.
The stock markets delivered strong returns in April
Following a challenging first quarter, in which March in particular saw negative returns in both funds, the mood on the equity markets turned around in April, contributing to a monthly return of 4.2% for The Holiday Allowance Fund and 2.9% for LD Discretionary.
The surprisingly strong returns on the stock markets in April were driven by optimism regarding a possible resolution to the Iran conflict. The news that the Strait of Hormuz had been reopened sent leading share indices to new record highs.
The financial reporting season brought renewed optimism
Optimism on the stock market was also fuelled by a positive earnings season, during which a number of large companies surprised the markets with higher-than-expected earnings. This is a sign that many companies are still managing to navigate an uncertain market. Despite rising inflation and the prospect of a more restrictive monetary policy, global equities delivered their strongest monthly performance since April 2020.
We take a long-term approach to investment
Although we are currently seeing positive signs in the financial markets, we remain in unpredictable times in which significant fluctuations in the financial markets may occur. This has become a fundamental reality for investors. In LD Pensions, we therefore continue to manage our members’ funds with a long-term perspective and regularly adjust the portfolios.
