Schroder GAIA Wellington Pagosa, Managed by Roberto Isch, Limits March Loss to 0.8% as Global Markets Sell Off

Managed by Roberto Isch, Schroder GAIA Wellington Pagosa returned -0.8% in March, outperforming the MSCI World NR’s -6.4% decline. The $329 million multi-strategy fund posted gains in its credit and energy strategies despite heightened volatility in growth-oriented names.

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Market Landscape

March was dominated by rising geopolitical instability and renewed inflation concerns, which weighed heavily on global risk assets. Tensions between the US, Israel, and Iran disrupted energy infrastructure and shipping routes. This pushed oil prices higher and reignited global inflation fears. Against this backdrop, global equities declined significantly, with the MSCI World NR falling 6.4% during the month and extending its year-to-date loss to 3.6%. Corporate earnings remained resilient under this pressure, reflecting solid technology sector growth.

The macro environment was also shaped by diverging central bank policies. Economies facing elevated energy sensitivity and persistent labor market tightness maintained restrictive stances, while others moved more cautiously toward normalization. In the US, the administration’s recently implemented 10% global tariff prolonged trade uncertainty after previous measures were struck down by the Supreme Court. Meanwhile, Japan’s political environment stabilized after Prime Minister Sanae Takaichi consolidated her electoral mandate, supporting the fund’s macro positioning in the region.