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Head of Investment Office Jon Cunliffe and Fund Manager James Godrich discuss the positive returns in equities and bond markets despite volatility. •January was a volatile start to the year, yet investors still saw positive returns across major markets. •Dollar weakness persisted, leaving US investors lagging international returns as the broadening out of equity markets continued. •The geopolitical environment remains uncertain and with the nomination of a dovish Federal Reserve Chair (i.e. who favours easy monetary policy), we expect volatility to stay. The value of securities and the income from them can fall as well as rise. Past performance should not be seen as an indicator of future returns. All views expressed are those of the author and should not be considered a recommendation or solicitation to buy or sell any products or securities.