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This past quarter has been one of more twists and turns in macro factors than we can, perhaps, remember. Commodities went from being some of the worst-performing and under-held assets in January to the complete opposite in February and March. The Federal Reserve has "walked back" from its previous more hawkish interest rate projections, and as a result, the U.S. dollar declined dramatically. This has taken the pressure off some of the weaker emerging markets currencies, which have seen impressive rallies.