Quantitative Management Associates

The global economic recovery appears solid, and we believe it may evolve into a multi-year expansion. A double dip recession appears unlikely barring an unforeseen extreme shock. The recovery in the US has, so far, exceeded expectations, and consensus forecasts of U. S. Growth for 2010 have been revised upward to 3. 1% from 2. 7% at the launch of the year. Questions still remain, however, regarding the power of the recovery going forward. Risk assets, meanwhile, had a bumpy ride during the 1st quarter but ended on a very strong note.