Volatility awakened in February after a two-year hibernation. After 15 consecutive months of positive returns, the global equity market posted its first negative monthly return since October 2016 and its highest monthly volatility since June 2016. February saw 12 daily moves in the S&P 500 of at least 1%, already 50% more than 2017’s total of eight. Higher market volatility in February meant that the S&P Managed Risk Index reduced its equity allocation for the first time in 18 months.