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Photo Source: Astoria Portfolio Advisors Exhibit 1: Trailing Returns as of April 29, 2022 What Happened in April? April was a challenging month for equities as stocks declined. US growth stocks were amongst the worst performers (-13.6%), followed by US large-caps (-8.8%) and US small-caps (-7.8%). Bonds also struggled as investment grade corporates were down 6.7%, 7-10 year US Treasuries fell 4.2%, and high yield credits declined 4.2%. Commodities produced mixed returns as cr