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March 2020 saw extreme intra-month volatility across all markets. Daily liquid funds exacerbated this volatility and failed to provide the liquidity promised to investors. In the subsequent recovery, these same funds are singularly focussed on truly daily liquid investments at the expense of returns. Rather than accepting lower returns for liquidity, investors should go back to the drawing board and re-assess their need for daily liquidity. In this low yield environment, there is a role for non-daily liquid strategies which allow investors to buy when liquid funds are selling, to invest outside of the shrinking universe of highly liquid investments and, ultimately, achieve consistent excess returns.