2020 Year In Review

05/01/2021

As 2020 opened, many discretionary managers were questioning how much further an equity bull market could continue that had in 2019 delivered one of the best years for multi-asset portfolios in a decade, with strong positive returns and a limited drawdown. Concerns about slowing global growth and the withdrawal of ultra-accommodative monetary policy were frequently cited as reasons to be more cautious. Few at that time would have suggested a global pandemic as the key risk facing investors but, towards the end of February, it was apparent that a new deadly virus was beginning to spread around the world. One month later, most of the planet was under lockdown conditions and financial markets responded with the fastest and deepest drawdown since 1987.

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