Q4 2022 Executive Summary

Fourth Quarter Market Perspectives Executive Summary. Inside, you will find a summary of market activity and our market outlook.

Q4 brought some relief from 2022’s downturn with a 9.8% return for the MSCI ACWI Index—extending the long history of post-US midterm positivity. Emerging Markets (EM) also rebounded and finished the quarter with a 9.7% gain. Turning points are impossible to predict and clear only in hindsight, and thus it is still too soon to know if October’s low marked the bear market’s end. However, whether the new bull market began in Q4 or arrives this year, we think equities are most likely to end 2023 higher.

Investing in financial markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance. The value of investments and the income from them will fluctuate with world financial markets and international currency exchange rates.

Fisher Investments Ireland Limited, trading as Fisher Investments Europe, is authorised and regulated by the Central Bank of Ireland (CBI), and is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). Fisher Investments Europe delegates portfolio management to its parent company, FI.