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Global markets finished 2020 positively, increasing 14.7% in Q4 to bring full-year returns to 16.3%—a testament to markets’ resiliency and forward-looking nature. Tech, Tech-like and quality, growth-oriented equities have generally led the recovery from the March low despite several countertrend value rallies.
In January’s Macro Minutes video, Davis Hein explains how we use one particular aspect of sentiment – other professional’s forecasts – to create a sentiment bell curve which proves useful as we create our own equity market forecasts for 2021.
The nascent bull market continued in Q3 as the MSCI ACWI hit new highs before encountering September turbulence—normal volatility, in our view, even this early in a bull market. Overall, global equities rose 8.1% in the quarter. Nine months in, global equities are up 1.4% on the year.
In September’s Macro Minutes video, Capital Markets Research Analyst Charles Dornbush explains how Health Care’s defensive nature largely explains its performance this year. He also provides an update on the progress towards an effective COVID-19 vaccine and how the Health Care sector may be impacted by the upcoming US presidential election.
Founded in 1979, Fisher Investments is an independent, fee-only investment adviser with $197 billion under management.* Fisher Investments maintains four principal business units, Fisher Investments Institutional Group, Fisher Investments Private Client Group, Fisher Investments 401(k) Solutions Group and Fisher Investments Private Client Group International, which serve a global client base of diverse investors. The clients of Fisher Investments and its affiliates include over 100,000 clients. Founder and Executive Chairman Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 3/31/2022)