equities trade near their cycle-high valuations while U.S. Markets have become ‘fragile’ where the structure may look fine on the surface but is hiding many cracks forming underneath.
2015 can also be characterized by rollercoaster movements that oscillated between expectations for growth normalization to concerns about global growth slowdown and contagion spreading across riskier assets.stocks and bonds outperformed more complex strategies that sought diversification through overseas investments and/or non-correlated high absolute return strategies such as hedge funds. 2015 can be summarized as ‘simple works,’ at least for U.S.Looking back at this past year as we transition into 2016, one could say that investors are experiencing ‘fatigue’ with both lackluster economic growth and lackluster equity market performance.REITs turned in a better year of performance as the asset classīenefited from robust industry demand and a benign rate environment.Ģ015 Year-End Commentary and Capital Markets Outlook Summary Highlights The most pressure this year led by a slowdown in commodity consumption (notablyĬhina) resulting in a glut of oversupply. Global commodities and precious metals came under.Under financial stress due to the precipitous drop in energy prices. Notably high yield debt, underperformed this year as many energy borrowers came Performing asset class this year, led by municipal debt and intermediate (5-10 dollar terms, posted negative returns due to a strengthening U.S. This was a difficult year for most assetĥ00, ended slightly positive for the year while ex-U.S.Profile fund closures (Third Avenue) and a drop in oil prices to the low $30sĪs OPEC, led by Saudi Arabia, sought to further squeeze the higher cost High yield suffered an from investor outflows related in part to several high Part of the curve (5-10 year) outperformed the short- and long-end while U.S. fixed income was mixed as the intermediate Regime, and more evidence of China slowdown affecting global commodities. So-called Santa Claus rally), global stocks underperformed due to the EuropeanĬentral Bank (ECB) disappointing expectations for aggressive quantitativeĮasing, concerns that the U.S. Defying typical year-end seasonal patterns (the.
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