Portfolio Trick or Treat

October 26, 2023 | Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research

Coming into 2023, investors were cautiously optimistic about 2023 market returns; cautious considering the broad losses across asset classes during 2022 but optimistic about more attractive valuations and the inherent upside potential stemming from these price points. Nine months into the year, which of these opportunities have been “treats” for investors, and which have been “tricks”?

In this edition:

• The biggest trick of them all: Investment grade fixed income
• But not all of fixed income has been a trick…
• Tricks come in all sizes: U.S. small-cap equities
• Trick, treat, or both? U.S. growth stocks
• Currency movements still tricky
• More treat than trick: Emerging markets
• If you’re not surprised, it’s not a trick: Commercial real estate

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