Active Long Only Solutions Review: Q4 2017

Q4 Review & Key Trends

Perhaps the oddity of the fourth quarter and for 2017 as a whole was the extent to which markets remained heavily conditioned. Conditioned by extrapolation of what has historically worked. I.e. Momentum and Growth-orientated equities, despite the forces which have historically proven a tailwind for such dominant trends now moving notably into reverse. Bond yields, and with that discount rates to which the valuation multiples of many growth-orientated securities remains highly correlated to are increasing, forced higher by modestly rising inflationary pressures and a globally concerted QE program which is now starting to go into reverse.

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