2019 summary & 2020 predictions
2019 was a vindication year for the traditional asset management industry and asset allocators like us. Many skeptics sat on the sidelines in cash and missed the best year for returns we have had in a very long time. Our clients enjoyed excellent returns in both absolute and relative basis.
While 2017 was low positive and 2018 was negative, 2019 was very positive and brought the three-year returns comfortably into the annual targeted return range. This is the nature of the beast - market returns simply do not go in straight lines.
Our eyes now turn to 2020. As always, the crystal ball has its limitations and across our team we have slightly differing views for 2020. However, the consensus view is to remain faithful to our asset allocation principles.