“The defining event for risk assets in 2020 was the introduction of a fiscal, monetary, and healthcare ‘mosaic of coordination’ in response to the COVID-19 ‘crisis of preservation.’”

–Joe Terranova, Chief Market Strategist,
Virtus Investment Partners

This edition includes:

A capital markets performance recap of 2020: The strong full-year results illuminate the opportunity presented during the first quarter of 2020, when diversification went on sale by asset class, geography, equity size class, and strategy.

Secular charts: Six charts illustrate the continued secular trends that provided tailwinds for asset class performance in 2020. Abundant liquidity from the Federal Reserve, continued disinflationary pressures, and the impact of technology all led to the performance highlighted in the recap.