2015 was a tough year for most major asset classes. After a very promising start, equity market gains were eradicated over the summer and suffered further woes towards the end of the third quarter, before a final spike in the final quarter. Whilst on paper equities ended-up generally ﬂat for the year, in reality it was a far more volatile and challenging environment than most investors could have imagined. In addition bonds and alternative asset classes alike struggled to ride the waves of changing monetary policy, as investors fled from and then flocked to safe-haven assets as mixed economic news ebbed and flowed.
So much has happened both politically and economically this year and as usual at the end of each year, in this month’s commentary we review 2015 in general and comment on the possible risks and opportunities for 2016.