2018 was a challenging year a virtually all global equity indices finished negative. The global equity
market as measured by the MSCI All Country World Index (ACWI) ended the year down -8.9% for the
worst annual decline since 2008 (-41.8%). The fourth quarter was an especially difficult period as the
MSCI ACWI had its worst quarterly return since Q3 2011. Several factors weighed on the global equity
markets throughout the year including the US and China trade war and slowing global economic growth.
The United States investment grade fixed income market was basically flat as the Barclays US Aggregate
Bond Index returned +0.01%. We would like to highlight three key themes of 2018.
< COMMENTARY
Market Commentary | January 11, 2019
Q4 2018 Market Review and Outlook
By Andrew Murphy, CFA
Co-Chief Investment Officer
2018 was a challenging year a virtually all global equity indices finished negative. The global equity market as measured by the MSCI All Country World Index (ACWI) ended the year down -8.9% for the worst annual decline since 2008 (-41.8%). The fourth quarter was an especially difficult period as the MSCI ACWI had its worst quarterly return since Q3 2011. Several factors weighed on the global equity markets throughout the year including the US and China trade war and slowing global economic growth. The United States investment grade fixed income market was basically flat as the Barclays US Aggregate Bond Index returned +0.01%. We would like to highlight three key themes of 2018.