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Quarterly review for the fourth quarter of 2021

Global equities rose 6.29% in sterling over the nal quarter of 2021, ending the year up 20.14%. US stocks outperformed, rising 10.53% in sterling over the quarter, buoyed by US technology stocks, which gained 13.53% as investors braced themselves for more lockdown restrictions in response to the Covid-19 Omicron variant.

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Quarterly review for the third quarter of 2021

Global equities and bonds fell 0.95% and 0.88% respectively in local currencies over the quarter but rose 1.48% and 1.55% in sterling because of currency movements. Inflation data proved stronger than expected and central bankers turned hawkish.

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Quarterly review for the second quarter of 2021

Global equities rose 7.39% in sterling over the second quarter of 2021 as the world economy recovered as a result of Covid-19 vaccination programmes, ultra-loose monetary policy and unprecedented fiscal stimulus.

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Quarterly review for the first quarter of 2021

In March, the Federal Reserve lifted its 2021 growth forecast to 6.5% as the recovery accelerated. Fed optimism was confirmed in April, when the initial estimate for first-quarter growth emerged at 6.4%, leaving the economy just 1% below its pre-Covid level.

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Quarterly review for the fourth quarter of 2020

Global equities rose 8.56% over the quarter to close a turbulent year 13.22% higher in sterling. Global bonds gained 3.28% in local currencies but fell 2.32% in sterling because of currency movements.

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Quarterly review for the third quarter of 2020

Global equities rose 8.25% in local currencies over the third quarter of 2020 but currency swings reduced the gain to 3.46% in sterling. Global bonds gained 2.66% in local currencies but fell 1.88% in sterling.

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