Quarterly Thematic Review: Seeing The Glass Half-Full

2022 was a tumultuous year for equity markets, shaped by macro and geopolitical factors. Monetary tightening that started with the Federal Reserve (Fed) in the United States spread to other regions. The war in Ukraine and zero-COVID policy in China added further pressure to the global growth outlook, elevating fears of recession. In this general risk-off environment, we have seen global rotation into value stocks.