Lessons from 2014

Financial Mirror (Cyprus) - - FRONT PAGE - By Rick Golod

In my first com­men­tary of 2014, the US mar­ket over­view sec­tion led with the head­line, “S&P 2014 in 2014?” Although my ac­tual tar­get was 2060, for the year, I con­tin­ued to over­weight the US over the in­ter­na­tional mar­kets. Within the in­ter­na­tional space, I favoured an over­weight in Ja­pan, a neu­tral al­lo­ca­tion in Europe and an un­der­weight al­lo­ca­tion in emerg­ing mar­kets. Look­ing at US as­set classes, my pref­er­ence through­out the year was to over­weight large-cap stocks over small-cap stocks, and large-cap value over large-cap growth. Although large-cap val­ues’ ab­so­lute per­for­mance has been strong year-to-date as of Novem­ber 30, it has lagged large­cap growth.

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