Equity markets continued to climb in January, led by developed markets equities, where Japan and Europe ex UK outperformed.

Risk assets soared in Q4, sending calendar-year returns for several asset classes to multiyear highs.

Global equities enjoyed a blockbuster month, up 8%, led by the United States.

Risk assets broadly declined in October.

Risk assets generally declined in Q3 as rising bond yields pressured fixed income and equity performance alike.

Most asset classes declined in August as higher bond yields and mixed economic signals weighed on risk appetite.

Risk assets rallied in July as slowing inflation and pockets of economic resilience supported performance.

Performance was mixed in second quarter as several crosscurrents painted an uncertain outlook.

Risk assets generally declined in May, with real assets posting the lowest returns across broad categories.

Risk assets generally advanced in April.