Global equities traded positively to end 2021, with the MSCI World Index and STOXX Global 1800® Index advancing 7.77% and 7.08% respectively in Q4. While all factors traded positive in Q4, World Small Cap (+2.23%) stocks experienced the most significant underperformance against the MSCI World Index. Small caps underperformed by 5.54% in Q4, including a 4.85% nominal pullback in November.
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