Because of the speed, severity and indiscriminate nature of the Covid drawdown in 2020, investors may believe that lower-volatility strategies have not provided the downside protection expected in those types of market environments. Over the longer term we've seen equity markets post strong returns fueled by low rates and accommodative monetary policies. The MSCI ACWI and S&P 500 indices yielded positive returns in 15 of the past 20 years, and posted returns of more than 15% in half of those years.
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