Quarterly Letter 4Q 2022

GMO

Ben Inker

Research

9 Pages

GMO reviews how 2022 rewarded patience as speculative assets deflated and unfashionable exposures held up. Valuation resets improved forward return prospects, while U.S. large caps and government bonds still looked expensive.

Key Takeaways

Value leadership: Defensive and value exposures held up as speculative growth faded.
Return reset: Cheaper starting points improved expected long term outcomes across many assets.
Portfolio shifts: Allocation tilted toward equities and credit while maintaining diversification.
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