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Benchmark Review: Cash is king

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Stocks and bonds tumbled, producing the worst start for a 60/40 portfolio since 1974. Cash and the U.S. dollar were the only asset classes to rise in Q3, with international equities falling more in dollars than in local currency terms. Equity leadership trends mean reverted, with Growth, small-caps, and Consumer Discretionary outperforming.

Ned Davis Research | Equities | U.S. Benchmarks | Quarterly

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