2022: A year of change for markets

Ancoria Insurance
JANUARY 2023
Ancoria Insurance
2022: A year of change for markets

A year that begun full of optimism and hope as countries’ started to gradually lift their COVID-19 related restrictions, quickly turned to one of the most uncertain and volatile years in more than a decade. For the first time in more than 40-years, both the bond and stock market dropped simultaneously and suffered significant losses as a multi-year high inflation sparked by increased consumption, supply chain shortages and sky-high energy prices, forced global central banks to aggressively hike interest rates to tame inflation. 

Even in the worst of times, apart from the losers, there are also winners. So, which Ancoria funds were the top performers of the year 2022?

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A bar graph displayed on a presentation screen, showcasing data visually. Market Commentary

One of the largest fiscal and monetary experiments ended in tears in 2022. It was nice while it lasted, indeed, but investors now face new realities and challenges and as a result a completely different investment landscape. The extreme set of policies – zero interest rates and deficits of unprecedented magnitude – invited a new guest to the party who was thought to be dead: inflation. It looks like market participants treat inflation and interest rates as a straight line, i.e. hike rates, solve the problem, back to basics – calm and predictable markets. This framework however is only one possible scenario out of many, as the many twists and turns – geopolitics, quantitative tightening, energy transition, government/corporate/private obligations – are making possible a set of outcomes that are thought to be beyond any boundary, as investors assume that they have ‘’seen everything’’.

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Ancoria's Top Performing Funds
(as at 31/12/2022)
Fund Name YTD % (EUR) YTD % (SEK)
Commodity22.7133.74
Money Market Fund USD7.6817.34
Thailand5.1014.55
Money Market Fund EUR-0.498.42
Money Market Fund GBP-4.583.97
Ancoria Emerging Markets Debt Fund-7.600.70
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