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This bull market has been led by growth stocks, which is what we would expect from a strong dollar environment. The surge in growth stocks relative to value during the virus has been extreme.
Like other domestic assets, US real estate has outperformed international. However, like EM stocks, international real estate momentum appears to be turning.
Commodities were hit even harder than stocks in the spring of 2020. Gold, on the other hand, outperformed stocks at the onset of the virus and for the year to date.