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Are we in a bull or bear market? The multi-manager view

2016 will likely feel like a bear market for the majority of active managers, as a bull market gets underway for the former laggards and the hitherto leaders suffer a period of underperformance.

THE HEADACHE DEPARTMENT: It is important to register that while the global economy continues to expand, albeit modestly, the benefits of unorthodox policies appear to outweigh the costs. We will keep our fingers crossed for what happens when the business cycle turns down, as it inevitably will.

THE Schroders Multi-Manager team has written repeatedly in recent quarters of how we felt investor positioning had become dangerously lopsided and vulnerable to rotation. Coming into this year, the atmosphere appeared as serene as the summer of 2007 for many of the market leaders. At the same

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