The dramatic growth of target date and “asset allocation” funds appears to be driving sharp end-of-quarter rallies whenever the US stock market wobbles, data show.
In the past six years, the S&P 500 index has risen at an average annualised rate of 80 per cent in the final week of quarters in which the index has fallen, according to analysis by Vincent Deluard, global macro strategist at StoneX, a broker.
“Stocks have rallied by an absurd 80.6 per cent per annum in the last week of the quarter during down quarters since 2016,” said Deluard, an example of “miraculous seasonal patterns in the passive era”.
您已阅读12%（608字），剩余88%（4528字）包含更多重要信息，订阅以继续探索完整内容，并享受更多专属服务。