2020 was a year of surprises. There was the speed at which the pandemic escalated, the severity of
the lockdowns, the size of the government stimulus measures globally and the magnitude of the
equity market rebounds. Perhaps the biggest surprise is that global equities, gained around 16% (USD)
in 2020 – an outcome few would have predicted during a global pandemic. With the U.S. election
behind us and effective vaccines on the way, investors have become bullish, pushing the S&P 500® to
For the full report, download the APT Q4 2020 Investment Survey.