Passives have dominated the top returns for US equity in the 657 days that Joe Biden has been US president while previously dominant growth funds have struggled with major macro headwinds.
Biden officially became the 46th president of the United States on 20 January 2021, ousting Donald Trump and the Republicans from office. In the weeks after his election, analysts forecast a bull run on green, ESG stocks as Biden openly favoured more environmentally friendly reforms than his predecessor. However, the dominant story for US markets during his tenure so far has been inflation and the monumental impact it has had on the growth biased market. Strong US jobs figures 'won't shift Fed stance' Inflation now sits at 8.2% and has been the main contributor to US stocks suff...
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