Redwheel's Nick Clay: We are nowhere near the end of this bear market

Markets are returning to 'normal'

Global equity markets have fallen into bear market territory and will remain in it, as investors are still backing technology stocks, according to Nick Clay, manager of the Redwheel Global Equity Income fund.

Up until 2022 - with a brief bear market in March 2020 when Covid took hold - equity markets have typically been a one-way trade, with growth and technology stocks  delivering particularly exceptional returns. The S&P 500 was the vanguard of this, as the index is home to many of the world's most highly valued tech names. For the 10 years to the end of 2021, the index made 334.9% total returns, ahead of the MSCI ACWI index (251.7%), according to FE fundinfo data. Fixed income suffers most as bear market sets in But while this dynamic served the US market during the years of high ...