Broad-based global equity indexes appreciated in the fourth quarter, even as investor sentiment continued to deteriorate. Fear of the future is palpable these days, but historically crisis has created opportunities. According to the latest BofA Fund Manager Survey, cash levels are at their highest since the 9/11 crisis in 2001, and investors are overweight bonds for the first time since April 2009. In December, the Chicago Board Options Exchange (CBOE) equity put/call ratio surged above 2.0, the highest level on record, surpassing the ratios in both the tech and telecom bubble and the Global Financial Crisis. In hindsight, both of those times were terrific opportunities to put funds to work in highly differentiated ways. ARK believes that this time will be no different and that innovation strategies are likely to be prime beneficiaries when equity markets recover.
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