In 2022, we had a positive opinion and tilted towards the value/dividend factor among equity holdings in our multi-asset model portfolios and, subsequently, a rather negative opinion on the growth factor. That worked out really, really well, adding a good amount of alpha compared to peers. But then, in late 2022 and so far into 2023, the growth factor has returned to dominance. While we have kept up with our peer group thanks to some other contributors such as Japan and an overall overweight in international equity and manager selection within fixed income, our style tilt has been, well, wrong so far in 2023.

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