Astoria Portfolio Advisors was very vocal about the negative implications of Quantitative Tightening (QT), Fed rate hikes, and ECB tapering their balance sheet (i.e. less liquidity and higher volatility). Frankly, we were not surprised by the price action in Q4. This was a key driver behind Astoria’s decision to hedge risk assets, underweight equities, and include alternatives across all of our multi-asset portfolios throughout 2018...
