SINGAPORE (Sept 23): The fourth quarter of last year was a challenging time for many multi--asset funds. Trade relations between the US and China soured further, and additional tariffs were imposed. At the same time, the US yield curve inverted for the first time since the eruption of the global financial crisis (GFC) in 2008, sparking fears of a recession. The combination of these factors led to a rare worldwide plunge in the prices of most major asset classes.

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