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Condor Capital Reviews 4th Quarter 2020

Despite a year defined by a global pandemic and political uncertainties, financial markets proved resilient, with the major indices finishing the quarter, and the year, at or around all-time highs. The S&P 500 Index moved 12.14% higher in the fourth quarter, resulting in an overall gain of 18.39% for the index in 2020. The nationwide rollout of two COVID-19 vaccines, coupled with greater clarity regarding the country’s political backdrop, calmed market angst and set domestic equities up for a rally into the latter part of the quarter. Contributing most to the broader market’s rise were cyclically oriented sectors, led by energy and financials. On a market-cap basis, small-caps fared substantially better than large-caps in the fourth quarter and outperformed on the year. Finally, the long-standing trend of growth stocks outperforming their value counterparts reversed this quarter, with value exhibiting its best quarter since 2009.

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