After a difficult September, the third quarter started upwards and most of the gains for that quarter were made during October. Then, in November, the Omicron outbreak took the markets by surprise, which moved downwards but finally managed to finish the year without much trouble, but certainly limiting the final returns.

Market developments:

1. By the end of November there was a wide spread of Omicron with investors worried about Christmas shopping and travelling. Uncertainty returned for one more time.

2. Inflation continues to rise and pressures to raise interest rates are beginning to be felt. The Fed is changing its stance and a new period of weakness is starting.

Returns of XSpot Wealth Portfolios

The large diversification of XSpot investment portfolios acted as a safety valve as it managed to keep the portfolios close to the benchmarks when the sharply upward trajectory was stopped by the sudden change of the environment.