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Large versus small-cap equitiesLarge caps had a better quarter overall, with rising concerns aboutthe balancing act between tightening monetary policy and ongoingeconomic growth. Small caps were still able to generate decentreturns, however, apart from in Japan where smaller, domesticallyfocused businesses suffered along with the rest of the market.Equity returns Q4 202112%9.8%10%7.7%8%6%5.2%5.1%3.5%4%2%0.9%0%-0.9%-2%-4%-4.8%-6%UK EquitiesUK SmallerNorth AmericanNorth AmericanCompaniesEquitiesSmaller CompaniesSource: Morningstar, 31.12.2112 - Liontrust Multi-Asset Portfolio Services Quarterly Report: Q4 2021European EquitiesEuropean SmallerCompaniesJapan EquitiesJapanese SmallerCompanies
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