Asset Risk Consultants (ARC) has published its 2020 Private Client Indices (PCI) estimates, showing that on average private client investment managers recouped their losses of Q1 and generated positive returns.

While portfolios did not return to their record breaking 2019 levels, a buoyant Q4 boosted average yearly returns.

The most cautious portfolio band (risk relative to equities of 0 to 40 percent) generated returns of 3.7 percent in Q4. This brings 2020’s total returns to 4.4 percent.

While riskier portfolio bands significantly outperformed the most cautious band in Q4, earlier losses meant they only ha...