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Who’s worried about Greece when Mario Draghi has turned on the taps? German taxpayers may be fretting; the European equity markets were delighted. The S&P Europe 350® had its best month since October 2011, with a total return of 7.3%.
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Every single sector gained, with Consumer Staples and Health Care posting double-digit gains for the month.
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In 2014, Quality was the best-performing strategy among the various factor indices derived from the S&P Europe 350. Quality topped the charts again in January, with a monthly return of 9.5%.
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The commodity markets continue to signal caution in respect of global demand. Precious Metals was the only sector of the S&P GSCI to post a gain for the month, while Energy continued to slide and recorded a seventh straight month of losses.
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