2022 was the fourth negative year in the 20-year history of the Sifter fund (-14.7%). For sixteen of those 20 years, the fund has generated a positive return. Since the beginning of its history, the fund has produced an average annual return of 9.0 percent for its investors (September 16, 2003\u2013December 31, 2022).<\/p>\n\n\n\n
2022 was a challenging year for equity investors. The war in Ukraine reminded investors of the importance of geographical diversification. However, the war has had surprisingly little effect on share prices globally. Still, it has caused difficulties in company supply chains and accelerated inflation in Europe.<\/p>\n\n\n\n
Although uncertainties grew during the year earnings were excellent in many companies. Another reason that weighed heavily on share prices was the rise in interest rates that stemmed from increased inflation.<\/p>\n\n\n\n