November proved to be an extremely fruitful month for markets as three different vaccine trials reported successful phase III COVID-19 results on three consecutive Mondays. This provided a much-needed boost to equities, particularly more cyclical companies and those hardest hit by the impact of Coronavirus. The result of this was a significant rotation towards cheaper ‘value’ stocks and away from more expensive ‘growth’ stocks. Markets had already been edging up after it became clear Joe Biden had won the US presidential election, although President Trump disputed the outcome and unsuccessfully tried to overturn the results in the courts claiming voter fraud.

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