By Raman Aylur Subramanian via our partners at Iris.xyz

U.S. equity investors in 2016 experienced a roller coaster ride. The U.K.’s vote to leave the European Union and the U.S. presidential election each resulted in sharp market moves. Together, the two events contributed to a shift in the underlying fabric of equity markets starting in the second half of the year.

While the Brexit vote created huge uncertainty in markets, particularly in Europe, the election of Donald J. Trump and an upbeat assessment by the Fed had an opposite effect: Institutional investors shifted their strategies toward U.S. companies that benefit from economic growth and away from minimizing risk.

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