Identify how certain days in the year have greater potential for elevated risk or reduced market liquidity.
This calendar shows the key dates institutional investors should be aware of during the fourth quarter, particularly if planning to implement large changes to their portfolio.
Days with the potential for elevated risk are shaded in orange, while days with the potential for reduced liquidity are shaded in blue.
Russell Investments has identified elevated risk dates where new significant information will be released into the market and can create volatility as investors incorporate this information into asset prices. These scheduled announcements are events we believe institutional investors should be aware of when developing timelines for implementation.
While market behaviour is impossible to predict, we believe there are some days we can identify in advance each quarter that have the potential for elevated market volatility or reduced liquidity.
For instance, there is often increased risk on the days surrounding central-bank policy meetings and monthly inflation data, as well as on the days when large banks and big tech companies release quarterly earnings reports and forward guidance.
Reduced liquidity, on the other hand, is typically observed around national or global holidays or celebrations–especially during the end-of-the-year holidays in late December.
Ultimately, we believe this tool can help investors plan better and set expectations with stakeholders.
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1 As of December 31, 2022.
2 Past performance is not a guarantee of future results. Russell Investments Transition Management Performance Composites – 5-year composites ending December 2020.