Real estate investment trusts lost 7.6% during the year, and commodities lost 15%.
However, the first week of January saw commodities at the top of the pack with returns of 3.4%, followed by MSCI emerging markets at 1.9%, MSCI EAFE at 1.4%. and gold at 0.9%.
High flows into gold continued during the first week at US$1.5 billion which BofA said was the largest inflow since August, 2020.
However, the largest flow last week went to cash at US$29.1 billion, followed by US$14.9 billion into bonds, and US$11.2 billion into equities.
According to latest data by FE Analytics, within the Australian Core Strategies universe, since the start of 2020 to 30 November, 2020, BetaShares Global Gold Miners ETF Currency Hedged was the top performing gold fund at 20.29%.