Investment Winners and Losers in 2023

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Last year, 2023, was the year that defied all odds. At the end of 2022, nearly every expert at the major banks predicted a recession and/or bear market in 2023. And yet, despite some volatility and selling over the summer, markets logged a largely positive year.

Of course, that doesn’t mean it was a good year across the board. Here’s a look at some of the biggest winners and losers in 2023, plus a few investments that sat somewhere in the middle. Let’s start with the losers.

Investment losers in 2023


The banking sector never recovered following the collapse of regional banks kicked off by Silicon Valley Bank in March. Traditionally, financial firms benefit from higher interest rates, but in 2023, many banks saw large losses in the “hold to maturity” long-term bond portfolios. This triggered a domino effect that damaged their creditability in the eyes of their customers, who pulled their deposits, as well as investors. The banking sector was down more than 10% at the end of the year.