One of Cathie Wood’s exchange-traded funds has executed a massive shake-up in its Bitcoin-related holdings as the cryptocurrency rounds out a blockbuster year.

US stocks carry too much risk and buying Treasuries will pay off, according to M&G Plc as the $402 billion fund house navigates the brutal selloff in global markets.

A strategy of stripping China out of emerging-market portfolios is fast gaining traction as stock managers seek to reduce the risk of investing in a country that faces unique policy and geopolitical headwinds.

Investors ready to turn the page on the worst year for equities since the global financial crisis should brace for more pain heading into 2023.