That's according to equity strategists at Bank of America Merrill Lynch, who examinedreturns on a three-month basis going back to 1936. Since then, stocks have earned a 4.4% total return on average versus 2.9% for the index on a rolling three-month basis.
The catalyst they pinpointed is tax loss selling, which involves selling securities that have lost money in order to offset the share of capital gains that is owed to Uncle Sam. Mutual funds are mandated by law to complete this practice by October 31.
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