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I prefer the one-ground-per-fixture approach myself, using a sheathed cable to each fixture, as much to avoid splices halfway up the mast as anything else. You could stretch that to consider anything at the masthead one "fixture" even if an anchor and windex lights are not one fixture per se.
But I have to add... unless your mast is wood, you could dispense with running *any* ground wires up, and use the mast itself as a return. It should be grounded anyway, and if you lose it, you have bigger problems than your lights going out.
On a related note, when the PO of my Sun Odyssey 45.2 took possession, I had to help him debug an interesting condition: turning on the anchor light lit both anchor and steaming lights. Turning on the steaming light lit only that light.
I could leave it as a puzzle, or just give the answer:
The local rigger who wired the boat (for a large local yard, surprisingly) apparently wasn't thinking of european colour codes... where blue is negative and brown is hot... he wired the mast "north american" and connected "ground" to the boat's brown... not exactly a missing ground, rather one fixture had ground, and you could apply power to the point between the two, lighting only the one, or to the far end of the series pair, lighting both.
I'd forgotten about that until about 4 years after I bought the boat, when I opened the access panel in the cabin ceiling and wondered about the wires labelled in... my handwriting.
All I can say is, it would not have happened if the mast had been the return. He might have blown a breaker trying to power the mast, but probably would have noticed that before delivering the boat. Probably.