Entering 2025, strong economic momentum gave way to heightened volatility as aggressive U.S. tariff actions disrupted markets and trade relationships. Our report reviews how these shifts impacted public and private markets, identifies actionable investment opportunities, and outlines strategic positioning for a more uncertain global environment.
Global equities declined 1.0% in Q4 but rose 17.5% in CY 2024, driven by U.S. large-cap stocks (+24.5%) benefiting from strong earnings, economic resilience, and AI-driven tech gains. Fixed income struggled in Q4 as yields surged, though CY 2024 returns remained positive. High-yield bonds and leveraged loans delivered solid returns for the year despite rising rates. Alternative assets, including hedge funds (+5.3%), private equity (+5.9%), and private credit, provided steady gains. With heightened geopolitical risks and potential volatility tied to U.S. policies, our report examines these trends and outlines portfolio adjustments for the evolving landscape.
Global equity markets advanced 6.6% in Q3, bringing YTD gains to 18.8% through early October, with emerging markets leading the way. Fixed income appreciated as interest rates fell, and alternative assets like hedge funds, private equity, and private credit posted positive returns. Our report explores these trends and provides insights on portfolio positioning amid mixed economic signals and potential election-driven volatility.
Global equity markets continued to rise in Q2 2024, while exhibiting significant sectoral and regional trends. US large-cap stocks lead the charge, driven by robust corporate earnings and favorable inflation data. Growth stocks, particularly those linked to AI, outperformed. Our report explores these and other equity market performance disparities, as well as developments in fixed income, hedge funds and private markets.
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