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.
Global equity markets gained 8.1% during the quarter, led by a 10.4% rise in US large-cap stocks. Despite strong initial performances, markets retreated by 5.1% in early April amid rising US inflation and geopolitical tensions. In fixed income, the Barclays US Aggregate Index saw a 0.8% decline in Q1 and a 3.1% drop year-to-date.
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