News

The investor letter for Q1 2024 indicates a positive start to the year with a continuation of the strong market performance from Q4 2023, driven by disinflation and economic resilience, particularly in the U.S., which has boosted investor confidence. However, challenges such as inflation uncertainty and high valuations in leading global equities add complexity to investment strategies, despite the overall buoyant market sentiment and solid portfolio gains.

In the final quarter of 2023, investors witnessed strong returns concluding the year on an optimistic note. The year marked a recovery across asset classes in which equities and bonds gradually recuperated throughout 2023 from the substantial drawdowns seen in 2022. The major driving force behind this rebound was a period of immaculate disinflation and economic resilience, particularly from the US economy that increased global mega-cap stocks.

The third quarter of 2023 saw a breakdown in the years' trend as market momentum was challenged. Global mega caps have provided a strong tailwind for performance year to date, masking many of the challenges seen across other asset classes and subsets of the equity market.

The second quarter of 2023 brought continued performance for investment portfolios as international equities continued to build on their momentum from the first three months of 2023.

The first quarter of 2023 continued on the previous quarter’s momentum as markets climbed to start the year. Early in the quarter, the market gained confidence…