Investment Update

In February, global equity markets continued to diverge, with UK and European markets climbing (FTSE100 +1.6% and Eurostoxx 50 +3.8%) and Japanese markets falling

Early in the third quarter of 2024, the seemingly inexorable rally in the tech sector finally looked as if it may be dissipating, particularly in the US

We wanted to provide a review of some of the most notable events in 2024 and some prognostications of how we see 2025 panning out (brave, we know).

Early in the third quarter of 2024, the seemingly inexorable rally in the tech sector finally looked as if it may be dissipating, particularly in the US

We reported on the Fed’s lack of ambition in loosening monetary policy earlier in August.

Since we last wrote to you, so much seems to have transpired; Trump was nearly assassinated; Biden has (effectively) abdicated, propelling Kamala Harris to ‘President-in-waiting’;

We first drafted this piece two days ago (please forgive us if there are any short- term inaccuracies). This is an illustration in how much can change in such short order.

As May draws to a close it has been a significant month for a number of reasons, but most notably the call for a general election in July.

The closing act of April witnessed equity markets reaching new highs, propelled there by investors’ interpretation of a more dovish stance by the Fed and upward analyst earnings revisions.