Investment Outlook
Investment outlook third quarter 2024
This quarterly report briefly discusses economic developments and inflation in the important regions for our portfolios, followed by a more detailed discussion of the positioning within the investment categories of bonds, shares and precious metals. The relative returns compared to the market average are further discussed.
Investment outlook second quarter 2024
After a strong 2023, stock markets continued to rise in 2024. The MSCI World stock index rose 10% in the first quarter of 2024. Bonds had a slightly negative average return due to a rise in interest rates. Our stock selection lagged slightly behind the market average, but our bond selection outperformed. This quarter we will discuss our view of inflation further and how it translates into our portfolio management.
Investment outlook first quarter 2024
Investment outlook fourth quarter 2023
Investment outlook third quarter 2023
Investment outlook second quarter 2023
Investment outlook first quarter 2023
After three tumultuous quarters, equity markets recovered slightly in the fourth quarter. The MSCI world stock index closed 2022 with a drop of 13% in euro. High inflation in the US and EU persisted at 7% and 10% respectively. Subsequently, the US Fed raised their policy rate from 0.25% at the end of 2021 to 4.5% at the end of 2022. The interest rate rise caused a correction in the stock markets and brought volatility back to the dormant bond market with a sharp plunge.