SUMMARY OF QUARTERLY ECONOMIC AND INVESTMENT UPDATE CONFERENCE CALL

Investment Notes

Markets finished 2023 on a positive note in light of potential interest rate cuts in 2024.  US 10-year Treasury yields declined from a peak of around 5% to below 4% at the year end, and global stock markets rose sharply in November and December.  However, sterling strength meant returns for UK investors were reduced.  The increase in the pound against the US dollar reflects the expectation rate cuts in the UK are likely to occur later than in the US.

A key feature of the performance of the global stock market during 2023 was the dominance of the largest stocks in the index – the so-called “Magnificent Seven”: Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla.  These companies contributed to c.60% of the S&P 500’s return during the year.  Our recommended funds have lower weightings to these stocks than the broader global index, which affected their performance.

Click here to continue reading the Summary of this quarter's Economic and Investment Update.