“2025 will continue to offer opportunities and investors will need to assess the impact of Trump’s policies.”
- Negative years like 2018 and 2022 are often followed by strong recoveries, as seen in 2023 and 2024.
- Over 70% of asset classes analysed were positive in 2024, with US equity, China equity, and gold leading.
- We expect 2025 to continue to offer opportunities, but the results will likely be less strong.
2024 Winners
US equities
US equities have reached multiple highs in 2024, bolstered by Fed rate cuts and most recently by expectations of a positive impact from tax cuts and deregulation following Trump’s victory.
Gold
Gold has experienced very strong performances driven by ongoing geopolitical risks and expectations of lower interest rates, which have enhanced its appeal as a potential store of value.
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