Counterpoint Outlook 2024 Teaser

Counterpoint Outlook 2024 Teaser

Cutting through the noise
5 December 2023
This note summarises our 2024 Investment Outlook, from the key forecasts and expectations underpinning our investment strategy to what they mean for asset allocation and how we invest in flagship portfolios. We will share our detailed views next week. Please contact your Client Advisor for the latest update on your portfolio. Comments on recent performance are not indicative of future performance.

Macro outlook
In 2023, we’ve seen a sharp rise in interest rates, a fall in inflation from high levels and slowing growth. We believe rates are now at their peak in the Western world, as are government bond yields. In 2024, we think economic growth will slow further before a shallow recovery in the second half of the year as central banks, given lower inflation, begin cutting rates.
Asset allocation & flagship portfolio implications
Overall, we still own more high-quality bonds than normal, less credit and fewer equities. But, as we don’t forecast any further interest rate increase and expect some rate cuts in the second half of 2024, we’re slightly increasing our equity allocation. That said, we can’t ignore some risks of a deeper recession materialising alongside ongoing geopolitical risks. Given these lingering concerns, diversification is our key message for 2024. Thank you for your trust and continued support this year. Whatever your needs, we will provide objective insights, advice, solutions and services tailored to your personal goals. For further information, reach out to your Client Advisor, and stay tuned for our full 2024 Investment Outlook next week.
Daniele Antonucci
Co-Head of Investment & Chief Investment Officer

Important Information

Information correct as of 4 December 2023.

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