Hamon Investment: Quarterly Strategy Q4 2023

After the third quarter pullback, the final quarter of the year saw a strong rally in most asset classes and markets, as the investors believed that the US Federal Reserve would cut interest rates sooner in 2024 than previously expected, and data supporting the view that central banks should have reached the peak of their tightening cycles boosted most markets. The end of the “higher for longer” rate fears rallied developed market equities, which outperformed emerging markets amid ongoing worries over China’s real estate sector. The MSCI World index was up 11.07% over the quarter, while the MSCI Asia ex Japan index was up 6.12%...

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