Reflections on the past year and outlook for 2025

<strong>WHAT HAVE BEEN SOME OF THE MAIN SURPRISES WHEN IT COMES TO MARKETS AND INVESTMENT IN 2024?

“You never know what will happen during the remaining weeks of the year but if we close the year at the current level, this has been a surprisingly good investment year. But what makes it different compared to some other years is that the good returns come from surprisingly few sub-asset classes. By far the biggest positive driver behind our 7.4 per cent returns at the end of September was listed equities and within that portfolio, especially US equities. That has also been the trend during the ongoing quarter, especially after the US election. The S&P 500 is pushing record