LAST YEAR was a strong year in global equity markets, with the perennially underperforming JSE also delivering a decent showing. The S&P 500 had a bumper year after a very strong 2023 as the AI revolution continued to give impetus to the technology sector, and embedded the ‘Magnificent Seven’ as the clear winners in the AI race.
The market has readjusted its interest rate expectations for the US Federal Reserve and by extension, interest rates globally. It is now expected that we will only see a further two cuts of 0.25% each in the US. The shallower than initially anticipated cutting cycle will likely be negative for risk assets.
In 2024, our stock picks delivered 29.5% on a total return basis in rands (measured from the day of publication, being 22 January 2025).
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