15 February 2025, Global Investment Report

As stocks soared on the back of a strong US economy that led global growth, the Top 50 kept pace with its historical ROR rallying 13.2%. Emerging markets was the best-performing strategy over all four quarters, having delivered gains of nearly 19%. Two EM credit funds—Sandglass Capital and Enko Africa Debt–even outpaced the market. Credit and fixed-income, and hedged equity managers delivered the next best returns averaging gains of more than 14%, followed by multistrategy and macro funds that each gained on average 11.5%.

Looking ahead, the economy and market entered 2025 in a strong place. But lofty valuations, nagging inflation coupled with higher-for-longer interest rates, and growing confusion coming out of Washington are leading to greater hedging and a nascent shift of assets overseas.

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