Macro Insights Q4 2023

We believe this young bull market cycle will continue and economic conditions, while slower, remain better than resurgent negative sentiment implies. In a slow-growth economy with widespread fears over a potential recession and higher interest rates, high-quality all-weather growth equities are likely to lead markets. Excessive investor pessimism is typical of an early bull. The tailwinds of falling global inflation, improvement in corporate earnings growth and global political gridlock likely lead to continued positive surprise and strong equity returns going forward.