Q4 2024 Market Commentary Copy

In our Q3 2024 newsletter, we expressed cautious optimism about the outlook for U.S. equities in 2024. Since then, the bull market has continued its upward trajectory as we anticipated. For the first half of 2024, the S&P 500 increased by 14.5%. Despite concerns over stubborn inflation, robust economic data, and tempered expectations for Fed rate cuts, U.S. stocks maintained their gains in the second quarter, extending the hot streak from Q1.

While our outlook for U.S. equities in 2024 remains positive, we are proceeding with caution. We continue to expect volatility and to navigate this environment, we'll be closely monitoring:

• Political Uncertainty: Key US election cycle
• Geopolitical Tensions: Global events impacting markets.
• High US Market Valuations: The market's valuation relative to GDP, is approaching historical highs.

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