The Year Ends on a High Note: Key Takeaways from Q4 2023


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The final quarter of 2023 delivered a welcome Christmas present for investors. After the slight reality check in the third quarter, the last three months of the year saw strong returns across most major asset classes.

Growing Optimism around Equities

The growing optimism surrounding central banks potentially implementing interest rate cuts earlier in 2024 than previously anticipated led to an ‘almost everything rally.’ Developed market equities achieved a total return of 11.50%, global aggregate bonds delivered an 8.10% return, while commodities were an exception, registering a -4.60% return, marking the end of a relatively lacklustre year for this asset class after the heightened activity in 2022.

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Year on year performance index

The indexes that we generally use as a benchmark for Global Equities provided the following returns in 2023:



Given the fact that 2022 was as challenging as it was, and investment enthusiasm was low, the numbers above quite clearly show the benefits that come from remaining invested within your portfolio.

Summary Q4 2023

In conclusion, Q4 2023 served as a strong reminder of the market’s potential for recovery, even after a difficult period. With cautious optimism for 2024 based on the recent rally and potential for earlier interest rate cuts, investors who stayed invested throughout 2023 were rewarded. As always, we recommend staying informed and consulting with your financial advisor to ensure your portfolio remains aligned with your long-term goals.

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