Wealth Outlook 2024

Welcome to the mid-year edition of Wealth Outlook 2024, in which we set out key drivers for your core investment portfolio for the rest of this year and beyond. The Office of the Chief Investment Strategist, led by Chief Investment Officer (Interim) Steven Wieting, has assembled this comprehensive analysis for this unique moment in the global economy.

We entered 2024 more positively positioned than
many other investors and did not think a recession was
probable. Instead, the global economy is experiencing
renewed growth. We expect the expansion to continue at least into 2025, with inflation easing further and interest rates moderating.

Despite these improvements, many investors are likely
to be distracted by increasing noise as November’s US
election draws near. This election is significant, but
we believe it is unlikely to change the direction of the
world economy and markets. That said, there are many
other risks, including potential inflationary shocks and
unpredictable geopolitical flareups. 

Faced with renewed growth and new challenges, we
are focused on building resilient core portfolios through diversifying globally across asset classes and staying fully invested.

With markets largely having priced in continued nearterm expansion, we anticipate more discernment in equities. We think areas such as US small- and midcap growth equities, certain developed and emerging markets, and defensive growth in healthcare remain potentially attractive investment opportunities. We aim to seek income from certain bonds, and for suitable and qualified investors, we see potential in private equity, real estate, and hedge funds.