Market Commentary and Insights - February 2024
Market Commentary and Insights – February 2024
November 6, 2023
In Brief: Market Summary February 2024
- Stock markets resumed their upward march in February, with the S&P 500 and Japan Nikkei particularly strong.
- The FTSE 100 declined and the UK dipped into a technical recession in the fourth quarter but encouraging statistics and surveys suggest that the fortunes of the UK economy are improving.
- With UK inflation now expected to fall below 2% by the middle of this year, expectations are that the Bank of England will begin cutting rates, lowering them to around 3% by 2026.
- UK share ownership data shows that foreign investors own a record high of 60% of UK companies. Most FTSE 350 board members believe their companies are at a greater risk of being acquired by buyers overseas in 2024.
- US semiconductor maker Nvidia has added a record-breaking $700 bn to its market capitalisation this year. Although focus remains on the larger companies benefitting from AI prospects, many believe smaller and riskier technology stocks can outperform mega-cap technology stocks this year.
Strategy Portfolio Performance (to 29 February 2024)
| GBP | Feb 2024 (%) | YTD (%) | 2023 (%) | 1 Yr (%) | 3 Yr (%) | 5 Yr (%) |
|---|---|---|---|---|---|---|
|
Conservative |
0.59 |
0.29 |
4.23 |
4.14 |
5.66 |
16.84 |
|
Cautious |
0.85 |
0.56 |
5.65 |
5.07 |
8.40 |
22.03 |
|
Balanced |
1.26 |
1.10 |
8.10 |
7.08 |
14.14 |
30.73 |
|
Growth |
2.11 |
1.50 |
8.77 |
7.87 |
17.58 |
36.02 |
|
Thematic Growth |
2.99 |
1.67 |
7.33 |
6.60 |
14.17 |
53.14 |
| EUR | Feb 2024 (%) | YTD (%) | 2023 (%) | 1 Yr (%) | 3 Yr (%) | 5 Yr (%) |
|---|---|---|---|---|---|---|
|
Conservative |
0.27 |
0.79 |
5.10 |
4.87 |
3.36 |
11.63 |
|
Cautious |
0.73 |
1.55 |
7.29 |
6.65 |
8.08 |
19.56 |
|
Balanced |
1.99 |
3.00 |
11.44 |
10.60 |
19.26 |
37.87 |
|
Growth |
2.67 |
3.00 |
9.78 |
8.99 |
14.85 |
54.58 |
|
Thematic Growth |
2.99 |
1.67 |
7.33 |
6.60 |
14.17 |
53.14 |
| USD | Feb 2024 (%) | YTD (%) | 2023 (%) | 1 Yr (%) | 3 Yr (%) | 5 Yr (%) |
|---|---|---|---|---|---|---|
|
Conservative |
-0.29 |
-1.17 |
8.44 |
6.58 |
-4.38 |
11.76 |
|
Cautious |
0.56 |
-0.16 |
0.02 |
9.20 |
8.08 |
20.34 |
|
Balanced |
1.03 |
0.54 |
14.13 |
12.05 |
5.54 |
30.72 |
|
Growth |
1.99 |
1.17 |
15.52 |
13.61 |
8.59 |
39.80 |
|
Thematic Growth |
2.46 |
0.87 |
13.71 |
11.27 |
4.27 |
52.97 |
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