So far so good

The below table summarizes the y-t-d returns ( in USD ) of the major liquid asset classes till mid-February. It is of course still too early to draw any conclusions for 2024, but noticeably the biggest positive performers were oil, US and Japanese equities. The biggest losers were Asia ex Japan, industrial metals and government bonds. Chinese equities have lost another 6.8%, bitcoin is up 23.5% and 3 month US T-bills are up 0.6%. We remain convinced that selectivity combined to a humble and pragmatic approach remain key in a successful asset allocation for our clients. Not the moment to fall asleep at the wheel.