The market moved through three distinct phases in the fourth quarter, defined almost exactly by the monthly turn of the calendar.
Equities in 2024 were buoyed by strength in the U.S. economy and the start of a Federal Reserve easing cycle. The Fund delivered a net return of +14.2% in Q4, compared to a +0.3% return for the benchmark.
U.S. equities outperformed international equities amid a backdrop of monetary policy easing and U.S. election hype.
2024 Bond Market Review
2024 Municipal Market Review
