INDY - Q4 2023 Active Management Review: Expectations Of Easing Propel Markets Higher

2024-01-25 00:19:00 ET

Summary

• The fourth quarter of 2023 was a more favorable environment for active managers in the UK, Europe, Emerging Markets, U.S. Small Cap and Listed Infrastructure, while being more challenging for U.S. Large Cap, Global, Global ex-U.S., Japan, Australia, Canada, Long/Short and Global Real Estate managers.
• To varying degrees, the Growth and Quality factors alongside Small Caps dominated returns across most regions, with Value being the clear laggard.
• The information technology and real estate sectors were standout performers for equity managers across most regions, with financials also delivering strong positive returns. In a reversal from the prior quarter, energy was the weakest-performing sector, with consumer staples also underperforming.

Expectations that central banks could begin cutting rates in 2024 gave investors plenty to cheer about during the final quarter of 2023....

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