Mawer Investment Management Q4 2024 Quarterly Update

2025-01-14 04:05:00 ET

Summary

• Global central banks' easing policies highlight economic disparities; U.S. equities perform well, while Canadian and international equities face challenges due to geopolitical and economic factors.
• Mawer Mutual Funds' balanced investors saw positive returns, but U.S. equity strategy lagged due to underperformance in high-flying tech stocks; Canadian bonds aligned with benchmarks.
• Financial companies benefited from yield curve steepening; AI-related stocks showed mixed results, with some semiconductor suppliers facing geopolitical and demand issues.
• Looking ahead, Canada faces economic challenges, but companies with U.S.-dollar revenues or global operations may capitalize; Mawer remains committed to disciplined, long-term investment strategies.

Market Overview

Global central banks continued to ease this quarter, though the pace of easing varied. Diverging policies highlighted economic disparities between nations, as growth indicators in Europe, China, and Japan softened. In December, the U.S. Federal Reserve communicated a more cautious approach to future interest rate cuts given solid economic and labor market activity while inflation concerns remained....

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