Quarterly Outlook
Q4 Outlook for Investors: Diversify like it’s 2025 – don’t fall for déjà vu
Jacob Falkencrone
Global Head of Investment Strategy
Chief Investment Strategist
As 2024 ends, US equities have had a stellar year, with the S&P 500 delivering a 24% return in USD terms. Diving deeper into the index, the biggest winners and losers tell a story of significant market trends and investment themes that will likely remain relevant into 2025.
Not all sectors participated in the rally, as challenges in healthcare, retail, and semiconductors weighed on several stocks.