Global equities rose by 2.5% (in local currency terms) in January, with Eurozone markets rising by 2.9% and North America falling by -0.1% (in EUR terms).
The US dollar weakened against the Euro over the month.
European equities started the New Year with strong momentum, posting positive returns in January supported by encouraging GDP and PMI data amid easing inflation. Growth stocks outperformed value picks, contrasting the value-led trend seen since early 2022 amid rising rates.
US equity markets underperformed as the pivot away from tech mega-caps continued and volatility picked up as renewed geopolitical tensions and tariff threats escalated over Greenland.
Annuity prices rose in January, reflecting increasing bond prices.
The sample DB scheme’s funding level rose to c.107% during the month, reflecting a rise in asset values (calculated using a Funding Standard proxy).
Our High Risk, Medium Risk & Pension Purchase DC strategies all posted positive returns.
