Disclaimer: Your capital is at risk. This is not investment advice.
We are pleased to inform our clients of the updated track records for the services offered at ByteTree in 2024 and discuss the portfolios and the outlook for this year.
Key Points
- The biggest stocks were the best performers, something we rarely see. They were US-based companies, and they drove the S&P 500 Index, comfortably beating other stockmarkets around the world. The concentration of value in the largest stocks has not been at these levels since 1929, prior to the great crash.
- Bonds had another down year in most categories, but corporate credit outperformed government. China was the notable exception, where low interest rates caused government bonds to surge.
- FX saw the US dollar lead the world, rising 7.1% against a global basket.
- Gold beat most commodities by a wide margin, with the exceptions of natural gas and coffee, which both surged in the fourth quarter. Gold miners lagged the gold price.
- Bitcoin showed clear leadership over the crypto sector.
- You could summarise 2024 as a year where big is beautiful.
- Diversification didn’t add value due to the concentration of returns.
