Monthly report – September 2024

Monthly fund update

Key points

• T8 Energy Vision outperformed its benchmark (and US small caps) driven by its concentration in higher quality companies.
• US interest rate cuts enabled the global easing cycle to begin, bringing to an end the steepest, longest interest rate cycle since the 1970s.
• The magnitude of China’s stimulus should not be overlooked. So far it has been very positive for sentiment but it is still to be seen whether it will drive a broader economic recovery in China.
• While the risk of a US recession remains (and is being stoked by weak labour market data), robust GDP growth is so far tempering these fears.
• The US presidential election is the key area of uncertainty to monitor.