The year 2023 was quite positive for most investors. Global equity markets saw strong gains of 18.6% (MSCI ACWI in euros) and bond markets also rose by 4.9% (Barclays Multiverse EUR-hedged). In view of the ongoing geopolitical tensions, the price of gold
also recorded a significant increase of 9.6%. Conservative hedge funds returned around 0%, while activist hedge funds significantly outperformed the global equity markets.

The picture was also favourable for illiquid asset classes such as private equity, private debt and infrastructure despite the challenging environment.

Our clients‘ portfolios were able to participate adequately in the market trend. For example, our liquid portfolio with a 60% share of equities gained around 12%. Its counterpart including illiquid asset classes achieved growth of 6%.