Bigger isn’t always better when it comes to member services. Megafunds might be able to mass customise, but when you’ve got two million members it’s tough to bring the personal touch.
The famous and closely watched US endowment model took a hit in FY23, with smaller, equity-heavy investors taking the lead. But the longer-term superiority of a chunkier exposure to alternatives remains unchallenged.
Japan equity in focus: Amundi
Japan’s equity market is at a historical high in total return terms and in price return terms it is at its highest level in almost 34 years. It was one of the top performers in 2023. The TOPIX (Tokyo Stock Price Index) gained +25% compared to +20% of the MSCI ACWI. According to Amundi, Europe’s largest investment manager, this robust performance is unlikely to be replicated with the same strength in 2024, but the outlook for the market remains favourable.
