New Year, New President…Same Outlook?

January 23, 2025 | Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research

From an investor’s perspective, the current environment feels lot like it did twelve months ago: U.S. equity markets returned over 20% the prior year, fixed income is (still) offering attractive yields, and overall portfolio performance was positive for most programs. Nevertheless, nothing lasts forever and sentiment can shift on a dime. It is also likely that some of President Trump’s policies will have an impact on markets, with the specific impact varying by the policy and asset class.

In this edition:

• U.S. Economy and Policy Expectations
• Fixed Income: “If you liked it last year, you’ll like it this year”
• U.S. Equity: Concentration risk still looms
• Non-U.S. Equities: Positive earnings outlook, policy uncertainty
• Real Assets: Real estate bottoms, infrastructure demand robust
• Private Markets: Private equity on the rebound, private credit still compelling

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