Partners Capital Insights 2024 Executive Summary

Stay the course in a global economy that bends but does not break.

We expect continued elevated volatility from rising political and
geopolitical risks with roughly 50% of the world’s population voting
in 2024 and multiple high-risk geopolitical conflicts including Ukraine
and the Middle East with potentially another brewing in Taiwan. The
economic resilience of 2023 will likely also be challenged by the delayed
impact of monetary tightening, lower household excess savings,
and reduced scope for fiscal stimulus given rising deficit levels. This
context creates a complex environment for investing where binary
outcomes of events can impact markets significantly over the short
term.

We advocate ‘staying the course’ and avoiding the temptation
to time markets in anticipation of events. It has never been more
important for long-term oriented portfolios to stay well diversified
across multiple asset classes, with capital deployed via high-quality
asset manager partnerships. The uncertain environment is likely
to generate market dislocations that should present an additional
source of return to investors able to allocate nimbly to exploit them.