Le nostre notizie

Venture Capital activity grew in 2024 for the first time since 2021 with Pitchbook estimating that global funding for VC backed firms increased by 5% yoy, from $349bn in 2023 to $368bn in 2024. In January’s update we make ten predictions for the growth equity market in 2025. Led by AI and associated industries we think the level of VC funding will grow again in 2025- not a bonanza but a year of solid growth.

In 2024, global growth has remained stable and world trade has been recovering, while price pressures continued to ebb. Investors project that this resilience will continue in 2025, with inflation further converging towards central banks’ targets. However, this outlook masks significant differences across sectors and countries, and is surrounded by important uncertainties.

Global equities declined by 2.4% in December (USD terms), while global government bonds fell by 0.7% (USD, hedged terms).

We are often asked why we focus on wealth preservation. We know growth is important, but we also want to achieve this in a prudent way and avoid any irrecoverable losses on the way. In this Quarterly Letter, we discuss some of the ways we try to do that.

Christian Bouet, CFO of Rothschild & Co’s Wealth and Asset Management, who has also been CFO of Rothschild & Co Bank AG for the past 11 years, is stepping down from his operational role in Switzerland and will join the Board of Directors of the bank in Switzerland. Patrick Eisenring, currently Finance Director Wealth Management Switzerland and International Subsidiaries, will take over as CFO as of 1 January 2025.

As we approach this wonderful time, it is an opportunity to reflect and to be grateful. In the case of our investments, we are grateful that, despite having a supercharged geopolitical calendar in 2024, and concerns about slowing economic activity and the risk of Central Banks' policy missteps, we are closing the year with very healthy returns.

In December’s edition we review the biggest deals in growth equity in 2024 on both sides of the Atlantic. A strong end to the year fuelled by AI deals meant our US Deal Monitor recorded 113 raises of $200m+ raising $82bn in 2024, well ahead of 2023’s $44bn. Europe started strongly and then faded. Our Deal Monitor shows a 2024 ytd total of $32.3bn modestly ahead of 2023 with Climate Tech, AI and software leading. Meanwhile Wall Street strategists anticipate a c10% rise in the S&P 500 in 2025.

Redburn Atlantic’s most recent Review explores investment in AI following the conclusion of the hype cycle, the possibility of new trade wars under the second Trump administration, the impact of social media on ecommerce, the rapid rise of Private Markets, ‘Super Tuscan’ Wines, and much more. 

The Macro-Linked Bonds and Governance Linked Bonds introduced in the context of Sri Lanka’s recent debt restructuring include important innovations that significantly enhance the utility of state contingent debt instruments as a means of both accelerating the restructuring process and reducing the risk of future debt distress

While global growth has proved resilient to policy tightening, significant divergences have emerged across countries, and the outcome of the US election has increased the risks for that trend to amplify. Furthermore, by choosing not to act on any assumptions about what the incoming US administration might enact, combined with the long and variable lags of monetary policy, the Fed will struggle to contain the economic consequences of Donald Trump’s priorities.

In recent years, scientists have claimed that ‘60 is the new 40,’ reflecting not just our ageing population but also shifting attitudes about what it means to grow older.

Financial markets are often volatile and can be hard to predict over the short term. However, staying invested over longer time periods can help minimise this volatility. In this article we explore how timing the market and getting it wrong can impact your wealth.