After the strong initial rally following Donald Trump's successful US Presidential race, we saw markets take a slight breather in the final month of the year. Nonetheless, major indices ended the year in positive territory across the board and the macroeconomic backdrop is broadly constructive for 2025. While we remain cautiously optimistic for risk assets over the next 12 months, we continue to closely monitor new developments as we have experienced two very strong year of equity market returns and valuations are somewhat elevated compared to historical levels.
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