09.01.2025

• Markets trended sideways in December, with no year-end rally
• Trump euphoria lost momentum; Fed signaled to cut key rates less sharply from 2025
• December returns and year-to-date returns: -1.32% and 7.89% for the EUR tranche and -1.58% and 8.51% for the CHF tranche
• Positioning for stability and growth in 2025

Read more about the Belvoir Global Allocation Fund in the current Monthly Update written by the CFO Alexandre Weintraub.