Beyond the Benchmark by EFG

AI, war in Ukraine, banking failures and the battle to control inflation have dominated headlines and, to some degree, financial markets in 2023. To cap the year off, this was followed by an historic market rally in the final quarter. Moz and Daniel take a look back at the year that was 2023 and offer some thoughts about what this means for the start of 2024.

Our host, Moz Afzal:

https://bit.ly/31XbkTR

Our guest:

Daniel Murray, Deputy CIO and Head of Research:

https://bit.ly/3NBVBC2

EFGAM:

https://www.newcapital.com/

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Bahrain: EFG AG Bahrain is a branch of EFG Bank AG as licensed by the Central Bank of Bahrain (CBB) as Investment Business Firm Category 2 and is authorised to carry out the following activities: a) Dealing in financial instruments as agents; b) Arranging deals in financial instruments; c) Managing financial instruments; d) Advising on financial Instruments; and e) Operating a Collective Investment Undertaking. Registered address: EFG AG Bahrain Branch, Manama / Front Sea / Block 346 / Road 4626 / Building 1459 / Office 1401 / P O Box 11321 Manama -- Kingdom of Bahrain.

Cayman Islands: EFG Wealth Management (Cayman) Ltd, is licensed and regulated by the Cayman Islands Monetary Authority (“CIMA”) to provide securities investment business in or from within the Cayman Islands pursuant to the Securities Investment Business Law (as revised) of the Cayman Islands. Registered Office: Suite 3208,9 Forum Lane, Camana Bay, Grand Cayman KY1-1003, Cayman Islands. EFG Bank AG, Cayman Branch, is licensed as a Class B Bank and regulated by CIMA. Registered Office: EFG Wealth Management (Cayman) Ltd., Suite 3208,9 Forum Lane, Camana Bay, Grand Cayman KY1-1003, Cayman Islands. 

Cyprus: EFG Cyprus Limited is an investment firm established in Cyprus with company No. HE408062, having its registered address at Kennedy 23, Globe House, 6th Floor, 1075, Nicosia, Cyprus. EFG Cyprus Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). 

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Greece: EFG Bank (Luxembourg) S.A., Athens Branch is a non-booking establishment of EFG Bank (Luxembourg) S.A. which is authorised to promote EFG Bank (Luxembourg) S.A.’s products and services based on the EU freedom of establishment pursuant to a license granted by the Luxembourg financial supervisory authority “CSSF”. Registered address: 342 Kifisias Ave. & Ethnikis Antistaseos Str. - 154 51 N. Psychiko, General Commercial Registry no. 143057760001. 

Hong Kong: The Hong Kong branch of EFG Bank AG is authorised as a licensed bank by the Hong Kong Monetary Authority pursuant to the Banking Ordinance (Cap. 155, Laws of Hong Kong) and is authorised to carry out Type 1 (dealing in securities), Type 4 (advising on securities) and Type 9 (asset management) regulated activity in Hong Kong. Registered address: EFG Bank AG, Hong Kong Branch,18th floor, International Commerce Centre 1 Austin Road West - Kowloon, Hong Kong.

Liechtenstein: EFG Bank von Ernst AG is regulated by the Financial Market Authority Liechtenstein. Registered address: EFG Bank von Ernst AG Egertastrasse 10 - 9490 Vaduz, Liechtenstein. 

Jersey: EFG Wealth Solutions (Jersey) Limited is regulated by the Jersey Financial Services Commission in the conduct of investment business under the Financial Services (Jersey) Law 1998.

Luxembourg: EFG Bank (Luxembourg) S.A. is authorised by the Ministry of Finance Luxembourg and supervised by the Commission de Surveillance du Secteur Financier (CSSF). EFG Bank (Luxembourg) S.A. is Member of the Deposit Guarantee Fund Luxembourg (F.G.D.L. - Fonds de Garantie des Dépôts Luxembourg) and Member of the Luxembourg Investor Compensation Scheme (S.I.I.L. - Système d’Indemnisation des Investisseurs Luxembourg). R.C.S. Luxembourg no. B113375. Registered address: EFG Bank (Luxembourg) S.A. - 56, Grand-Rue, L-1660 Luxembourg.

Monaco: EFG Bank (Monaco) SAM is a Monegasque Public Limited Company with a company registration no. 90 S02647 (Registre du Commerce et de l’Industrie de la Principauté de Monaco). EFG Bank (Monaco) SAM is a bank with financial activities authorised and regulated by the French Prudential Supervision and Resolution Authority and by the Monegasque Commission for the Control of Financial Activities. Registered address: EFG Bank (Monaco) SAM, Villa les Aigles, 15, avenue d’Ostende – BP 37 – 98001 Monaco (Principauté de Monaco), telephone: 377 93 15 11 11. The recipient of this document is perfectly fluent in English and waives the possibility to obtain a French version of this publication.

People’s Republic of China (“PRC”): EFG Bank AG Shanghai Representative Office is approved by China Banking Regulatory Commission and registered with the Shanghai Administration for Industry and Commerce in accordance with the Regulations of the People’s Republic of China for the Administration of Foreign-invested Banks and the related implementing rules. Registration No: 310000500424509. Registered address: Room 65T10, 65 F, Shanghai World Financial Center, No. 100, Century Avenue, Pudong New Area, Shanghai. The business scope of EFG Bank AG Shanghai Representative Office is limited to non-profit making activities only including liaison, market research and consultancy.

Portugal: EFG Bank (Luxembourg) S.A. - Sucursal em Portugal is authorised and supervised by Banco de Portugal (register 280) and the CMVM, the Portuguese securities market commission, (register 393) for the provision of financial advisory and reception and transmission of orders. EFG Bank (Luxembourg) S.A. - Sucursal em Portugal is a non-booking branch of EFG Bank (Luxembourg) S.A., a public limited liability company incorporated under the laws of the Grand Duchy of Luxembourg, authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier). Lisbon Head Office: Avenida da Liberdade n.° 131 - 6° Dto., 1250 - 140 Lisboa. Porto agency: Avenida da Boavista, n.° 1837 - Escritório 6.2, 4100 - 133 Porto. Companies Registry Number: 980649439.

Singapore: Singapore (UEN No. T03FC6371J) is licensed by the Monetary Authority of Singapore as a wholesale bank to conduct banking business and additionally carries on the regulated activities of dealing in capital markets products (securities, collective investment schemes, exchange-traded derivatives contracts, spot foreign exchange contracts for the purposes of leveraged foreign exchange trading and over-the counter derivatives contracts), fund management, product financing and provision of custodial services as an Exempt Capital Markets Services Entity under the Securities and Futures Act 2001 and of providing financial advisory services as an Exempt Financial Adviser under the Financial Advisers Act 2001 by advising others, either directly or through publications or writings, and whether in electronic, print or other form, and advising others by issuing or promulgating research analyses or research reports, whether in electronic, print or other form, concerning the following investment products: securities, collective investment schemes, exchange traded derivatives contracts, over-the-counter derivatives contracts, spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading, spot foreign exchange contracts for the purposes of leveraged foreign exchange trading and structured deposits. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of the recipient, before the recipient makes a commitment to purchase the investment product. Please contact EFG Bank AG (Singapore Branch) in respect of any matters or queries arising from or in connection with this publication. Please note that EFG Bank AG (Singapore Branch), however, does not take legal responsibility for the contents of this publication. EFG Bank AG (Singapore Branch) and EFG Asset Management (UK) Limited have put in place appropriate mechanisms and segregation policies to ensure the independence of EFG Asset Management (UK) Limited’s research activities, and procedures to manage undue influence of issuers, institutional investors or other external parties on EFG Asset Management (UK) Limited. Other arrangements may be established where necessary to prevent conflicts of interest from arising. For Singapore, this document and the products mentioned herein are only intended for “accredited investors” and “institutional investors” within the meaning of the Securities and Futures Act 2001 and any rules made thereafter. This advertisement has not been reviewed by the Monetary Authority of Singapore. Registered address: EFG Bank AG, Singapore Branch 79 Robinson Road, #18-01 Singapore 068897.

Switzerland: EFG Bank AG, Zurich, including its Geneva and Lugano branches, is authorised and regulated by the FINMA. Registered Office: EFG Bank AG, Bleicherweg 8, 8001 Zurich, Switzerland. Registered Swiss Branches: EFG Bank SA, 24 quai du Seujet, 1211 Geneva 2, and EFG Bank SA, Via Magatti 2, 6900 Lugano. 

United Kingdom: EFG Private Bank Limited. If you are receiving this document from EFG Private Bank Limited, this is because you have an advisory agreement with EFG Private Bank Limited, and they have assessed the product(s) referred to in this document as being suitable for you. This document has been approved by EFG Private Bank Limited and is issued to you by EFG Private Bank Limited. 

EFG Private Bank Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. EFG Private Bank Limited is a member of the London Stock Exchange. Registered company no. 2321802. Registered address: EFG Private Bank Limited, Park House, 116 Park Street, London W1K 6AP, United Kingdom, telephone+44 (0)207 491 9111.

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