– Overall, bond indices posted gains in December, with the exceptions of treasuries, concluding a tough year for Fixed Income. International equities markets closed mostly the year in negative territory. Uncertainty around growth, geopolitical conflicts, and the non-negligible risk of a resurgence in COVID cases pose the main challenges to the global outlook for 2023.

– We enter a critical phase after a very positive decade during which firms had the opportunity to strengthen their balance sheets and hoard the necessary resources to navigate through a slowdown of the economy. Given such premises, investors should rely on active managers that can shield the portfolio by selecting fundamentally sound companies and issuers.

– Across our range, 2022 performances was clearly an ‘annus horribilis’. Only the LatAm Equity fund ended the year in positive territory.