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Investment Outlook

Messy politics challenging optimistic markets 

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Summary

All asset classes delivered strong returns during 2024. In 2025, we expect positive but lower returns, with smaller differences between asset classes. We will continue to maintain a well-diversified portfolio with some overweight in equities and an underweight in fixed income investments and hedge funds.

Will the second half of 2025 be better for Nordic equities?

The economy remains weak, but we expect leading indicators to take a positive turn soon; Sweden and the US look set to be among the first to recover. Novo Nordisk’s plummeting share price has affected the entire Nordic stock market, particularly Denmark’s. Despite uncertainty, we expect solid earnings growth over the next two years, which is key to our continued optimistic stock market outlook for the full year 2025.

Themes in Investment Outlook

Theme: Water – new investment cycle is here

A strong investment cycle is emerging due to accelerating water challenges, with companies that develop innovative solutions for water-related needs expected to benefit.

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Theme: Argentina – an economy in transition

Argentina has long been a poster child for economic mismanagement, but under its new president, Javier Milei, the country may be about to change course. Can Milei transform an economy in ruins into a global role model?

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Investment Outlook February 2025

Our experts give you our current view on the development of the economy and stock exchanges (13 minutes).

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