EN 
SE 
Meriti Ekorren Global share class B rose by +0.04% during December, bringing the fund's value increase for the full year 2024 to +31.5 percent. Since the fund's launch on December 4, 2023, the value increase has been +33.4 percent, a result that is +3.8 percentage points stronger than the fund's benchmark index.
In 2024, it became clear that the development of the US economy differed markedly from other regions. Despite concerns over the summer, the US economic exceptionalism remained largely intact. GDP growth in the first three quarters averaged 2.6 percent quarter-on-quarter at an annualized rate, and the Federal Reserve Bank of Atlanta predicts a similarly strong end to the year. The S&P 500 was the best-performing stock market with a return of 25.0 percent, and while the so-called “Magnificent Seven” stocks in artificial intelligence (AI) continued to deliver exceptional returns, economic growth contributed to good performance for an increasing number of companies.
In contrast, Europe’s economic momentum weakened significantly in 2024. The manufacturing sector in particular was hit hard by high energy costs, regulations and a lack of export demand, coupled with state-subsidized competition from China. The situation is exacerbated by political unrest in both France and Germany, where fiscal pressures and the rise of populist parties have fractured political unity. Weak economic growth and limited exposure to AI have weighed on European equities, and in a year of strong stock market returns, the region underperformed, returning 6.0 percent.
Japanese stocks ended the year on a positive note, with the S&P Japan 500 rising 4.2 percent in December and delivering a strong annual return of 21.2 percent.
For the fund, the month's largest sector-level increase was in the Consumer Durables & Apparel, Utilities and Transportation sectors. Correspondingly, the largest decrease was in the Banks, Capital Goods and Pharmaceuticals, Biotechnology and Life Sciences sectors.