As we celebrate the arrival of 2025, we wish you a Happy New Year filled with joy and success?
Looking back to 2024, we witnessed a year of significant challenges and changes. The Federal Reserve struggled to find a balance between tightening and loosening monetary policies, while geopolitical tensions continued to simmer. The rise of artificial intelligence and cryptocurrencies captured the market's attention, and U.S. Treasury yields experienced notable fluctuations. Despite these challenges, the stock market reached new heights, and the dollar remained strong. In China, while stimulus measures accelerated, they did not fully meet market expectations, leading to pressure on asset valuations.
In this complex landscape, our focus remains on delivering stable returns for our clients. Thanks to our dedicated team, our private equity investments have thrived in the AI surge; our bond funds have provided steady excess returns amid yield volatility; our equity funds have successfully identified promising assets and captured market movements; and our quantitative strategies have effectively managed tail risks while outperforming benchmarks. Our multi-strategy platform has shown resilience, achieving strong returns and effectively managing drawdowns, reflecting our commitment to our clients.
Amid market fluctuations, new opportunities arise. In the bond market, as investors adjust to interest rate policies, yield volatility presents attractive allocation options. We will continue to adapt our strategies to the evolving market conditions. Despite potential pressures from inflation and rising rates, sectors like technology and consumer goods show robust growth potential. We believe that innovation and economic recovery will unlock new opportunities. The market volatility associated with changing policies may heighten risks, making our quantitative strategies essential for navigating these challenges.
In the coming year, we look forward to partnering with you to seize opportunities and drive steady wealth growth. Thank you for your continued support and trust. Wishing you a prosperous and fulfilling 2025? Happy New Year!
CIO Lei Zhu