3rd January 2024

Weekly Espresso

The infoshot to help kick-start your week

Last Week

  • Global stock markets recorded their strongest year since 2019 after markets rallied for the last two months of the year. The MSCI World Index, which is a measure of the world’s developed equity markets, finished up 22 per cent over the course of 2023. This was largely led by the S&P 500 index was up 24 per cent over the year and rose 14 per cent since October.
  • Asset managers launched the lower number of funds in the UK in 20 years. Morningstar reported that 397 funds were launched during 2023 which was down a quarter from the year before and much lower than the 899 launched at the peak in 2010. The drop in demand for funds came after investors shifted towards cash funds to avoid higher volatility.
  • There was record inflows into US money market funds in 2023 as investors were drawn to the high risk-free yields offered. Asset passed $6.3trn in US money market funds and US money market fund providers collectively earnt $7.6bn in fees over the year from these funds. The rates in money market funds have been much higher than previous years as a result of higher interest rates while the added volatility in equity markets have pushed more investors into money market funds.

Market Pulse

Coming Up

  • US Initial Jobless Claims data released, Thursday 4th January 2024 at 1:30pm.
  • EU December CPI data released, Friday 5th January at 10:00am.


For professional advisers only, Copia does not provide financial advice, and the contents of this document should not be taken as such. The performance of each asset class is represented by certain Exchange Traded Funds available to UK investors and expressed in GBP terms selected by Copia Capital Management to represent that asset class, as reported at previous Thursday 4:30pm UK close. Reference to a particular asset class does not represent a recommendation to seek exposure to that asset class. This information is included for comparison purposes for the period stated, but is not an indicator of potential maximum loss for other periods or in the future.Open document settingsOpen publish panel

Risk Barometer


as at latest realignment 31/12/2023


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    Copia Capital Management

    Hamilton House, 1 Temple Avenue, London, EC4Y 0HA

    Understanding the risks

    This information is intended for professional financial advisers only. Copia does not provide financial advice. This information is not intended as financial advice and should not be interpreted as such. Model investment portfolios may not be suitable for everyone. The value of funds can increase and decrease, past performance and historical data cannot guarantee future success. Investors may get back less than they originally invested.

    Copia Capital Management is a trading name of Novia Financial Plc. Novia Financial Plc is a limited company registered in England & Wales. Register Number: 06467886. Registered office: Cambridge House, Henry St, Bath, Somerset BA1 1JS. Novia Financial Plc is authorised and regulated by the Financial Conduct Authority. Register Number: 481600.

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