The global economy’s return to normality in 2024 fuelled the continuation of the bull market that began in 2022, delivering a record year for many markets. At the start of the year, the average forecaster predicted just a 3% increase in the United States stock market – yet markets surged far beyond those expectations.

In this year-in-review podcast, we’ll unpack the key trends and insights. What worked for the Portfolios? What didn’t work as expected?

We also explore a range of other themes, including the rise of AI, the return of Bitcoin, and why we believe 2025 will mark New Zealand’s own return to economic normality – a positive development for local markets.

Hugh Hendry is an award-winning hedge fund manager, investment thought leader, and surfer. He founded Eclectica in 2005, a London-based global macro fund known for its high-conviction, contrarian approach. Shortly after launching Eclectica, Hugh gained recognition with impressive returns of 50% in its second year and over 30% in 2008 during the height of the Global Financial Crisis. Although Eclectica has since closed, Hugh remains an active and influential market commentator. Reflecting his commitment to creative freedom in investing, he once said, “I have always been a heretic and argued against the consensus. I have always been angry.” Join us for a lively discussion with Hugh as we explore today’s investment landscape, hear his views on the U.S. election, his skepticism toward mainstream economic policies, and his belief in the value of reading broadly as a source of inspiration for business and investing.

The suspense of the U.S. election, mounting government budget pressures, persistent inflation concerns in key economies, global power shifts, and new technologies are driving a complex, opportunity-rich environment for investors with longer time horizons. In this episode we explore this shifting environment with London-based James Grigor, Partner at Syzygy Investment Advisory and NZ Funds alumnus. Syzygy is a global macro asset management that serves sovereign wealth funds and family offices and is one of a select group of managers with which NZ Funds partners.