02. MACROECONOMICS & STRATEGY
Exceptional performance and flows
Returns in years following a rise in the S&P 500 >20% for 2 consecutive years
Equity fund flows (YTD, in $bn) – United States
2024 $510bn
500
S&P 500 perf. over the following 2 years
T-Bills yields for the following 2 years
Perf. S&P 500 >20% for 2 consecutive years
400
300
1929
1930
1929
1930
1927
1928
200
-12 % -28 %
4 %
5 %
31 % 38 %
100
0
1937
1938
1937
1938
1935
1936
-39 % 25 %
1 %
4 %
-100
42 % 28 %
-200
05 07
09 11 13 15 17 19 21 23
25
1956
1957
1956
1957
1954
1955
3 % -14 %
-3 % 6 %
45 % 26 %
2024 fund net new money
1997
1998
1997
1998
1995
1996
31 % 27 %
12 % 14 %
34 % 20 %
2025
2026
2025
2026
2023
2024
-
-
-
-
24 % 24 %
Public
Sources : BofA Global Investment Strategy, Bloomberg, Rothschild & Co Asset Management – 10/2024 This presentation contains historical market data. Historical market trends are not a reliable indicator of future market behaviour. These data are provided for illustrative purposes only. Depending on the date of publication, the information presented may differ from the updated data.
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