2024 is drawing to a close and we will shortly begin winding down for the holidays. But before we sign off we are pleased to share TAM's 2025 outlook with you, written by our chief investment officer James Penny.

In summary, the mood in markets right now is unashamedly bullish and this positivity is seemingly carrying forward into 2025. Clients should expect the potential for an up market led by the US, with other regions such as Europe, the UK and emerging markets also posting gains but likely behind that of the US.

The strong performance and thus client profits from this year is to be celebrated, but also used as a moment of pause to be pragmatic about the risks in assuming the same level of performance from next year. We see economic growth continuing and underpinning positive global sentiment alongside inflation coming back to its 2% target, which we see as a prerequisite for keeping the rally going in 2025.

We'd like to take this opportunity to wish all our clients, advisers and partners a wonderful festive season and we look forward to reconnecting in January.

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