Q4 Performance Reports

The MPI Performance Reports for Q4 2023 are now available online for you to view and download. To use our interactive perfomance reports please click the button below.

You can also download the summary reports below.

To download the complete MPI time series please click the icon below.

Investment Managers Survey

The continued strong performance in equities and the rally in bonds left all MPI indices in firmly positive territory over the year. While the drop in yields at the long end of the curve caught many managers off guard, there has been a significant shift to extending duration over the quarter. According to our survey of MPI managers, more than half increased duration over the period, with only two making cuts. Overall duration positions have moved from underweight to more neutral, with none reporting more than two years underweight in their fixed income allocation, while 15% report being ‘significantly overweight’ duration. Equities also returned to favour, with 40% of managers reporting increasing equities and reducing cash positions. Two-thirds of managers now anticipate the US Fed will cut rates three or four times this year, with only one expecting that the Fed will keep rates on hold.

Overall, sentiment has improved, with around 40% of managers saying that they have become increasingly optimistic over the period.