It is hard to think of another year, like 2024, when headlines were this heavy. Yet markets powered on to new highs. Equities, bonds, property and commodities all delivered strong returns.

This report is based on our unbiased fund research. We look back on what has been a difficult year for active fund management firms.

In the buildup to Labour’s first UK Budget for 14 years, it was widely expected that Chancellor Rachel Reeves would announce a tax-and-spend approach with the dual purpose of fixing the UK’s damaged public finances and stimulating economic growth.

Emerging markets experienced a remarkable surge in September, climbing over 7% in dollar terms, marking their strongest month since November of last year.