Hardman Johnston Global Advisors, an investment management company, released its “Hardman Johnston Global Equity” fourth quarter 2024, investor letter. A copy of the letter can be downloaded here. The fourth quarter concluded the portfolio’s successful year in comparison to its benchmark index.

Fund managers have had all the optimism drained out of them, and rapidly as well. According to Bank of America’s monthly fund manager survey, there was the second-biggest drop in global growth expectations in the history of the survey,

Fund managers made their biggest cuts in U.S. equity allocations ever in March and bumped their cash allocations by the most in five years, according to Bank of America’s (BAC) monthly survey of the industry.