In the last quarter of 2023, the global markets were upbeat, as the Fed signalled potentially earlier start of interest rate cuts in 2024. This news sparked rallies in both stocks and bonds. The S&P 500 index closed to its peak in early 2022, and 10-Year US Treasuries dropped from 5% in October to 3.8% in December. This shift contributed to a strong close to global assets, wrapping the year 2023 on a positive note. Given these moves in global markets, we will conduct a detailed Q4 2023 portfolio review.