2024 At a Glance:
Many of the market drivers that emerged in 2023 continue to shape the investment landscape in 2024. Economic growth remained resilient in the United States, supported by ongoing fiscal stimulus, robust labour markets and healthy consumer spending. In contrast, growth momentum in Europe and China remained subdued, but positive, reflecting weaker domestic demand, policy constraints and, in China’s case, ongoing issues in the property sector.
Artificial Intelligence (“AI”) remained a central force, leading to high equity market returns. Investor enthusiasm for AI continued to fuel strong performance among a narrow cohort of large-cap US technology companies. This resulted in another year of concentrated leadership in global public equity markets, with the United States once again at the forefront.
Despite this relatively positive economic environment, private markets faced significant liquidity challenges. Exit activity remained well below historical norms, and delayed distributions persisted throughout the year.
Against this backdrop, the Plan delivered its strongest absolute performance on record. Public equities led the way, benefiting from both strong returns and our strategic positioning. However, performance across most asset classes was robust, reflecting the generally positive macroeconomic and market conditions.
For more information on our Plan’s assets and investment performance, download our most recent annual report.
Growth in Net Assets:
