Equity markets continued to surprise on the upside with a gain in February of 4.2% in developed markets (MSCI World index) and 4.8% in emerging markets (MSCI Emerging Markets index). MSCI World has returned 11% so far this year, 23% since the current surge in markets started in late October 2023, and 44% since the low point of this cycle in mid-October 2022. The US has led the way, with returns very similar to the World index, unsurprisingly given that the US market capitalisation now represents over 70% of the world developed markets total.
