In our first Monday Call for 2025, we welcome Mark Brooks, Chief Investment Officer at NZ Funds, to discuss the key themes shaping the investment landscape. Despite global uncertainty, geopolitical tensions and major elections, 2024 ended on a strong note for markets. Now we look at what’s next.

Markets enter 2025 with a mix of opportunities and challenges. The US remains a driving force, powered by its tech sector, but high valuations combined with high expectations and the Trump presidency add complexity. New Zealand’s share market, like many outside of the US, showed strength in late 2024, and while expectations remain modest, signs of improvement are emerging.

What can investors expect in 2025? Will the downgrades seen in New Zealand turn to upgrades? Will new tariffs and geopolitical risks hinder growth? Why is the US so highly valued, and is this at risk? And where does Bitcoin fit in? Mark’s insights will equip investors with the knowledge to navigate the year ahead.

The global economy’s return to normality in 2024 fuelled the continuation of the bull market that began in 2022, delivering a record year for many markets. At the start of the year, the average forecaster predicted just a 3% increase in the United States stock market – yet markets surged far beyond those expectations.

In this year-in-review podcast, we’ll unpack the key trends and insights. What worked for the Portfolios? What didn’t work as expected?

We also explore a range of other themes, including the rise of AI, the return of Bitcoin, and why we believe 2025 will mark New Zealand’s own return to economic normality – a positive development for local markets.

Hugh Hendry is an award-winning hedge fund manager, investment thought leader, and surfer. He founded Eclectica in 2005, a London-based global macro fund known for its high-conviction, contrarian approach. Shortly after launching Eclectica, Hugh gained recognition with impressive returns of 50% in its second year and over 30% in 2008 during the height of the Global Financial Crisis. Although Eclectica has since closed, Hugh remains an active and influential market commentator. Reflecting his commitment to creative freedom in investing, he once said, “I have always been a heretic and argued against the consensus. I have always been angry.” Join us for a lively discussion with Hugh as we explore today’s investment landscape, hear his views on the U.S. election, his skepticism toward mainstream economic policies, and his belief in the value of reading broadly as a source of inspiration for business and investing.