The writer is co-head of investment and group chief investment officer at SchrodersEquity markets have largely made a strong start to 2024 as investors rushed to price in a monetary policy pivot — in the form of anticipated rate cuts — from central banks. That has left valuations looking stretched across asset classes.

But it is already clear that 2024 will bring many different events that will lead to a reshuffling of the pack of investment opportunities.

Some of these events are already clearly marked on investors’ calendars, such as the many elections taking place around the world this year — most notably the US presidential election on November 5. Other events are less foreseeable, such as the attacks on shipping in the Red Sea and subsequent reaction from western nations. We do not know how current epicentres of conflict will evolve; whether they will become more entrenched, for example, or draw in more participants.