The sector has gone from being one of the riskiest in Europe to among the safest – an excellent example of the situations we look for, and that our deep research and bottom-up approach allows us to benefit from.

Three key themes are driving our investment strategy in 2024. We share the thinking behind the opportunities we have identified.

Pessimism about the prospects for US interest rates cuts has been growing steadily as 2024 has developed. But there was a big change last Friday.