The new year began with big gains on the world’s stock markets. Hopes that a coming recession will be milder than expected, or even avoidable altogether, fuelled the stock prices. Overall, global companies showed a solid order intake in the reports for the fourth quarter, while the labour market remained strong. Signs of falling prices also gave hope of lower inflation figures and that central banks are getting closer to the end of their interest rate hikes. The world’s second largest economy, China, continued to open, which also contributed to the positive sentiment. Our fund, Kuylenstierna & Skog Equities, has had a strong performance and, despite a decline in December, it ranked at the top among global funds over the past three months – see separate document.