RGA Investment Advisors’ Q4 2024 Investor Letter

RGA Investment Advisors, an investment management company, released its fourth quarter 2024 investor letter. At first glance, 2024 seemed to be another exceptional year for equity markets, but a closer look revealed a markedly different situation. Even the overarching narrative held its complexities. According to the prevailing story, the S&P 500 achieved impressive results, driven by excitement surrounding AI developments. The letter discussed this not to justify the fund’s performance, but to emphasize the unusual nature of 2024 in the equity markets and to pinpoint where significant tensions currently exist. These tensions also indicate areas with the greatest potential for future returns. Such imbalances cannot remain unchanged indefinitely, regardless of one’s views on AI or the geographical allocation of successful entities. In addition, you can check the fund’s top 5 holdings to determine its best picks for 2024.

A copy of RGA Investment Advisors’ Q4 2024 investor letter can be downloaded here.