According to two investment professionals, investors are bracing for a US recession in 2024’s first quarter, alongside a potential Trump presidency by November, as likely outcomes in the coming year.

A leading Australian investment manager has returned 143 per cent over the last five years with potential for further upside from increased distribution as investor appetite returns.

The final Bank of America Global Fund Manager Survey of the year has found respondents are bullish going into 2024, with sentiment the most upbeat it has been for two years.

Platinum Asset Management and Clime Investment Management have both seen steep downturns in their share prices this year, while Magellan is set to end a difficult year in positive territory.

According to these fund managers, emerging markets and global markets ex-US, which have delivered historically underwhelming returns, could offer the next pockets of opportunities in the year ahead.