During the third quarter of 2023, global equity markets lost the momentum that had propelled markets earlier in the year as it grappled with substantial challenges including rising geopolitical tensions in Ukraine and Israel as well as continued inflationary pressures on the global economy. The MSCI ACWI, while still showing a year-to-date gain of over 10%, experienced a sharp decline in September, with a quarterly return dropping to -3.4%, a stark contrast to the robust performance in the initial two quarters.
