Following negative returns in 2022, 2023 will also prove challenging to navigate. So predicts PFA’s chief investment officer, Kasper A. Lorenzen, in a video posted on the pension company’s website.

The CIO expects recession to hit Europe and the US during the first half of the year. Looking further ahead, however, he appears less pessimistic.

“As we approach the latter part of the year, we will probably be wiser in regards to all the current uncertainties, and we might begin to see a light at the end of the tunnel, and then be able to look more into the rising stock markets. So I expect a tough start to the year, and then we might make up lost ground as we approach the other side of summer break,” Lorenzen informs in the video.