For investors, both direct and indirect, in global equity and bond markets, things move quickly: foresight is considered unhelpfully speculative beyond a mere few months and past performance, which as we all know is no guide in any case, is instructive only in similarly close quarters.

In this report we summarise the key performance trends that emerged in the second half of 2013, analyse the market dynamics that will shape the New Year run-in, and provide one fund manager’s top level predictions for the year ahead.

We also take a look at the developments in national credit ratings that have - or at least had - such profound consequences on markets in the past years.

For a broader view on where you should be looking at as you look ahead to client investment decisions in the quarter and more ahead, see our sister special report on where to invest in 2014.

(Both special reports are taken from Investment Adviser’s Winter Investment Monitor.)