Looking Ahead: Our 2024 Investment Forecast

2024 graphic image with investment documents in the background

At the start of every year, we take an in-depth look at the current financial and economic landscape to help our clients prepare for the year ahead. Here’s a summary of what we’re anticipating in 2024. Looking for a more exhaustive forecast? Watch the recording of our annual year in review and 2024 market outlook.

We ended 2023 on an upswing – a market rally before the anticipated economic slowdown. But 2024 may prove equally as volatile as last year was – marked by two distinct halves: recession and recovery.

A mild recession in the first half, followed by a recovery

As analysts have been expecting for months now, we’re likely headed for a mild recession in the first or second quarter¹ of 2024, but the good news is, it shouldn’t last long. 

Now that the Federal Reserve has likely finished its interest rate hikes², we’ll start to see company earnings bounce back as the markets begin moving toward a recovery. “Bonds will likely do well,” says Wayne Wachell, Executive Chairperson and Co-Chief Investment Officer at Genus. “Tech should also hold well, and small cap ‘riskier’ names should also start doing well. Another area for potential excitement this year could be gold,” he adds. 

However, as economic cycles play out, we’ll be ready, says Mike Thiessen, Chief Sustainability Officer and Chief Co-Investment Officer at Genus. “We’re preparing for whatever happens,” he says, adding that Genus leverages numerous financial models and strategies to adjust its portfolios alongside market fluctuations.

Growth in values-based investing

ESG and sustainability graphic

Experts forecast continued growth in impact investing – the market is expected to grow to $955.95 billion in 2027 from $495.82 billion in 2023³.

In spite of a bumpy several years for values-based investors, it’s a good time to explore the opportunities available in impact and responsible investing. Impact investing has given values-based investors a clear way to support sectors and companies that align with their own values and interests.

“I’m excited about our High Impact Equity Fund,” says Thiessen. “It has a nine-year track record, and it could be a good investment for impact-oriented clients because its performance has been better than the MSCI benchmark,” he says. “We saw new clients invest in the fund in 2023, and we expect more growth in 2024*.”

A big year for biodiversity

A major sub-theme for impact investors this year will be supporting biodiversity through investments that limit harm to biodiverse ecosystems. As sustainability reporting extends beyond carbon emissions and into the protection of global species and habitats⁴, there’s a growing recognition that this issue has become as critical as climate change⁵.  

“People are seeing biodiversity as high-priority now,” Thiessen says, “and 2024 could be a big year. Companies that have poor management of biodiversity will be open to more risks such as lawsuits or loss of clients. They could also face more regulation around supply chains, and from a financial point of view, that’s more risky.”

Moose in a biodiverse environment

To help guide investors interested in supporting biodiversity protection, Genus has launched a biodiversity screen to exclude companies with poor biodiversity management. This could include, for example, companies that source ingredients from the Amazon rainforest, or companies that use excessive water or pesticides. “Many companies are starting to share their biodiversity risk disclosures,” Thiessen says, “because there’s so much economic value in biodiversity. This screen is something our clients have been asking for.”

Other factors that could affect the economy in 2024

The future is impossible to predict with any certainty, and that’s partly because politics, natural disasters and global conflicts can all play havoc on the markets – like we saw in 2020.

This year, as conflicts continue to play out in the Middle East and Russia/Ukraine, we could see repercussions in the markets, particularly where oil prices are concerned. 

Looking ahead, the run-up to November’s US Presidential election also presents opportunities for economic and financial market upheavals, particularly in light of the country’s spiraling debt, which represents a definite “threat to capital markets,” Wachell says. 

For full coverage of our 2024 market outlook, watch the recording of our annual year in review and 2024 market outlook.


  1. Konish, L. (2023) The U.S. avoided a recession in 2023. what’s The outlook for 2024? here’s what experts are predicting, CNBC. Available at: (Accessed: 12 January 2024).
  2. Fed rate hikes are over, economists say. here’s what experts say you should do with your money. (no date) CBS News. Available at: (Accessed: 12 January 2024).
  3. Research and Markets (2023) Global impact investing market report 2023: Sector is expected to reach $955.95 billion by 2027 at a CAGR of 17.8%, GlobeNewswire News Room. Available at: (Accessed: 12 January 2024).
  4. Paddison, L. (2023) Global loss of wildlife is ‘significantly more alarming’ than previously thought, according to a new study, CNN. Available at: (Accessed: 12 January 2024).
  5. Paddison, L. (2023) Global loss of wildlife is ‘significantly more alarming’ than previously thought, according to a new study, CNN. Available at: (Accessed: 12 January 2024).

This document was prepared for general information purposes only and should not be considered a substitute for specific professional advice. In particular, its contents are not intended to be construed as the provision of investment, legal, accounting, tax or other professional advice or recommendations of any kind, or to form the basis of any decision to do or to refrain from doing anything. As such, this document should not be relied upon for investment or other financial decisions and no such decisions should be taken on the basis of its contents without seeking specific advice. This document is based on information available to Genus Capital Management at the date of issue, and takes no account of subsequent developments after that date. In addition, past performance is not indicative of future results. In producing this document, Genus has relied upon the accuracy and completeness of certain data and information obtained from third parties. The links to the issuer website are provided for convenience and we make no warranty or representation that any information is accurate and do not accept any responsibility for information posted on their website.


Client impact

“Graduating from a big bank to Genus was one of the best financial steps we've ever taken. Genus has delivered reliable asset growth despite our moderate risk tolerance. As our financial security has grown, we've also been the beneficiaries of a great client experience. The company's communications have been consistently transparent and informative, including educational webinars and a well-designed web portal where we can track investments daily. Most importantly to us, our portfolio manager has always responded swiftly and thoroughly to our questions and requests. ”
Martin T.
"Having relatively diverse financial goals and needs, along with a slight reticence regarding the stock market, Genus skillfully addressed all of our concerns, and put together a truly exceptional plan: Fossil free funds and a diversified investment portfolio, check; An effective Impact investment portfolio that coincides with our hopes and dreams for a better world, check; Professional advice and assistance to create a donor advised charitable fund with immediate charitable receipts for tax purposes, check. Returns? Way beyond our expectations! We even had some fun along the way and certainly enjoyed an incredible two-year start to what will be a satisfying long-term relationship with Genus."
Marc B.
“I love the service I get at Genus.”
Chris H.
“Leslie and I were fellow board members when we met twenty years ago. For the last ten she has been thoughtful in the construction of an investment strategy for my family and is executing the strategy as planned. The team at Genus has met my expectations and are a pleasure to deal with.”
Bob Q.
“For over 15 years, I have provided selection and performance evaluation of multiple investment managers for a significant family office. Leslie and Genus have been foundational for me in my role. I have always found Leslie and her colleagues to be insightful and proactive, and found the performance of their portion of the portfolio to be well above benchmarks. And they have been a great pleasure to work with.”
Douglas H.
“Genus is a very innovative firm. I am pleased to invest in their Fossil Free and Impact strategies that help me invest in line with my values.”
Marnie C.
“Great team of professionals. Excellent website and reporting. Responds to inquiries promptly. Very pleased with the process of changing from another company to Genus as well. Kudos.”
David L.
“Genus consistently provides a good, clearly explained, comprehensive picture of the general economic and financial situation, along with an excellent account of the investment decisions made in relation to this. Genus’ equally strong concern with clients’ questions and requests for further information is also a very important part of the service it provides.”
Allan S.
“Back in 1992 when I found myself at fifty with a substantial amount of money to invest, I knew just one thing — that I didn’t want to contribute to tobacco companies, arms manufacturers, or oil. But over the ensuing years the options for socially responsible investing have become far more sophisticated and I’m very happy that this is a big part of the Genus approach. I also very much appreciate the long-term relationship with my portfolio manager, Mary Lou.”
Ann P.

As seen in

Are you ready to make an impact
with your investments

Call us
Call Us

Or fill out your details and we will get back to you.