After strong stock market performance during October and November, mainly driven by signals of declining inflation and hopes for softer central banks, market sentiment changed as focus shifted to the state of the economy and a possible slowdown. The Nasdaq stock market in the US was one of the big losers, while the stock market in Hong Kong rose, largely due to China starting to ease restrictions linked to Covid-19. As expected, both the ECB and the FED raised their key interest rates by 0.50 percentage points. They also returned to a more hawkish tone, with the ECB indicating further interest rate hikes and the FED emphasizing a cooling down of the labour market. The fund summed up a challenging and, in many ways, tragic year with a decline of -13.5%. The broad index of the Stockholm Stock Exchange (SAX) fell by -24.6%, the S&P 500 (SPX) -19.7% and the broad index of Europe (SXXE) by -14.5%.