December was an intense end to the year, with markets marked by both hope and caution. The central banks' last interest rate announcements for the year, continued geopolitical uncertainty and positioning ahead of the year-end created clear movements in several asset classes. The development differed clearly between regions: the S&P 500 was largely unchanged during the month, while the European STOXX 50 rose around +2% and the Stockholm Stock Exchange returned almost +3.5% of its value. Overall, December was a month where active risk management continued to be crucial for navigating the market situation. Crescit returned +0.13% of its value, up +8.3% of its value this year. Protect had a return of +0.4% of its value, giving it +11.44% of its value in 2025.