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. Developments differed clearly between regions: the S&P 500 was largely unchanged during the month, while the European STOXX 50 and the Stockholm Stock Exchange rose by a few percentage points. Overall, December was a month where active risk management remained crucial for navigating the market situation. Crescit returned +0.18 % and is thus up +8.35 % this year. Protect had a return of +0.40 %, which gives +11.44 % in 2025.