A high-level look at asset class returns. Note, in this section, we are not describing our views in detail, it is just a snapshot of performance, as the month rolls over.
A difficult month for things other than tech/growth + stuff denominated in USD relative to the Aussie investor.
The below is a good demonstration of the enthusiasm for AI led tech.
China stumbled, dramatically, unwinding much of the “reopening” rally. Poor economic data continues, as does the ongoing challenges of the property and infrastructure sector unwind. We’ve been saying for a long time that China has hit the end of the old growth model, which renders the region relatively unattractive.
That dynamic continues to weigh on commodity prices. Hot rolled steel (HRS) in China is now more or less back below pre-pandemic levels.
We have been moderating our exposures to tech, Japan and the Eurozone over the month.
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