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.

Important Information: This document has been prepared by Aequitas Investment Partners ABN 92 644 165 266 (“Aequitas”, “our”, “we”), a Corporate Authorised Representative (no. 1284389) of C2 Financial Services, (Australian Financial Services Licensee no. 502171), and is for distribution within Australia to wholesale clients and financial advisers only.

This document is based on information available at the time of publishing, information which we believe is correct and any opinions, conclusions or forecasts are reasonably held or made as at the time of its compilation, but no warranty is made as to its accuracy, reliability or completeness. To the extent permitted by law, neither Aequitas nor any of its affiliates accept liability to any person for loss or damage arising from the use of the information herein.

Please note that past performance is not a reliable indicator of future performance.

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