• Portfolios have been designed to be well diversified across asset classes, securities, sectors and countries.
  

• We believe this diversification will help cushion the impact of the current trade shock roiling markets.
  

• Ultimately, we are also confident that the trade shock will dissipate with time, and equity markets will resume their upward climb.
  

• New Zealand has a relatively well diversified set of trading relationships, and we are perhaps better placed to weather the trade shock – this time than many other nations.

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