Equities rose while bonds and property lagged, as global inflation eased and central banks began winding down tightening cycles. 

Currency effects narrowed the gap between hedged and unhedged returns, with emerging markets leading and New Zealand equities lagging.

Fixed income and real assets faced headwinds from rising yields, while alternatives like gold and trend strategies added diversification value.

Broad-based equity gains across regions equities rose while bonds and property lagged, as global inflation eased and central banks began winding down tightening cycles.

Currency effects narrowed the gap between hedged and unhedged returns, with emerging markets leading and New Zealand equities lagging.

Fixed income and real assets faced headwinds from rising yields, while alternatives like gold and trend strategies added diversification value.

Broad-based equity gains across regions highlighted the importance of global diversification as market leadership rotated.