Main points of the full commentary (available for download above):
- Russia’s invasion of Ukraine had a large impact on markets over the quarter.
- Most asset classes suffered, but there were a few bright spots.
- Most equity markets fell, with the notable exception of Australia given its large exposure to resources and energy.
- Fixed income returns were generally poor as markets priced-in higher interest rate levels.
- But short-term bonds funds out-performed as did listed infrastructure.
- We allocate to infrastructure because we asses it to offer several benefits for portfolios.
- New Zealand bonds are beginning to look attractive again.