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Economic Commentary March 2022

Main points of the full commentary (available for download above):

  • Russia‚Äôs 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.