Quarterly Market Review

Headlines in the quarter were dominated by trade tensions between the US and China. The Trump administration imposed tariffs on nearly $US200 billion of Chinese imports and then threatened more levies if China retaliated. China hit back with tariffs on about $60 billion of US imports.

Quarterly Market Review


  • Solid 7% unhedged returns from developed equity markets, led by US
  • Modest 1.5% return from Australian market
  • Size premium negative across the board; Profitability mixed
  • Value premium positive in emerging markets and Australia; Negative in global developed markets
  • In fixed interest, term premium was negative, credit premium was positive
  • AUD fell versus USD and most major currencies in the quarter

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