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19 May 2025
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The Asset Allocation Committee (AAC) came into 2025 with a base case of improving economic growth and decelerating inflation that was supportive for risk assets, while noting that uncertainty around tariffs greatly widened the dispersion of potential outcomes. Now that President Donald Trump is back in office, his policies have indeed been as disruptive as we could have imagined, and trade policy more disruptive than almost anyone expected. We believe that the announcements on April 2 are an opening stance that invites negotiation from trading partners, and that the final tariff outcome will be less costly than the worst estimates. While it is likely that, whatever the final outcome, some lasting damage has been done, we expect U.S. business and markets to regain their animal spirits once the worst of the disruption from tariffs and government spending cuts dissipates in favor of tax-cut extensions and deregulation. That said, President Trump’s approach not only to trade but to longstanding security alliances has already prompted pro-growth policy action in other regions, especially Europe. That growth catalyst has led us to upgrade our outlook for these economies and equity markets, both in absolute terms and relative to the U.S., which in turn results in an upgrade to our view on global equities. These views reinforce our theme of broadening performance in equity markets, but with a growing emphasis on broadening by region as well as by size, style and sector. At the same time, tail risks clearly remain elevated, leading the Committee to maintain a balanced view on asset allocation and a continued focus on assets that can act as ballast against either a growth slowdown or a return to rising inflation.
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Labor has announced a $2.3 billion Cheaper Home Batteries Program, aimed at slashing the cost of home batteries. The goal is to turbocharge battery uptake, though practical difficulties may prevent that happening.
The famed investor says the rapid switch from globalisation to trade wars is the biggest upheaval in the investing environment since World War Two. And a new world requires a different investment approach.
The boss of Australia’s fourth largest super fund by assets, UniSuper’s John Pearce, says Trump has declared an economic war and he’ll be reducing his US stock exposure over time. Should you follow suit?
Every crisis throws up opportunities. Here are ideas to capitalise on this one, including ‘overbalancing’ your portfolio in stocks, buying heavily discounted LICs, and cherry picking bombed out sectors like oil and gas.
While many chase high yields, true investment power lies in companies that steadily grow dividends. This strategy, rooted in patience and discipline, quietly compounds wealth and anchors investors through market turbulence.
The Australian stock market has had almost 40 dips of 10% or more since 1920, with many of these triggered by weakness in the US. What would have happened in each case had you 'bought the dip'?
Strategies to get rich versus stay rich are markedly different. Here is a look at the five main ways to get rich, including through work, business, investing and luck, as well as those that preserve wealth.
Dividend investing offers steady income and behavioral benefits, but its effectiveness depends on goals, market conditions, and fundamentals - especially in retirement, where it may limit full use of savings.
Behind market volatility and tariff threats lies a deeper strategy. Trump’s real goal isn’t trade reform but managing America's massive debts, preserving bond market confidence, and preparing for potential QE.
Fascinating initial studies suggest that while we age continuously in years, our bodies age, not at a uniform rate, but in spurts at around ages 44 and 60.
Portfolio Manager Ted Alexander outlines the changes that he's made to Platinum's International Fund portfolio since taking charge in March, while staying true to its contrarian, value-focused roots.
The Trump administration has not killed the multi-decade investment opportunity in decarbonisation. These four industries in particular face a step-change in demand and could reward long-term investors.
The recent federal election outcome has puzzled many, with Labor's significant win despite a modest primary vote share. Preference flows played a crucial role, highlighting the complexity of forecasting electoral results.