Jessica Fannin

We remain constructive on local growth and defensive assets. Local fixed income stands to benefit from interest rates giving real returns with benign inflation and attractive asset class valuations. Although not as attractive as a year ago, local equity is still appealing relative to other regions from a valuation perspective.

Meanwhile, looking offshore, we expect the US dollar to remain weak and the US economy to continue to struggle as it grapples with uncontrolled debt. Emerging markets are more attractive from a valuation perspective. While we are mindful of possible tariffs, it provides good diversification.

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