The gatekeepers of Australia’s $3.3 trillion retirement savings pot are reducing their bets on risky growth assets, investing more in bonds and commodities and boosting their cash buffers as they warn the worst not be over for stockmarkets.
concepts designed to protect the value of portfolios during volatile markets – chiefly bonds – performed as badly as higher-risk equities.
“The world is in flux across various fronts, and the past 12 months have seen significant upheaval in global markets,” Mercer’s Kylie Willment said, citing inflation, the energy transition, and diversification as the three things that keep her up at night. The prospect of a global recession has CIOs positioning defensively, even Mr Lill, whose fund has the highest representation of members under 35 with long working lives ahead of them.
“We are attracted to assets with inflation hedging characteristics as our analysis suggests that inflation is likely to remain elevated over the medium term,” she said. Grasping for areas of strength, Mr Armitage has healthcare on his watch list saying the likes of CSL may benefit from a US recession that could improve plasma collection.
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