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

• Russia’s 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.