Economic Commentary Main Points:
- Equity markets fell into bear territory over the June quarter.
- Historically, investors have enjoyed outsized returns following a bear market.
- The economic picture is very complicated, with upside and downside risks.
- While markets are pricing in a recession it is not inevitable.
- Global, NZ and Australian equity markets fell over the quarter, with value and emerging market stocks falling less.
- Fixed income has been a challenging area.
- Alternative asset classes have added substantial value to portfolio returns.
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