The Australian equity market (as measured by the S&P/ASX 200) bounced back from a difficult start to the period (-6.4% in January) to post a positive return (+0.74%) for the quarter. The March quarter was dominated by the outbreak of war in Ukraine which caused massive volatility in growth assets and the final realisation that inflation will not be “transitory”. The fall-out of war coupled with increasing inflationary pressures, China growth concerns and the rather strong February reporting season resulted in a very uncertain period, filled with questions, and one which made portfolio positioning challenging.

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