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Axiome June update 2018

APRIL – JUNE 2018

The pace of global growth slowed over the June quarter, but in general, conditions remain strong and consistent with global growth remaining above trend levels.

Given the backdrop, global equities performed positively, albeit with variations between regions. Currency markets also influenced performance, with the NZ dollar depreciating against most offshore currencies.  This boosted the return from global equities and property (on an unhedged basis).

Overall, the period highlighted the importance we place on designing and maintaining a well-diversified portfolio – enabling your portfolio to benefit from strong markets, and providing a cushion when markets are not doing so well.

Australian equities in the June quarter were the stand-out performer, returning around 8.5% in AUD terms, and 11.5% in NZD terms given the fall of the Kiwi against the Australian dollar.

Overseas developed market shares returned around 1.7% in their home currency terms, and 8.5% in NZD terms.   The much stronger NZ dollar return again reflected currency movements, with the Kiwi falling by around 6.5% against the US dollar over the period.  Emerging Markets, which were resilient to the sell-off early in the year, fell by around 2% in NZD terms.  Their returns remain solid year to date at around 17%.

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