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Performance history

$100,000 invested since 24/03/2022
$105000

$100000

$95000

Mar 22 Sep 22
24/03/2022 - 30/12/2022 Powered by data from FE fundinfo
Portfolio
Benchmark
Managed portfolio holdings³

Holding Asset class Allocation (%)
AB Global Equities Fund International Equities 9.0
Bell Global Emerging Companies Fund - Class B International Equities 7.0
Bennelong Twenty20 Aust Share Australian Equities 8.0
Cash Account Cash 2.0
Flinders Emerging Companies Fund - Class A Australian Equities 7.0
Franklin Australian Absolute Return Bond Fund - I Class International Fixed Interest 3.0
GQG Partners Global Equity Fund - Z Class International Equities 9.0
Legg Mason Brandywine Global Income Optimiser Fund Class B International Fixed Interest 3.0
Legg Mason Western Asset Australian Bond Fund - Class M Australian Fixed Interest 4.0
Martin Currie Emerging Markets Fund - Class M International Equities 8.0
MFG Core Infrastructure Fund International Equities 8.0
Resolution Capital Global Property Securities Fund (Unhedged) Class M Property 5.0
Solaris Core Australian Equity Fund (Performance Alignment) Australian Equities 7.0
T.Rowe Price Global Equity - M Class International Equities 10.0
Western Asset Global Bond Fund – Class M International Fixed Interest 3.0
Yarra Emerging Leaders Fund - Class A Australian Equities 7.0

Quarterly manager commentary

Market Update
The December quarter saw a strong period for markets locally and globally, providing a positive end to a very tough calendar year where almost
nothing worked outside of cash and private assets (which have yet to be revalued).

The positive quarter in markets was driven by improvements (or no worsening) of risks surrounding central bank policy tightening, inflation, and China
lockdowns, with investors comfortable enough to dip their toes back in the water with plenty of assets showing valuation appeal.

Whilst central banks continued tightening policy in the quarter by raising rates and shrinking their balance sheets, many did slow the pace of
tightening in addition to comments that seemed to indicate that they had done most of the heavy lifting.

That was somewhat confirmed by inflation data in the US abating whilst leading economic indicators continued to weaken, resulting in rising
recessionary concerns for 2023. Housing markets locally and globally capitulated, with data worsening, whilst consumption and labour markets
remained way too strong for any sort of central bank pivot, Investors can only hope.

President Xi of China was re-appointed, now as their “leader for life”, delivering a speech that the West interpreted as being hostile to non-China
interests. Not long after that event, China swiftly moved meaningfully to a COVID reopening plan with restrictions easing over the quarter, finally giving
investors comfort that this reopening would be sustained. This put a rocket under Chinese assets, and Asian and emerging market assets more
broadly, which had been under significant pressure for the better part two years as China lockdowns persisted.

There was no major new or positive news out of Russia / Ukraine with fighting continuing. Further agreements were made to let more agricultural
products out through the Black Sea thus assisting global supply constraints whilst the European proposed price caps on Russian oil were adopted by
the G7 countries.