Q1 proved to be a difficult period with the ASX 200 returning -4.27%, the worst quarter since the GFC. The negative performance was attributed to a number of factors including the Sino-US trade war and the introduction of tariffs, the return of market volatility, higher US bond yields.

2017 proved to be a positive year for equity markets, reflecting in strong portfolio performance. Despite the belief that 2017 equity performances will be a tough act to follow as the business cycle matures, we expect the solid global economic backdrop to continue throughout 2018 and remain supportive of attractive risk-adjusted returns.