This is the last Portfolio Perspective for 2023. Going into this festive time of the year, from all of us at Lonsec Investment Solutions we wish you and your family a good rest and happy holidays.
Portfolio Perspective will return in February 2024.
Key Messages for Investors:
- Macroeconomic conditions are decelerating, but the impact is not evenly felt.
- The 2-Speed Australian Consumer reflects our assertion that the wealthiest portion of the country is carrying the aggregate economy.
- Even between nations, the relative economic performance is widening.
- The best examples of the haves and have-nots are the S&P500 and the Magnificent 7 (M7). Considering the US market as a whole, it looks very expensive, but when you break out the M7, a very different picture emerges.
- Now is the time to use active managers in your clients’ portfolios, abide by the rules of diversification, and speak to your clients to ensure their portfolios align with their financial goals.
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