Investment markets have delivered remarkably benign conditions over the past quarter, with global equities rising strongly, interest rates declining, and inflation trending towards central bank targets. However, beneath this calm surface lies a more turbulent reality. The global trade environment has been chaotic following President Trump’s expanded tariff regime, while the relationship between governments and central banks has become increasingly strained. Meanwhile, structural challenges in the Australian economy—from energy grid complications to declining industrial competitiveness—are prompting important shifts in our investment positioning.

In this quarter’s commentary, our investment team examines these contrasts in detail, exploring why markets have remained resilient despite significant disruptions to global supply chains and heightened policy uncertainty. We share our perspectives on the standout performers across global equities, Australian stocks, and property, while explaining our ongoing strategic decision to reduce exposure to domestic companies in favour of international opportunities. We also provide insights into the monetary policy divergence among major central banks and what this means for portfolios moving forward.

Please contact our team for further information of PPMs service offering at ppm@ppmfunds.com or 02 8256 3777.

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