In this month’s Cross Asset Review, we assess the past performance of various asset classes and draw implications for multi asset investors. During the month of January, Risk-on trade continued despite spikes in fear gauges. The worst performing asset classes were Global and Australian REITs, Global and Emerging Infrastructure as well as Gold. The Australian dollar index closed slightly lower (-0.6%) over the month after rallying strongly over the past 6 to 9 months against major pairs. The continued monetary and fiscal support around the world and broadening of the vaccine rollout pro-gram is likely toprovide ongoing support for cyclical recovery in economies, business cycle and earning.

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