Investor risk-on behaviour that was clearly on display in the first quarter 2019 continued in April. Risk assets performed strongly across the board, particularly in AUD terms. Weaker AUD boosted returns for investors with offshore unhedged investments. Many risk assets have now recovered the losses incurred during the fourth quarter of 2018 with the year to date returns now in higher double digits. Defensive assets generally held up well despite the strong risk-on theme. The dovish policy stance of central banks around the world, and Fed Reserve in particular, is likely to support risk assets in the short to medium term.
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