While local markets remain resilient, our commodity-driven economy faces a challenging global economic outlook, with a firm focus on how well policy makers across the US, Europe and Australia will be able to get inflation under control, and how much pain will be exerted on the global economy in the process.

Australian equities markets stabilised during the quarter and many companies reported their full-year results, providing a welcome opportunity to refocus on individual company fundamentals. We also paid a visit to Contact Energy, a NZ-based ‘Gen-tailer’ company held in a number of our Funds which generates most of its electricity from renewable energy sources.