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• Australian equities outperformed most developed markets, led by energy and financials.
• Australian small caps significantly underperformed large caps as investors favoured more defensive exposures.
• The AI driven market leadership that dominated much of the last year came under pressure during July leading to poor global equity returns.
• Emerging markets significantly lagged due to weakness in the Asian technology sector.
• Rising government bond yields resulted in negative returns across a number of fixed income markets.
• Oil was the best performing major commodity as Middle East tensions escalated.