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• Global and Australian equity markets finished the financial year on a modest but positive note.
• Australian small caps lagged, facing headwinds from sticky underlying inflation.
• Emerging market equities produced positive returns, despite a drag in performance from China.
• Lower bond yields saw Australian fixed income record positive returns.
• Global bonds delivered modest returns as yields declined over most major developed markets.
• Listed infrastructure and real estate produced positive returns.
• Commodities suffered a major broad based retracement as geopolitical risk premiums declined.