Between Donald Trump’s on-again, off-again trade tariffs, the relentless growth in artificial intelligence, instability in the bond markets and a volley of missiles in the Middle East, the country’s big fund managers have had to live and survive in seriously uncertain times this year.
And that’s just the broader picture. There’s also been a surge of interest in banks, chronically unloved by local money managers but responsible for driving the ASX 200, for instance. In all, it’s a recipe for underperformance.