Kylie Willment
speaker
203 appearances
2 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Kylie Willment’s voice in public audio — every appearance, attributed to the second.
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Appearances
NAB Morning Call · Weekend Edition: 2025: Less growth, but still lots of opportunity · 7 Feb 2025
podcast
The Morning Call from NAB with Phil Dobby.
So
Yeah, start with the small questions, Phil, and it's great to be back and hi to all of your listeners.
Look, I think the short answer is we're not extrapolating those supersized returns that we've seen over the last couple of years actually forward.
We do, though, generally think that markets can continue to generate returns.
Pretty decent returns, but we're going to see higher levels of volatility and probably more dispersion.
You've mentioned the U.S.
exceptionalism.
I know it's been well discussed on this podcast, as has that very high levels of market concentration that have formed up in the U.S.
equity market really fueled by that.
a high mag seven rally.
But it is a US phenomenon.
And for us, we invest across the whole global equity market, of course.
And so I think while our base case is to get some reasonable returns from equities, I think there are reasons to be cautious because there's risks actually both to the upside and the downside.
And they're probably a bit wider as we look at them from here.
On the upside, you've got potential earnings being supported by the enhancements that are coming through from AI.
You've got potential tax cuts and deregulation from the Trump administration.
But on the downside, of course, and it's playing out before our eyes, we've got the geopolitics and the trade war concerns and a huge amount of uncertainty around that.
So I think while we came into the year broadly neutral on equities, and a lot of that was because we just thought it's a very uncertain outlook, and sometimes the best thing that you can do as a long-term investor when there's uncertainty is just stick to your strategic allocations, and we thought that that was the best place to be.
But I think these events of the last week or so, they probably skewed that risk to the downside a bit.
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