How are investors approaching the markets

Christine St Anne: Gemma, how are investors reacting to the choppy markets?

Gemma Dale: Yeah, it's a really interesting one. We have huge range of investors who feel this market is not making them super anxious, but they're just not seeing the opportunity they want to see. We have roughly half our investors who started investing either during or post COVID. So, they're used to quite depressed prices that bounce back really quickly. And so, in this environment, they're like, this is boring. There's nothing super exciting that I'm going to jump on to. And then a number of other investors who have been around a long time and the macro environment is not thrilling them. So, they're mostly – they're not selling. They're not really anxious, but they're just sitting on the sidelines waiting for something to happen at the moment.

St Anne: Okay. So, on that basis of just sitting on the sidelines, are there other investors that are really rethinking their portfolios?

Dale: Yeah, that's a really interesting one. Probably the biggest trend is that cash has been rising and rising and rising, and we're trying to understand how much of that is just keeping your powder dry for a pullback in markets so you can buy and how much of it is people going – I can get a decent return on my cash. And now, that's a choice. It's not a default option. It's not just waiting money. It's actually a distinct allocation. You're getting 4%. You know what? That's actually quite nice. So, I think there will be and there are more investors who are happy to hold cash and term deposits and basic fixed income products trying to get more yield and more certainty. And then, those who hold equities, they're not increasing their allocation at the moment. They will only do that when they see prices start to moderate a bit.

St Anne: Gemma, thank you so much for your insights.

Dale: Pleasure to talk to you.