Financial Year 2016 has been a challenging year for investors, as many of the ‘market darlings’ of previous years took big hits in the second half. The banks and the ASX20 underperformed, while the Small Ordinaries racked up gains >20%, and materials had a strong showing. Ben Rundle, Portfolio Manager at NAOS Asset Management, was surprised by the continued rally in ‘bond-proxy’ stocks such as infrastructure and REITs; “ I genuinely believe that we’re in a once-in-a-generation boom for bond prices, but when they go the other way, you don’t want to be in those stocks.” Looking ahead, Ben Clarke, Portfolio Manager at TMS Capital, says there's a "sweet spot" in stocks with "reasonable yield, reasonable growth, at a reasonable price." In this Thematic discussion, they talk to Matthew Kidman from Centennial Funds about the important themes from last financial year and their outlook for the year ahead. Watch here
