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Amy Xie Patrick: An investor’s guide to the outlook for US and China
In a new podcast, Pendal’s head of income strategies AMY XIE PATRICK explains the outlook for the world’s two biggest economies and what it means for investors
You can also listen to this podcast on Apple or Spotify
An excerpt from this podcast
Amy Xie Patrick, Pendal’s head of income strategies:
After two days of talks in London, China and the US last week agreed in principle to de-escalate trade tensions.
What happens next is unclear.
But in a new podcast, Pendal’s head of income strategies Amy Xie Patrick explains the outlook for the world’s two biggest economies and what it means for investors.
China is “in a period of healing, but I do see some green shoots”, says Amy. “Property market statistics are generally stabilising.”
But the “ultimate bright spot for the Chinese economy” is its credit impulse – a measure of the change in new credit issued as a percentage of GDP, Amy says.
“It’s still a very credit-thirsty economy. And if the credit impulse of the economy as a whole is starting to stabilise and trend upwards, which is exactly what we see in the data, then that generally bodes well for the overall economic direction. “
On the US, Amy says the “sheer resilience” of its economy through the trade uncertainty incredibly surprising to the market.
Despite sentiment indicators “down in the dumps”, US economic data is not showing significant weakness yet.
For investors, “the better risk-reward in terms of chasing a bit of upside exposure in portfolios is the safe accrual plays in credit rather than say, chasing after equity markets this close to the all time highs.”
Find out about
Pendal’s Income and Fixed Interest funds
About Amy Xie Patrick and Pendal’s Income and Fixed Interest team
Amy is Pendal’s Head of Income Strategies. She has extensive experience and expertise in emerging markets, global high yield and investment grade credit and holds an honours degree in economics from Cambridge University.
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia. Pendal won the 2023 Sustainable and Responsible Investments (Income) category in the Zenith awards. In 2021 the team won Lonsec’s Active Fixed Income Fund of the Year Award.
The team oversees some $20 billion invested across income, composite, pure alpha, global and Australian government strategies.
Find out more about Pendal’s fixed interest strategies here
About Pendal Group
Pendal is a global investment management business focused on delivering superior investment returns for our clients through active management.
This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at 23 June 2025. PFSL is the responsible entity and issuer of units in the Pendal Monthly Income Plus Fund (ARSN: 137 707 996) and Pendal Dynamic Income Fund (ARSN: 622 750 734) (Funds). A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com.
The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information.
Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com
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