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FAST PODCAST: How the China slowdown is affecting Aussie investors

Growth in China has been slowing amid headlines of widespread Covid lockdowns. In this fast podcast Pendal’s AMY XIE PATRICK explains what it means for Aussie 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:

Some leading indicators for China’s growth are back at levels last seen at the start of the pandemic.

The recovery path is uncertain as long as Beijing sticks to its zero-Covid policy.

What does that mean for the global economy – and specifically for fixed income investing?

“This kind of growth slowdown in China will ultimately impact the rest of the world,” says Pendal’s head of income strategies, Amy Xie Patrick.

“The reason we’ve all been sheltered so far is because our comeback from Covid – thanks to a lot of fiscal stimulus around the world — has helped buffer some of these headwinds coming out of China.

“But the other side of the picture, at least in the short term, is these lockdown measures are leading once again to bottlenecks in supply chains and logistics.

“Unfortunately for the time being, global inflationary pressures will grow as long as Chinese lockdowns continue to intensify.

“Those opposing forces mean different things for fixed income.

“Slowing growth should mean that bonds have their heyday again.

“But in the near term it’s difficult to say this is the turning point in bond yields, because inflation is still a worry.

“If the growth situation in China gets materially worse – which isn’t our base case –fixed income portfolios that look a lot like equities portfolios with a lot of credit and high yield in them will fare poorly.

“But if you are concerned about the growth picture – and you are willing to once again dip your toe into more pure fixed income portfolios that rely much more heavily on that duration lever – those portfolios will be more reliable at delivering a defensive performance profile if the worst scenario eventuates out of China.”

Follow Pendal’s The Point podcast on Apple, Spotify or Google

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. In 2021 the team won Lonsec’s Active Fixed Income Fund of the Year Award. In 2020 they won the Australian Fixed Interest category in the Zenith awards.

The team oversees A$22 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 an independent, global investment management business focused on delivering superior investment returns for our clients through active management.

Contact a Pendal key account manager here

This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current at April 20, 2022.

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.

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