GARY - Growth At Reasonable Yield | Small Cap Industrials continue to deliver outperformance

Global markets are currently going through the cyclical September pullback on heightened macro concerns. Markets may start to worry about the patches of weakness in US economic growth ahead of the Presidential election. We maintain the view that the US Fed will only move in December and the move will be data independent. The yield trade will continue to see support in Australia as interest rates remain low for longer. Small cap industrial stocks continue to drive GARY outperformance. (VIEW LINK)