Ann: Results of Meeting, page-5

Snippet from AFR today:

Investors position for rocky markets in new financial year.

Fund managers are preparing for sustained inflation and rising interest rates by avoiding consumer-facing stocks and bolstering their exposure to the resources sector.
Resources boom to continue Major financial institutions are seeking shelter from market instability in the resources sector, capitalising on the rally in commodity prices, which is expected to continue into the new financial year. JPMorgan is particularly bullish on energy stocks and holds a large overweight position to the sector in its model portfolio.“[JPMorgan] has a strongly held global view that a long period of underinvestment coupled with ongoing geopolitical instability will continue to drive an energy super cycle,” says Jason Steed, head of Australian equities research at JPMorgan .The broker also has a strong preference for the materials sector as it sees clear signs of stimulus in China as re-opening continues across cities that have been in COVID-19 lockdowns. JPMorgan expects this to fuel more activity in the world’s second-largest economy, supporting bulk and base metal prices. It also remains positive on lithium despite the recent sell-off.