A key differentiator this year when compared to 2013 and 2014 has been the growing bifurcation between the winning and losing assets. While 2013 could be broadly categorised as a year where most assets did well, 2014 was somewhat more discriminating but on balance a good year for most investors. In 2015 (so far anyway), the winners have been an increasingly narrow set of markets with the common theme of being either directly or indirectly supported by low interest rates and interventionist central bank policies i.e. Japanese and European equities, a handful of growth and momentum stocks (i.e. US tech stocks), financially leveraged yield plays (i.e. REIT’s), and the US dollar. The losers have been anything linked to commodities (AUD, Australian equities, UK equities, resource and energy stocks and corporate bonds), and / or a stronger USD (i.e. emerging markets). In “Real Matters – Winners & Losers” (VIEW LINK) Simon Doyle, Head of Fixed Income & Multi-Asset argues this is true for those focused on delivering “absolute” returns and equally, if not more challenging for those focused on benchmark relative performance.