In August investors will receive the full year financial reports for the many of Australia’s listed companies. It is an important period, providing investors with an insight into the health of the industries and businesses operating within the Australian economy. Recently, however, investors have had to navigate a challenging investment landscape as geopolitical events and patchy earnings collided to throw up an 8% market correction. The well-documented possibility of a ‘Grexit’ and volatility from the Chinese equity markets has been a source of concern from offshore. On the ASX the annual ‘confession season’ saw some high profile industrial stocks fall 20%+, as investors punished even the slightest hint of an earnings downgrade. So, with reporting season now on our doorsteps Livewire spoke to three leading fund managers to help us understand the current environment. We asked for their views on the stocks and sectors that they believe could surprise to the upside or downside this reporting season. Responses from Don Williams (Platypus Asset Management), Simon Bonouvrie (Cadence Asset Management) and Chris Prunty (Ausbil Microcap Fund) are available here