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Matt Sherwood: Navigating a 4% world

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By Perpetual Asset Management
12 May 2025
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In his latest report, Perpetual's Matt Sherwood offers a multi-asset outlook for global growth, diversification and navigating a 4% world.

The confluence of flat yield curves, elevated equity valuations, and tight credit spreads has ushered investors into a benchmark-constrained "4% World".

According to Matt Sherwood, Head of Investment Strategy - Multi Asset, the disconnect between valuations and corporate fundamentals means all investors are increasingly exposed to subdued returns and more fragile markets, and could see amplified risk for retirees grappling with heightened sequencing risk.

Matt says that while the current environment may feel unfamiliar to some, it's important to approach the terrain with curiosity and agility - adjusting strategies to ensure portfolios can achieve strong risk-adjusted returns tailored to clients’ goals. 

In his latest report, he offers a multi-asset perspective on navigating this world, focusing on:

  • Tackling passive investment risks
  • Mitigating sequencing risks
  • Enhancing downside protection
  • Perpetual's approach: income and downside protection focus

Download his full report

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Matt Sherwood
Head of Investment Strategy
BBus, MEc
Matt Sherwood
Matt%20Sherwood.jpg

Matt Sherwood

Head of Investment Strategy BBus, MEc
Bio

Years of experience: 29
Years at Perpetual: 19

Matt Sherwood is Perpetual’s Head of Investment Strategy, Multi Asset. In this role, Matt is responsible for monitoring, analysing and forecasting earnings growth, interest rates, currencies, economic growth and policy implications across major regions.

Matt joined Perpetual Asset Management Australia in 2005 and his viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and Asia. These include television news networks such as Reuters, CNN and Bloomberg in Asia and Sky News, SBS and the ABC in Australia. His opinions have appeared in many newspapers including the Wall Street Journal, Washington Post, the New York Times and Australian Financial Review.

Matt has previously been a panel member which discussed macro issues with the US Federal Reserve on a quarterly basis and has briefed the BIS on several occasions on balance sheet issues facing the global economy. His current research focus is on the global trade war and whether monetary policy can prevent a serious downdraft in growth and regional sharemarkets.

Matt is a published author of the book titled ‘Intelligent Investing’ and began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) between 1997 and 2010 and has also lectured MBA classes from Case Western Reserve University in the United States.

This information has been prepared by Perpetual Investment Management Limited (PIML) ABN 18 000 866 535, AFSL 234426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider, with a financial adviser, whether the information is suitable for your circumstances. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information.

The information is believed to be accurate at the time of compilation and is provided in good faith. This document may contain information contributed by third parties. PIML does not warrant the accuracy or completeness of any information contributed by a third party. Forward looking statements and forecasts based on information available at the time of writing and may change without notice. No assurance is given that the forecast will prove to be accurate, as future events may impact actual results and these could differ materially from those anticipated. Any views expressed in this document are opinions of the author at the time of writing and do not constitute a recommendation to act.

The Product Disclosure Statement (PDS) for the relevant funds, issued by PIML, should be considered before deciding whether to acquire or hold units in the Fund. The PDS and Target Market Determination can be obtained by calling 1800 022 033 or visiting our website www.perpetual.com.au. 

No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor's capital. No allowance has been made for taxation and returns may differ due to different tax treatments. Past performance is not indicative of future performance.

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