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Matt Sherwood: Thoughts on the markets - brace for impact

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By Perpetual Asset Management
7 May 2025
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In his latest report, Perpetual's Matt Sherwood offers a multi-asset outlook for global growth, equity markets and diversification.

President Trump's rhetoric around tariffs and the US Federal Reserve has quietened, which has helped calm markets - at least for the time being.

However, according to Perpetual's Matt Sherwood, Head of Investment Strategy - Multi Asset, US equity markets are not only a long way from pricing material growth risks but could re-test their April 2025 bear-market lows over the coming months.

Matt writes that in an environment of elevated uncertainty, a prolonged adjustment timeframe ahead, and the Fed ‘put’ in hibernation, risk premia in US equity and credit markets needs to be rebuilt from the anaemic levels of today.

In his latest report, he offers a multi-asset perspective on:

  • The welcome, but short, reprieve and known unknowns
  • Why markets need to rebuild 'risk premia'
  • Underwhelming traditional portfolio protection strategies
  • Why investors need a broader diversification toolkit

For more insights, download Matt's 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 Investments 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 the Australian Financial Review.

Matt has previously been a panel member which discussed macro issues on a quarterly basis with the US Federal Reserve and has briefed the BIS and G20 central banks on several occasions on balance sheet issues facing the global economy. His current research focus is on the portfolio consequences of the 4% World that investors are in, and the growth and inflation impact from the global trade war.

Matt is also a published author of the book ‘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 Master’s of Economics (Finance and Econometrics) from the University of Sydney. He 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.

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