Australian Div Fins Update

Research evidence excerpt

Australian Div Fins Update

Global Research

2 July 2026ab

Australian Div Fins Update Equities

AustraliaJun-26 Mark-to-market: Wealth Managers

Diversified Financial

Shreyas Patel, FIAA

Mixed EPS changes across most asset and wealth managers Analyst

Global equity markets rose sharply during the Jun-26 qtr broadly assisting MTM-related shreyas-k.patel@ubs.com

FUM revisions relative to normalised return outlooks. While broader structural tailwinds +61-2-9324 2821

remain in Wealth, we temper our near-term flows outlook due to cyclical risk, and rising Kieren Chidgey

cost outlooks. Weak share price performance is seeing value-appeal emerge, though we Analyst

remain cautious chasing high-beta names late in this cycle. Our preferred stocks remain kieren.chidgey@ubs.com

NGI (Buy), GQG (Buy), and AMP (Buy). Figure 1 summarises our EPS and PT changes. +61-2-9324 2820

Fraser Noye

Jun-Qtr investment returns stronger across the board Analyst

Investment returns were stronger across the board over the quarter with equity markets fraser.noye@ubs.com

+61-2-9324 3353

higher and fixed income supported by lower risk-free rates and tightening credit

spreads. Across equities, offshore markets (MSCI World +13.3%, S&P500 +15.2% and Zoey Chen

FTSE100 +4.0%) mostly outpaced domestic equities (ASX200 +4.0%). Whilst offshore Associate Analyst

cash rates were stable, the RBA cash rate lifted 25bps with medium-term yields more zoey.chen@ubs.com

+61-2-9324 3496

mixed with 3yr RFR -24bps in Aus and -19bps in the UK whereas the US lifted+36bps.

Combined with tighter credit spreads (AUS iTRAXX -24bps), the S&P Australian

Aggregate Bond index up 2.7% in the quarter. The AUD was generally more stable,

strengthening marginally against the USD (+0.3%), modestly against EUR (+1.0%) and