BlackRock to reassess Australian exposure amid stretched valuations, weak growth BlackRock, the world's largest asset manager, said on Thursday it was considering shifting focus away from Australia due to stretched valuations and weak growth, eyeing better opportunities in other markets like the U.S. and Japan. Katie Petering, who leads BlackRock's investment strategy in Australia and New Zealand where it manages nearly $100 billion for clients, said an uncertain global outlook meant it was reassessing its strategic asset allocation and making tactical calls to diversify its portfolio. BlackRock said it was "pro-Japan" due to recent corporate reforms and inflation, which helped companies with pricing power, while also being overweight on U.S. equities.
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BlackRock is reassessing its investment strategy in Australia due to stretched valuations and weak growth, considering reallocating funds to markets like the U.S. and Japan. Katie Petering, head of BlackRock's investment strategy in Australia and New Zealand, noted the uncertain global outlook and the need for portfolio diversification. The firm is optimistic about Japan's corporate reforms and pricing power, while expressing concerns over Australia's economic growth and high interest rates. BlackRock supports the Reserve Bank of Australia's cautious monetary policy amid labor market challenges.
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