Introduction

Yao is portfolio manager across four of Wilson Asset Management, WAM's Lix. Yao: It's been a rollercoaster ride for sure for equities and particularly small caps over the last few years. When there is great uncertainty and particularly risk of a recession, the market gravitates towards larger cap companies because they're more diversified,. More liquid and safer in an environment that's highly uncertain. In Australia, particularly banks on the back of higher rates and lower levels of debt also did well.