--- title: Monthly Commentary | October 22 description: Read here for the October 2022 commentary from the Nikko AM investment professionals. image: https://www.goalsgetter.co.nz/hubfs/Images/Email/Article%20Images%20w%20R.Edges/Quant.png --- [![Goals Getter Logo](https://www.goalsgetter.co.nz/hs-fs/hubfs/goals-getter-new.png?width=222&height=44&name=goals-getter-new.png "Goals Getter Logo")](https://www.goalsgetter.co.nz) [My account ](https://app.goalsgetter.co.nz/#/dashboard) [My account ](https://app.goalsgetter.co.nz/#/dashboard) [![002265 GoalsGetter Amovo Logo Stacked White](https://www.goalsgetter.co.nz/hubfs/002265%20GoalsGetter%20Amovo%20Logo%20Stacked%20White.svg "002265 GoalsGetter Amovo Logo Stacked White")](https://www.goalsgetter.co.nz) [ Info Centre ](https://www.goalsgetter.co.nz/info-centre) ![Market Commentary](https://www.goalsgetter.co.nz/hs-fs/hubfs/Images/Blog%20Media/Blog%20Images/shutterstock_672069292.webp?width=600&height=338&name=shutterstock_672069292.webp) [Amova NZ](https://www.goalsgetter.co.nz/info-centre/author/nikko-am-nz) 11 Aug 2019 [ Share ](http://www.linkedin.com/shareArticle?mini=true&url=https://www.goalsgetter.co.nz/info-centre/monthly-commentary-oct-22&utm_medium=social&utm_source=linkedin) # Monthly Commentary | October 22 The fall in markets in August accelerated through September, and by the end of the month many major markets had slid back to the lows seen in mid-June. Global share markets led the lurch downwards, and in aggregate falling by more than 10% in local currency terms. For NZ investors the sharp fall of the NZ dollar meant that in NZ dollar terms an unhedged portfolio of global shares fell by just 2%, again showing the benefit of foreign currency as part of a diversified portfolio.  The NZX participated in these losses falling more than 3%, and the sub-sector of companies making up the REIT index (ie listed property) falling over 6%. As we’ve seen throughout this inflation induced, supply constrained shock, bond markets didn’t provide investors with some offsetting gains. Global bonds (as measured by the Barclays global aggregate index) fell 3.5%, and local NZ bond markets were down around 1-1.5% depending on the index. It seems that at the moment, markets are struggling to find reasons for confidence and the general mood is that economically and geo-politically things will get worse before they get better. A key question for markets is the degree to which this uncertainty and lack of confidence is now priced in and/or what new news may result in further falls or the first shoots of stability for future growth. It’s tempting to want to ‘opt-out’ during such times and then re-engage with markets when times are calmer; the major problem with such an approach is that periods of calm and stability are usually preceded by a large upwards re-rate in markets and so by being on the sidelines you don’t participate in the upswings. An excellent illustration of this is an analysis on the S&P500 which over a 20-year period has averaged a return of ~7% p.a. However, if you’d missed out on the 40 days (out of over 5,000 trading days) of the largest returns you’d have had a loss of 2.8% p.a; and even missing just the best 5 days would have seen the 7% p.a. gains reduced to just 5% p.a.   ![The GoalsGetter Guide to Managed Funds](https://www.goalsgetter.co.nz/hubfs/Images/CTAs/Sprint%201%20CTA%20eBook/gg_sprint_1_ebook_2_bubble.png) ### The GoalsGetter Guide to Managed Funds Get our free guide to help you understand the basics of investing in Managed Funds. [![Get the guide now](https://no-cache.hubspot.com/cta/default/8746787/4f70c6cf-9706-416c-b7e8-7596f81aeeb6.png)](https://cta-redirect.hubspot.com/cta/redirect/8746787/4f70c6cf-9706-416c-b7e8-7596f81aeeb6) ## Get in the know with investing #### Read the latest articles from our Info Centre and stay in the know with our monthly updates. 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