It might surprise some investors to learn that the Australian sharemarket enjoyed a positive return in the March quarter. In price terms, it was only 0.7%, but when dividends are included, it jumps to 2.2%. That’s an annualized return of almost 10%!

The Aussie market continues to outperform the US and most other advanced economy share markets. Despite putting on 3.6% in March, the US market (as measured by the benchmark S&P 500 index) is down 5.0% in 2022, meaning that the Aussie market outperformed by 5.7% in the first quarter.

So where is the relative “outperformance” coming from?

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