In this episode of the Portfolio Construction podcast, Paul O'Connor, Head of Investment at Netwealth, chats with Matt Cho, Head of Multi-Asset Solutions at Vanguard Australia. Matt shares insights on Vanguard's recently released economic outlook for 2025, the performance of multi-asset products in 2024, and potential returns for various asset classes.

They review the strong 2024 returns from international and Australian equities, and the positive performance of fixed-income markets. The discussion covers the global economic outlook, including perspectives on Europe, Asia, and Australian economies, as well as the US and the impact of Trump's re-election. They discuss the role of private credit in diversified portfolios, and Vanguard's long-term forecasts for equities and fixed income.