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Steve Campbell: Why cash is king in uncertain times
July 15, 2026
Cash might not be the “rock-star” of asset classes, but it does have a place in portfolios, explains Pendal’s head of cash strategies, STEVE CAMPBELL
- Cash provides liquidity and capital preservation
- Returns have improved over 2026
- Find out about Pendal’s cash funds
“Cash is always going to be the boring asset class. But with the Reserve Bank tightening monetary policy, cash is giving investors more income,” Campbell explains.
“And it provides investors with liquidity in their portfolios. Liquidity is first and foremost when it comes to cash.”
Higher benchmark interest rates have pushed cash returns higher in 2026, and Campbell says it has become a more appealing investment class for all investors.
But cash isn’t just about liquidity. It is also about capital preservation, he explains.
“All the assets we look at, in addition to being highly liquid, are also short dated in tenure.
“That helps ensure that investors’ capital is preserved.
“They need to be comfortable that they are getting their dollars back at the end of the day.”
Managing yield curve exposure
Pendal actively manages its yield curve exposure, which is important in 2026 given the uncertainty around monetary policy.
“The inflation environment can change. We had tailwinds in the economy over the second half of 2025,” Campbell says.
“Inflation picked up, household consumption was picking up because we had tax cuts. Real disposable household income was picking up as commodity prices came off.
“Then this year, tensions were rising in the Middle East.
“Inflation expectations picked up not only domestically but abroad, and at one point the market was pricing in a cash rate that may have been closer to 5 per cent.
“It is a quickly moving environment and investors need to be in liquid assets to make the most of those opportunities as and when they arise.”
Find out about
Pendal Managed Cash Fund
Steve Campbell, Head of Cash Strategies
If you’d like to hear more about how Pendal’s Income & Fixed Interest team is positioning for this environment, please contact us through your account manager by reply email.
About Steve Campbell and Pendal’s Income and Fixed Interest team
Steve Campbell is Pendal’s head of cash strategies. With a background in cash and dealing, Steve brings more than 20 years of financial markets experience to our institutional managed cash portfolio.
Find out more about Pendal’s cash funds:
Short Term Income Securities Fund
Pendal Stable Cash Plus Fund
Pendal Managed Cash Fund
Pendal’s Income and Fixed Interest boutique is one of the most experienced and well-regarded fixed income teams in Australia.
This article has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332 AFSL 431426. It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. You should consider whether the information is suitable for your circumstances and we recommend that you seek professional advice.
The product disclosure statement (PDS) for the Pendal Managed Cash Fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in this Fund. The PDS and Target Market Determination can be obtained by calling 1300 346 821 or visiting our website www.pendalgroup.com.
The information memorandum for the Pendal Stable Cash Plus Fund, issued by PFSL, should be considered before deciding whether to acquire, dispose, or hold units in this Fund. A copy of the information memorandum can be obtained by calling 1300 346 821. This Fund is only available to investors with a minimum investment of $500,000.
The Pendal Managed Cash Fund and Pendal Stable Cash Plus Fund aim to maintain a stable $1.00 unit price. However, the value of units in the Funds is not guaranteed.
To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. No company in the Perpetual Group (Perpetual Limited ABN 86 000 431 827 and its subsidiaries) guarantees the performance of any fund or the return of an investor’s capital. All investing involves risk including the possible loss of principal.
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