Australian Equities


Australian Equities

03JUL 2019

In theory there is no difference between theory and practice. In practice there is.

As interest rates approach zero in much of the western world, the linear relationship which economists expect from their monetary intervention isn’t quite going to plan. Rather than igniting animal spirits and spurring spending, declining rates are creating insatiable demand and stratospheric prices for safe haven assets whilst doing nothing for the velocity of money and economic activity.



10MAY 2019

Australian Equities

Long-term sustainability has many perspectives

While finding long-term sustainable profits remains the goal for any investor, ebullient valuations in Australian Equities persist. As an area of increasing focus, sustainability encompasses more than earnings and has many perspectives. Martin Conlon, Head of Australian Equities, discusses the need for a holistic and considered approach to sustainability, sharing his views on coal.


12MAR 2019

Australian Equities

Interest rate common sense? No thanks

As low interest rates persist following the backing away from ‘normalisation’, the markets will focus on areas where long-term value is defined as longer than six months, and on businesses where a short-term earnings result won’t derail its potential.

05MAR 2019

Videos: Webconferences

Separating emotion from the facts

Weak equity markets, declining property prices and unsettling political leadership globally have ensured a pessimistic atmosphere seeing investors again seek refuge in perceived safety. What are the arguments for a more optimistic stance and where do the best opportunities lie when we separate emotion from the facts?


13FEB 2019

Australian Equities

The realities of low growth, and life post-Hayne

Anything with a glimmer of hope for growth is now trading at premiums, but the reality is that we’re entering a low growth world and we may be here for some time. The impact of Commissioner Hayne’s royal commission is also spreading ripples.

04FEB 2019

Videos: Fund Manager Q&As

How important is the discipline in your investment process when investor emotions run high?

Any process is about replicability, and we try to look through the noise to see what the average return from a company ahead of its short-term returns. People panic over price changes, as can be seen in the relatively small decreases in property values, but buyers should be excited about the opportunity to buy more of a good company at a cheaper price.

04FEB 2019

Videos: Fund Manager Q&As

What are the implications of a market where passive has grown significantly?

There has been a huge focus on cost in investment management in recent years that has led to point where about 40% of the US market is owned by passive vehicles. People have lost sight that the job of markets is to value a company, and not just see it as a bunch of prices that move every day, and it remains the role of fundamental managers to set those prices.

04FEB 2019

Videos: Fund Manager Q&As

Three views for 2019: housing, banking and resources

Housing price normalisation has only just begun. Credit-fueled growth can’t go on forever and many people are already priced out of the market. Also, banks as an investment opportunity, while priced more reasonably now, may still need to factor in the increased bad debt risk and the more challenging regulatory environment. Another investment staple, the resources sector, may be as important this year as last.