Phil Strano: Volatility providing fertile ground in active credit

Yarra Capital Management

February 2026

Funds operated by this manager:

Yarra Australian Bond Fund , Yarra Australian Equities Fund , Yarra Emerging Leaders Fund , Yarra Income Plus Fund , Yarra Enhanced Income Fund

Australian economic view - February 2026

Janus Henderson Investors

February 2026

(7-minute read)

Funds operated by this manager:

Janus Henderson Australian Fixed Interest Fund , Janus Henderson Conservative Fixed Interest Fund , Janus Henderson Diversified Credit Fund , Janus Henderson Global Natural Resources Fund , Janus Henderson Tactical Income Fund , Janus Henderson Australian Fixed Interest Fund - Institutional , Janus Henderson Conservative Fixed Interest Fund - Institutional , Janus Henderson Cash Fund - Institutional , Janus Henderson Global Multi-Strategy Fund , Janus Henderson Global Sustainable Equity Fund , Janus Henderson Sustainable Credit Fund

All opinions and estimates in this information are subject to change without notice and are the views of the author at the time of publication. Janus Henderson is not under any obligation to update this information to the extent that it is or becomes out of date or incorrect. The information herein shall not in any way constitute advice or an invitation to invest. It is solely for information purposes and subject to change without notice. This information does not purport to be a comprehensive statement or description of any markets or securities referred to within. Any references to individual securities do not constitute a securities recommendation. Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested.

Whilst Janus Henderson believe that the information is correct at the date of publication, no warranty or representation is given to this effect and no responsibility can be accepted by Janus Henderson to any end users for any action taken on the basis of this information.

Market Commentary - January

Glenmore Asset Management

February 2026

(2-minute read)

Funds operated by this manager:

Glenmore Australian Equities Fund

10k Words

Equitable Investors

February 2026

(2-minute read)

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Precious metals reacted savagely on the Kevin Warsh Fed Chair nomination. The "AI" capital drain bites for hyperscalers at the same time AI's rapidly improving capabilities bites for technology services. Government bond yields have been rising with low volatility amid broader market gyrations. Those gyrations were most apparent in the worst week since Covid-19 rocked markets in 2020 for Australia's small resources and large IT stocks. Valuation metrics in US tech - and software in particular - have taken a haircut. Regime change is apparent with the majority of stocks outperforming rather than the market being led by a few key stocks - both in the S&P 500 and among Australia's small caps. There is a huge dispersion in valuations among small caps to play with. Finally, US Office CMBS delinquency rate spiked to a record 12.3%!

The "Warsh Effect" dents Gold and Silver price performance over past five years

 

Source: Equitable Investors, Koyfin

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"AI" divergence - market punishing MSFT for high capex

Source: Equitable Investors, Koyfin

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Capex as % of operating cash flow for "hyperscalers" (MSFT, AMZN, GOOGL, META, ORCL)

Source: Bank of America Global Research

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Hyperscaler's combined capital expenditure in US dollars

Source: Bloomberg

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India's IT services giants sold off on fears of IT disruption

Source: Equitable Investors, Koyfin

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US 10 year bond yield relative to MOVE Index of implied bond market volatility; and Equitable Investors' Bond Market Sentiment indicator

Source: Yale, Equitable Investors

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Aus 10 year bond yield relative to realised volatility; and Equitable Investors' Bond Market Sentiment indicator

Source: RBA, Equitable Investors

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Largest weekly precentage falls for three S&P/ASX indices

Source: Iress, Equitable Investors

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Impact on ASX small caps from factor shocks - implied by historical performance relative to proxy ETFs

Source: Equitable Investors

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Recent pull-back in US tech EV/EBITDA multiples

Source: Koyfin, Equitable Investors

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US Software sector median EV/Revenue multiple

Source: Altimeter

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Surge in % of S&P 500 companies beating the index

Source: Ned Davis Research via The Kobeissi Letter

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A regime shift with a surge in the percentage of stocks in the S&P/Small Ordinaries Index that outperformed the market cap weighted average return

Source: Koyfin, Equitable Investors

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Dispersion of valuation multiples among US and Australian small caps

Source: Koyfin, Equitable Investors

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US Office CMBS delinquency rate spikes to record 12.3%

Source: Trepp via WOLFSTREET.com

Funds operated by this manager:

Equitable Investors Dragonfly Fund

Disclaimer

Past performance is not a reliable indicator of future performance. Fund returns are quoted net of all fees, expenses and accrued performance fees. Delivery of this report to a recipient should not be relied on as a representation that there has been no change since the preparation date in the affairs or financial condition of the Fund or the Trustee; or that the information contained in this report remains accurate or complete at any time after the preparation date. Equitable Investors Pty Ltd (EI) does not guarantee or make any representation or warranty as to the accuracy or completeness of the information in this report. To the extent permitted by law, EI disclaims all liability that may otherwise arise due to any information in this report being inaccurate or information being omitted. This report does not take into account the particular investment objectives, financial situation and needs of potential investors. Before making a decision to invest in the Fund the recipient should obtain professional advice. This report does not purport to contain all the information that the recipient may require to evaluate a possible investment in the Fund. The recipient should conduct their own independent analysis of the Fund and refer to the current Information Memorandum, which is available from EI.

Magellan Global Equities Quarterly update January 2026

Magellan Investment Partners

January 2026

(Viewing time: 14 mins)

Against a backdrop of elevated market volatility, shifting monetary policy and divergent market dynamics, Portfolio Managers Alan Pullen and Casey McLean share their latest quarterly update on the Magellan Global Equities strategy. They discuss the impact of diverging interest-rate paths, the maturing AI trade and signs of a rotation in global equity markets. They also reflect on company earnings, broader market conditions and where they see opportunities. Looking ahead, Alan and Casey share their outlook and how the portfolio is positioned.

Funds operated by this manager:

Magellan Global Fund (Open Class Units) ASX:MGOC , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Global Fund (Hedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT)

Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation.  This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to a Magellan Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com

Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of a Magellan Investment Partners financial product or service may differ materially from those reflected or contemplated in such forward-looking statements.

This material may include data, research and other information from third party sources. No guarantee is made that such information is accurate, complete or timely and no warranty is given regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material.  Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan Investment Partners or the third party responsible for making those statements (as relevant). Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan Investment Partners will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material.

Any third-party trademarks contained herein are the property of their respective owners and Magellan Investment Partners claims no ownership in, nor any affiliation with, such trademarks.   Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan Investment Partners. (080825-#W17)

How to get the most from Fundmonitors 

Webinar Recording

FundMonitors.com

04 August 2025

To help you get a better understanding of the www.fundmonitors.com database, watch this webinar recording to help you learn to navigate the database and get the most out of its powerful fund analytics. 

The webinar covered the following:

• Accessing the site
• Selecting and comparing funds
• Peer group analysis
• Building and managing a watchlist
• Creating a portfolio
• FACTORS Research

If you like to see just 1 aspect of the webinar feel free to jump to the relevant timestamp:

Expert Analysis of the RBA's February 03 Rate Decision

FundMonitors.com

February 2026

Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management.

The discussion examines the Reserve Bank of Australia's latest rate hike, with both guests arguing the RBA misjudged conditions by cutting rates last year and is now reacting too heavily to short-term data. They highlight the role of policy lags, the strengthening Australian dollar, and bond market signals, warning that further tightening risks overshooting and undermining economic stability.

Magellan Infrastructure Quarterly Update January 2026

Magellan Investment Partners

January 2026

(Viewing time: 15 mins)

Following a strong year for listed infrastructure assets, Co-Heads of Infrastructure and Portfolio Managers Ofer Karliner and Ben McVicar provide an overview of performance drivers and the outlook for the sector. They reflect on companies that performed well during the final quarter of 2025, as well as areas that lagged. They also discuss the key risks and opportunities facing the infrastructure sector in 2026 and outline how the portfolio is positioned to manage these risks while remaining exposed to long-term structural growth themes across global infrastructure.

Funds operated by this manager:

Magellan Global Fund (Open Class Units) ASX:MGOC , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Global Fund (Hedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT)

Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation.  This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to a Magellan Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com

Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of a Magellan Investment Partners financial product or service may differ materially from those reflected or contemplated in such forward-looking statements.

This material may include data, research and other information from third party sources. No guarantee is made that such information is accurate, complete or timely and no warranty is given regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material.  Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan Investment Partners or the third party responsible for making those statements (as relevant). Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan Investment Partners will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material.

Any third-party trademarks contained herein are the property of their respective owners and Magellan Investment Partners claims no ownership in, nor any affiliation with, such trademarks.   Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan Investment Partners. (080825-#W17)

Expert Analysis of the RBA's December 9 Rate Decision

FundMonitors.com

December 2025

Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management.

In this discussion, they share their perspectives on the RBA's recent rate decisions, whether cuts came too early, and how inflation dynamics, subsidies, and employment data are shaping economic expectations. They also explore the likelihood of future rate movements and what investors should watch heading into 2026.

Chris Gosselin speaks with Alan Pullen from Magellan Investment Partners about the philosophy behind the Magellan Global Opportunities Fund. Alan explains how the team focuses on high-quality global businesses, disciplined valuation, and long-term investing-especially important amid today's AI-driven market volatility.

Funds operated by this manager:

Magellan Global Fund (Open Class Units) ASX:MGOC , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Global Fund (Hedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT)

What Really Causes a Market Crash

Marcus Today

October 2025

4-minute read

What could tip the market over? Well, let me ask you this question - what caused the 1987 crash?

Don't know? No, you don't know because there wasn't one specific reason for the 1987 crash.

When the dam cracks, you don't go looking at the first drop that came through the first crack and analyse it to find out why it cracked. Because the reason the dam cracked is that, in the year and a half prior to the 1987 crash, the Australian market went up over 100%.

What cracked the dam and caused the crash was a build-up of pressure over a long period of time, which eventually broke. Analysing the first drop - why it happened - was irrelevant.

We were sitting in Buckmaster & Moore in the UK, and we had one guy on the desk who was a young bloke.

He had a client in the US, and doing a few tickets in those days was meaningful because the commissions were about 1.6%, and they went up if the order was larger. Anyway, this young guy started ripping off red tickets - red ticket, red ticket - writing out another one, couldn't write fast enough.

He was on the direct line to the dealer at one particular institution - red ticket, another red ticket, another order, another order.

By lunchtime, the partners, who sat on the plinth higher than everybody else (such was the hierarchy in those days), took us all out to lunch at the Mithras Bar for pints of Pimm's to celebrate how much business he'd done.

We came back from lunch, and he started writing more red tickets - more and more. The hilarity and joy turned to concern. The partners started ringing up people in the industry to check whether these orders were legitimate.

They rang the bosses of the dealer at the fund manager, and they said, "Yes, it's okay - keep doing the orders. They're legitimate. He's not a rogue trader."

So, the first thing the partners did was start selling their own shares. Then they started ringing their best clients and saying, "This fund manager's selling - you need to start selling, because the market is way up there."

And this big institutional fund manager started to sell.

Before you knew where you were, everybody was trying to get ahead of everybody else selling.

It turned out that these partners had rung other brokers to ask, "Are you, by any chance, getting a particular institution selling a lot of stock?" And they said yes. It turned out that this institution, which was US-based, had sat in its ivory tower in New York and decided it was going to reduce its equity exposures across the world.

That meant, in the UK, it had so many billion pounds of stock to sell. It passed the order to the UK office, and the UK office, in order to get it done, had to go to every broker and give them a whole load of orders - and everything cascaded from there.

That's what starts a sell-off - a big institution, part of the herd, takes the lead and starts selling.

So, what we have to watch out for when the market's up here - and we're not in a bubble at the moment, but we're certainly elevated - is this:

For some reason, and it won't necessarily be logical or obvious (and the guy who writes the morning report in the newspaper won't know, but he'll make something up), someone is going to sit in an asset allocation meeting in New York or Singapore or Sydney and decide that their funds management group, which is running hundreds of billions, is going to start exiting Big Tech or exiting equities.

And before you know it, you're going to see sell orders coming into the market.

The moment the herd - already sensitive to a top - hears that, it'll join in, and the market will cascade.

It may not need a catalyst. There may be no headline that day. It'll just start.

If it hasn't really got a catalyst, it probably won't last long - it'll probably come back pretty quickly. But it can happen when the market's under pressure, as it is now, with this year's performance and the benefit of the doubt still being given to Big Tech earnings.

All the Big Tech stocks are priced for perfection - and many others as well. We're vulnerable to some big fund manager deciding to sell.

And everybody will chase them.

We're doing 200 miles an hour with our hair on fire. Fund managers aren't stupid - they know one of them will change their mind.

Look out for that day.

DISCLAIMER: This content is for general information purposes only and does not constitute personal financial advice. Please consider your own circumstances or seek professional advice before making investment decisions.

Funds operated by this manager:

Marcus Today Equity Income SMA , Marcus Today Growth SMA

Magellan Global Quarterly Update

Magellan Asset Management

October 2025

(Viewing time: 17 mins)

Head of Global Equities Arvid Streimann and Portfolio Manager Casey McLean provide an update on the Magellan Global Fund, reflecting on a quarter dominated by strong equity market performance and heightened investor focus on AI and semiconductor companies.

Funds operated by this manager:

Magellan Global Fund (Open Class Units) ASX:MGOC , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Global Fund (Hedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT)

Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation.  This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to a Magellan Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com

Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of a Magellan Investment Partners financial product or service may differ materially from those reflected or contemplated in such forward-looking statements.

This material may include data, research and other information from third party sources. No guarantee is made that such information is accurate, complete or timely and no warranty is given regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material.  Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan Investment Partners or the third party responsible for making those statements (as relevant). Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan Investment Partners will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material.

Any third-party trademarks contained herein are the property of their respective owners and Magellan Investment Partners claims no ownership in, nor any affiliation with, such trademarks.   Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan Investment Partners. (080825-#W17)

Chris Gosselin, CEO of FundMonitors.com, speaks with Simone Haslinger, Chief Executive Officer at East Coast Capital Management.

Simone shares how clear, sustained trends across commodities, precious metals, and tech equities powered a standout quarter for East Coast Capital, emphasizing the strength of their fully systematic, data-driven strategy that thrives on market momentum and delivers steady, uncorrelated returns.

Funds operated by this manager: ECCM Systematic Trend Fund

Expert analysis on what the RBA will do next Tuesday, November 4

FundMonitors.com

31 October 2025

Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management.

In this insightful discussion, the trio unpack the latest Australian inflation figures for the September quarter and consider what they might mean for interest rates, economic momentum, and investor sentiment heading into 2025. With the Reserve Bank's next move under close scrutiny, the conversation explores the data behind the numbers -- and what could lie ahead for markets and monetary policy.