Unravelling the forces driving corporate credit's resilience

Janus Henderson Investors

March 2026

(8-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 Janus Henderson is not under any obligation to update this information to the extent that it is or becomes out of date or incorrect.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.

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Software risk or renaissance?

Magellan Investment Partners

February 2026

(5-minute read)

Artificial intelligence (AI) is driving a structural shift across the technology landscape. This transition has sparked recent fear regarding the long-term viability of traditional software vendors and their established business models. Much of this fear stems from the perceived disruptive threat of AI challengers and the falling cost of software development.

In our view, AI brings both risk and opportunity to software. It is a mistake to view the sector as a monolith. Software is as diverse as the applications and industry verticals it serves. Consequently, the impact of AI will vary significantly across the spectrum of vendors. When the market penalises the sector as if it were a homogeneous entity, it creates some opportunity to identify mispriced assets. We believe a number of enterprise software incumbents remain among the most attractive investment opportunities today.

What exactly are the concerns? We break these down to four distinct areas.

1. Lower cost of software development, enabling customers to rapidly build bespoke internal tools to replace incumbent solutions.
2. Accelerated competition from new software entrants who can exploit the same lower cost of development to come to market quickly.
3. Displacement of traditional software by AI-native applications that change how work is done.
4. Lower workforce headcount resulting from higher AI-driven productivity or professional displacement, affecting seat-based pricing models.

All of these concerns are both valid and, to some degree, observably taking place. The risk-weighted impact, however, depends on the software category and the software vendor being considered.

• First, while AI does unlock productivity gains in coding, enterprise software is more than just packaged binaries. For example, a software customer may be acquiring embedded domain knowledge and industry best practice (such as in supply chain software) or technical specialisation and depth (such as electronic design automation). In-house development is not a one-and-done. A software customer is contracting with a proven vendor who provides continuous development, security and compliance, and service guarantees. It offloads complexity and development risk for the customers, who can then focus on core competencies while benefiting from the vendor's future product innovation.

• Second, there are categories of software that have always been difficult to displace even in the face of competing options. Attributes contributing to this include systems of record, operational embedment, network effects or where outcomes must be deterministic and the cost of error is high. Enterprise Resource Planning (ERP) software is a category that ticks these boxes. Having access to AI alone does not change the long-standing reality that new entrants must contend with these barriers. Software risk or renaissance? 

• Third, AI is an openly accessible capability rather than the exclusive domain of new entrants. Incumbent vendors can find themselves better positioned to integrate AI into their existing suite and leverage its benefits for customers in a way that outside vendors would struggle to replicate. For the customer, adopting integrated AI features can be more effective and cost-efficient than stitching together disparate tools or risking a move to an unproven new platform. 
   
• Finally, there is material uncertainty regarding AI's future impact on the labour force. While workforce contraction in isolation could be a headwind for software vendors using seat-based pricing, those that can unlock higher productivity will capture their share of the value generated, regardless of the specific pricing mechanism. We are already seeing this take place with consumption models or new pricing tiers, such as the newly introduced Microsoft 365 E7 suite, which offers expanded agentic capabilities and is priced at a premium of over 70% to the preceding E5 tier. 

AI is a transformative development, and we expect further emergence of compelling new applications that could change how people work. Because the software sector is so diverse, what this means for any given vendor depends on their specific circumstances. For some software names, AI will be disruptive and a risk to their business models. For the highest-quality software vendors like SAP, Microsoft and Intuit, AI is likely to bring a 'renaissance' of opportunity.

Adrian Lu, Senior Investment Analyst

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)

Becoming wary of software

Challenger Investment Management

March 2026

(9-minute read)

Challenger IM Credit Income Fund , Challenger IM Multi-Sector Private Lending Fund

For Adviser & Investors Only

Disclaimer:

This material has been prepared by Challenger Investment Partners Limited (Challenger Investment Management or Challenger), ABN 29 092 382 842, AFSL 329 828.

This document does not relate to any financial or investment product or service and does not constitute or form part of any offer to sell, or any solicitation of any offer to subscribe or interests and the information provided is intended to be general in nature only. This should not form the basis of, or be relied upon for the purpose of, any investment decision. This document is not available to retail investors as defined under local laws.

This document has been prepared without taking into account any person's objectives, financial situation or needs. Any person receiving the information in this document should consider the appropriateness of the information, in light of their own objectives, financial situation or needs before acting.

This document is provided to you on the basis that it should not be relied upon for any purpose other than information and discussion. The document has not been independently verified. No reliance may be placed for any purpose on the document or its accuracy, fairness, correctness, or completeness. Neither Challenger Investment Management nor any of its related bodies corporates, associates and employees shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the document or otherwise in connection with the presentation.

Emerging Markets: How AI concerns are impacting India

Pendal

March 2026

(5 minutes read time)

Fears that rapid advances in artificial intelligence could slow global IT spending have weakened investor confidence in Indian software stocks. Pendal's Global Emerging Markets Opportunities team investigates the implications for India's growth and current account balance.

THE explosion in capability of AI models in recent months has led some equity market participants to become more cautious about the outlook for various service sector industries, leading to selloffs in sectors from software to financial planning.

As investors who approach the asset-class primarily through top-down, country-level developments, the GEMO team has been thinking about what this might mean for India.

India is one of a group of emerging markets that tend to run current account deficits.

"These are countries that have significant latent domestic demand but where, for various historical, geographical or institutional reasons, domestic production falls short. These markets tend to have higher beta to global liquidity and risk appetite," says James Syme, senior fund manager, JOHCM.

"Most pertinently for India, the growth cycles of these countries tend to be constrained by inflation and external deficits, with both vulnerabilities reflecting demand running too far ahead of supply."

Since the end of 2010, India's current account deficit has averaged 1.7 per cent of GDP, although the maximum deficit was 5.1 per cent of GDP.

The structure of the current account balance has developed through time, and changed with India's economic cycle, but some components remain structurally important.

In 2025, India ran a deficit in non-oil goods of US$189 billion (4.9 per cent of GDP). Net oil imports were US$122 billion (3.2 per cent of GDP).

The resultant trade deficit of US$311 billion (8 per cent of GDP) was substantially offset by a net positive services balance of US$210 billion (5.4 per cent of GDP).

Notably, the surplus in IT services was US$227 billion (5.9 per cent of GDP). India also ran a positive income balance of US$85 billion (2.2 per cent of GDP), for an overall current account deficit of US$17 billion (0.4 per cent of GDP).

Syme says this relationship between IT service exports and oil imports is key for India's economy, and the two have grown together.

In fiscal year 2019, net IT service exports were US$85 billion, and oil imports were US$93.9 billion.

"The varying cycles in global IT service spending and the oil price are key for the health of the Indian economy," explains Syme.

At a time of higher oil prices, what does the downturn in sentiment towards software and IT service stocks mean for India?

In the first two months of 2026, the MSCI India IT Index has fallen over 20 per cent in USD terms.

"This is concerning, because the aggregate revenue of India's listed IT companies has a high correlation with the economy's IT service exports," says Syme.

If the negative outcome that stocks are pricing in comes to pass, particularly with higher oil prices, India's growth may be constrained by the current account balance.

"However, it is important to note that the 12-month forward consensus estimates for both the revenues and profits of the constituents of MSCI India IT Index have increased by 3.4 per cent year to date," notes Syme.

"This steady growth in the fundamental outlook for these companies suggests both opportunity in the sector, where we remain overweight, and ongoing support for the Indian economic growth story, although we remain underweight the country on valuation grounds.

"We do not feel that share price moves alone constitute a macro-level signal for India at this time."

Funds operated by this manager:

Pendal MicroCap Opportunities Fund , Pendal Global Select Fund - Class R , Pendal Sustainable Australian Fixed Interest Fund - Class R , Pendal Focus Australian Share Fund , Pendal Horizon Sustainable Australian Share Fund , Regnan Credit Impact Trust Fund , Pendal Sustainable Australian Share Fund , Pendal Sustainable Balanced Fund - Class R , Pendal Multi-Asset Target Return Fund

 This information has been prepared by Pendal Fund Services Limited (PFSL) ABN 13 161 249 332, AFSL No 431426 and is current as at December 8, 2021. PFSL is the responsible entity and issuer of units in the Pendal Multi-Asset Target Return Fund (Fund) ARSN: 623 987 968. A product disclosure statement (PDS) is available for the Fund and can be obtained by calling 1300 346 821 or visiting www.pendalgroup.com. The Target Market Determination (TMD) for the Fund is available at www.pendalgroup.com/ddo. You should obtain and consider the PDS and the TMD before deciding whether to acquire, continue to hold or dispose of units in the Fund. An investment in the Fund or any of the funds referred to in this web page is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. This information is for general purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It has been prepared without taking into account any recipient's personal objectives, financial situation or needs. Because of this, recipients should, before acting on this information, consider its appropriateness having regard to their individual objectives, financial situation and needs. This information is not to be regarded as a securities recommendation. The information may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information is complete and correct, to the maximum extent permitted by law neither PFSL nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. Any projections are predictive only and should not be relied upon when making an investment decision or recommendation. Whilst we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com

Expert Analysis of the RBA's March 17 Rate Decision

FundMonitors.com

March 2026

Chris Gosselin, CEO of FundMonitors.com, spoke with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management, about the RBA's decision to raise interest rates by 0.25% in March. Both described the move as premature, noting the narrow 5-4 board vote reflected significant internal disagreement. They argued that last month's rate rise had yet to flow through to the economy, and that the board was relying on last year's inflation numbers prior to the release of the February figure due next week. In a nutshell, the decision to raise rates in March, rather than wait 6 weeks until the meeting scheduled for May 4th and 5th, was premature. The discussion also considered the role of rising oil prices and geopolitical developments, with both suggesting the RBA may have acted too quickly given the uncertain economic outlook.

Chris Gosselin, CEO of FundMonitors.com, speaks with George Bory, Chief Investment Strategist at Allspring Global Investments. 

They discussed Allspring's public-markets fixed-income approach, focusing on risk-aware portfolio management, steady income above inflation, and global diversification, before turning to how geopolitical tensions, oil prices, inflation, and US politics may shape bond markets and investment positioning.

Key topics by timestamp:

• 0:07 - 5:13 Allspring's fixed income strategy, risk-aware bond investing, and global public markets approach

• 5:19 - 9:30 Iran conflict, oil prices, inflation risks, and central bank implications

• 9:32 - 16:20 US politics, energy prices, and the outlook for bond markets and portfolio positioning

Chris Gosselin, CEO of FundMonitors.com, spoke with Dean Fergie, Director & Portfolio Manager at Cyan Investment Management and Martin Pretty, Director at Equitable Investors.

They discussed the sharp market volatility during the latest reporting season, driven by elevated expectations around AI, shifting investor sentiment, and significant valuation resets across industrial stocks. The conversation also explored how changing money flows, speculation, and indexing influenced portfolio management and highlighted the importance of diversification in an increasingly volatile investment environment.

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:

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

They discuss ECCM's systematic global trend-following strategy, recent strong performance driven by broad trends across commodities, currencies, and equity markets, and how disciplined risk management supports consistent results. The interview also highlights the importance of diversification and the role trend-following strategies can play in strengthening portfolios amid changing market conditions.

Funds operated by this manager: ECCM Systematic Trend Fund

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)

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)