AI, Inflation and a record IPO: Decoding the ASX reporting season

Magellan Investment Partners

September  2026

(Listening time: 30 mins)

What did the latest reporting season reveal about the state of the Australian share market, and could the ASX's potentially biggest IPO in decades, Firmus Technologies, reshape the picture?

In this episode of In The Know, Magellan's Head of Distribution, Mark Burgess, is joined by Ray David, Portfolio Manager, and David Meehan, Investment Analyst, from Airlie Funds Management to unpack the results and the forces shaping the ASX.

They breakdown why Airlie remains cautious on the banks, the companies that stood out for the right, and wrong reasons, and where market reactions may be creating opportunities for long-term investors. They also explore the impact of the global AI capital cycle, persistent inflation and higher interest rates, and whether the shifts seen this reporting season represent something more enduring than short-term market noise.

Funds operated by this manager:

Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , 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)

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The AI data centre backlash: can the boom survive contact with local politics?

abrdn

September 2026

(49-minute listen)

Funds operated by this manager:

abrdn Sustainable Asian Opportunities Fund , abrdn Emerging Markets Equity Fund , abrdn Sustainable International Equities Fund , abrdn Global Corporate Bond Fund (Class A)

Below are some of the funds we've recently added to our database. Follow the links to view each fund's profile, where you'll have access to their offer documents, monthly reports, historical returns, performance analytics, rankings, research, platform availability, and news & insights. 

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Want to see more funds?

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A Tale of Two UN Speeches

FundMonitors.com

September 2026

(4-minute read)

If you wanted an illustration of two very different views of how the world should work, you could do worse than compare Donald Trump's address to the United Nations this week with Anthony Albanese's a few days later.

Trump spoke for around twice as long as Albanese -- roughly 38 minutes against 19 -- although anyone familiar with either man's speaking style probably won't be terribly surprised by that.

But it wasn't just the length that was different. The underlying messages were almost mirror images of each other.

Trump's was essentially America first, sovereignty first, and international institutions a distant third. Albanese's was much more traditional Australian diplomacy: the rules-based international order matters, multilateral institutions matter, and middle powers such as Australia need both of them.

In fairness, there is a perfectly logical reason for the difference.

The United States is the world's largest economy and possesses the most powerful military. Australia, for all its advantages, is a nation of 28 million people sitting a long way from most of its traditional allies. When the schoolyard gets rough, the biggest kid and the medium-sized kid understandably have rather different opinions about the importance of playground rules.

Trump: power talks

Trump's speech was dominated by national sovereignty, American strength and the proposition that diplomacy works rather better when backed by economic and military power.

Iran featured prominently, as did Ukraine and the wider Middle East. His message was characteristically uncomplicated: America would negotiate where negotiation worked, apply economic pressure where necessary, and retain the option of military force.

He was equally forthright about the United Nations and other international institutions. Trump's longstanding suspicion is that too many international bodies have accumulated bureaucracy, expense and influence without producing results commensurate with any of the three.

His answer is less multilateralism, not more.

And then there was climate change.

Trump remains fundamentally opposed to much of the international climate agenda and the economic costs he believes it imposes. Albanese, by contrast, put climate change -- particularly its implications for Australia's Pacific neighbours -- firmly among the challenges requiring greater international cooperation.

You would struggle to find two more different approaches.

Albo: rules matter

Albanese approached the same podium from almost the opposite direction.

His argument was that the international system is under considerable strain, but the solution is to strengthen and reform it rather than abandon it.

That position makes strategic sense for Australia irrespective of domestic politics.

International rules are generally rather more valuable to countries that aren't superpowers. If the alternative is simply that might is right, Australia has considerably more to lose than the United States, China or Russia.

There was another reason for Albanese to emphasise the virtues of the UN: Australia wants a non-permanent seat on the Security Council for 2029-30. His New York visit was therefore as much a job interview as a philosophical defence of multilateralism.

Nothing wrong with that. Diplomacy, like politics, is partly about counting the votes.

And then there's AI

Possibly the most interesting difference between the two speeches -- particularly from an investment perspective -- concerned artificial intelligence.

Trump views AI primarily through the prism of technological and strategic competition, particularly with China. His instinct is to resist international regulation that might constrain American companies or slow innovation.

Albanese took a markedly different approach, arguing that governments need to cooperate on safeguards and standards so that humans remain in control of the technology rather than the other way around.

Again, both positions contain a legitimate economic dilemma.

Regulate too aggressively and you risk stifling innovation, investment and productivity. Regulate too little and governments may discover that by the time they understand the consequences of the technology, the horse hasn't merely bolted -- it has designed a faster horse, bought the stable and automated the bloke who used to close the gate.

Two speeches, two worlds

The temptation is to view the speeches simply through the prism of Trump versus Albanese, or Republican versus Labor.

The more interesting interpretation is that they reflect the countries they represent.

Trump believes the United States has spent too much money supporting an international system while allowing other countries to take advantage of American markets, defence spending and security guarantees.

Albanese believes Australia benefits enormously from that same system and therefore has a strong interest in preserving it.

In a sense, they can both be right about their respective national interests, even while reaching very different conclusions about what should happen next.

For investors, however, the important point is not who delivered the better UN speech.

It is what the speeches tell us about the environment in which we're investing.

The post-war consensus around free trade, globalisation, multilateral institutions and increasingly integrated economies is being challenged. Defence spending is rising. Trade barriers are back. Energy security has become as important as energy transition. AI is developing faster than governments can decide how to regulate it. And geopolitical risk is no longer something investors can safely relegate to the final paragraph of an investment committee paper.

Trump's answer is essentially strength, sovereignty and fewer constraints.

Albanese's is rules, cooperation and stronger international institutions.

Whether either approach produces the desired result remains to be seen.

But after listening to almost an hour of speeches between them, one thing seems reasonably certain.

The world is becoming a considerably more complicated place in which to invest.

And unfortunately, unlike the delegates at the UN, investors don't have the option of walking out.

Australian Secure Capital Fund - Property Update

Australian Secure Capital Fund

September 2026

The Australian property value decline continued in August with a -0.9% monthly fall. This is the fifth consecutive monthly decline, with values now falling 3.6% below the market peak recorded in March.

Sydney (-1.4%) and Melbourne (-1.1%) are still setting the pace in this regard, posting their seventh consecutive monthly declines.

However, the mid-sized capitals have all joined the slide now too, with Brisbane (-1.0%), Adelaide (-0.8%), Perth (-0.8%), Canberra (-1.1%), and Hobart (-0.2%) all posting monthly declines. Darwin (+0.6%) was the lone outlier that posted a monthly increase in values in August.

Largely, this is a reflection of declining buyer demand, with Cotality's quarterly home sales estimate tracking 15.5% lower than at the same time last year. Similarly, capital city listings were 24% higher than a year ago in the four weeks to August 30.

Funds operated by this manager:

ASCF Select Income Fund , ASCF High Yield Fund , ASCF Premium Capital Fund , ASCF Private Fund (Wholesale)

AI, Inflation and a record IPO: Decoding the ASX reporting season

Magellan Investment Partners

September  2026

(Listening time: 30 mins)

What did the latest reporting season reveal about the state of the Australian share market, and could the ASX's potentially biggest IPO in decades, Firmus Technologies, reshape the picture?

In this episode of In The Know, Magellan's Head of Distribution, Mark Burgess, is joined by Ray David, Portfolio Manager, and David Meehan, Investment Analyst, from Airlie Funds Management to unpack the results and the forces shaping the ASX.

They breakdown why Airlie remains cautious on the banks, the companies that stood out for the right, and wrong reasons, and where market reactions may be creating opportunities for long-term investors. They also explore the impact of the global AI capital cycle, persistent inflation and higher interest rates, and whether the shifts seen this reporting season represent something more enduring than short-term market noise.

Funds operated by this manager:

Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , 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)

The AI data centre backlash: can the boom survive contact with local politics?

abrdn

September 2026

(49-minute listen)

Funds operated by this manager:

abrdn Sustainable Asian Opportunities Fund , abrdn Emerging Markets Equity Fund , abrdn Sustainable International Equities Fund , abrdn Global Corporate Bond Fund (Class A)

What the headlines are missing on private credit

Magellan Investment Partners

August 2026

(Viewing time: 30 mins)

Asset-backed credit is a well-established part of Australia's lending market, but it operates quite differently from corporate and real estate private credit that has attracted much of the recent attention.

In this episode of In The Know, Simon Brinsmead from Barrenjoey is joined by Eric Williamson, Head of Private Credit Investments and Eva Zileli, Senior Fund Manager, Credit, from Barrenjoey Private Capital.

They explain how asset-backed lending works, the residential mortgages and other financial assets underpinning these investments, and the layers of protection built into securitisation structures. They also examine Australia's non-bank lending sector, how they assess credit quality and risk, and the role asset-backed credit can play within a diversified portfolio.

Funds operated by this manager:

Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , 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 Dean Fergie, Director & Portfolio Manager at Cyan Investment Management. They discuss renewed momentum in Australian small caps, key themes emerging from reporting season, and where investors are finding attractive growth opportunities across the sector.

Expert Analysis of  Australia's July CPI Result

FundMonitors.com

August 2026

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

They discuss the latest CPI result, persistent inflation pressures, and why Chaplin believes the RBA may need to take more decisive action on interest rates. The conversation also explores unemployment, government spending, and the challenges facing monetary policy.

Chris Gosselin, CEO of FundMonitors.com, speaks with David Hallifax, Head of Australia & NZ Private Wealth Distribution at Coller Capital.

They discuss how private-market secondaries provide liquidity, diversification and access to established private equity and credit assets, as well as how Coller Capital's Australian strategy is structured for private wealth investors.

Chris Gosselin, CEO of Fundmonitors.com, speaks with Jarrad Stuart, MD & Portfolio Manager at Sharpbridge Funds Management.

They discuss Sharpbridge's concentrated global equities strategy, its focus on individual stock selection, risk management, and the combination of quantitative screening and qualitative analysis used to select, size, and exit portfolio positions.

Expert Analysis of the RBA's June 16 Rate Decision

FundMonitors.com

August 2026

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

They discuss the RBA's decision to hold interest rates steady, persistent inflation pressures, the effectiveness of monetary policy, and whether Australia's 2-3% inflation target remains realistic, while also considering government spending, unemployment and the emerging impact of AI on the labour market.

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

They discuss the fund's strong performance, the market trends that drove returns, and how systematic trend following can reduce behavioural bias while providing diversified exposure across global futures markets.

Funds operated by this manager: ECCM Systematic Trend Fund

Chris Gosselin, CEO of FundMonitors.com, spoke with Jonathan Weinstock, Founder and Managing Director at FarmCap.

They discussed FarmCap's private lending to Australian farmers, its conservative farmland-backed approach, and its focus on short-term funding. Jonathan also explained how the fund supported purchases, refinancing and working-capital needs while targeting strong investor returns.

Funds operated by this manager: FarmCap Private Credit Agricultural Mortgage Fund