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| Index Selector Links | 1 Year | 3 Year | 5 Year |
|---|---|---|---|
12.97% |
9.41% |
9.61% |
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5.40% |
5.35% |
2.68% |
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-27.12% |
26.57% |
20.29% |
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21.59% |
13.45% |
6.72% |
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11.20% |
8.74% |
8.17% |
|
17.23% |
13.64% |
10.75% |
|
9.73% |
10.87% |
5.95% |
|
4.82% |
8.27% |
8.78% |
|
7.34% |
15.76% |
9.78% |
|
13.34% |
11.61% |
7.77% |
|
12.81% |
17.33% |
9.23% |
|
15.62% |
10.60% |
10.65% |
|
9.06% |
8.47% |
6.75% |
|
6.79% |
8.65% |
7.16% |
|
0.98% |
-0.98% |
2.45% |
|
8.40% |
8.74% |
7.88% |
Hedge Clippings
27 Feb 2026 - Hedge Clippings |27 February 2026
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Hedge Clippings | 27 February 2026 Wednesday's January monthly CPI figure, which came in at an annualised 3.8%, unchanged over the previous month, was not the news that either Jim Chalmers or Michelle Bullock would have wanted, nor, for that matter, anyone with a mortgage. Worse still was the trimmed mean result, the RBA's preferred inflationary measure, which edged up to 3.4% from the previous month's result of 3.3%. Amongst the details, but certainly not hiding, was an increase in electricity prices of over 32%, up from 21% in the previous month, and various government subsidies and handouts expired. Chalmers will be hoping that the effects of the RBA's rate rise earlier this month will kick in quickly, although it probably won't come quickly enough for the February number, due out on the 25th of March to have any influence on the RBA when they meet the week before. It's looking decidedly as if inflation of 3-4% is in danger of becoming entrenched, so the decision for Bullock and her board will hinge between biting the bullet and hiking rates again - either in March, and if not then in May - or hoping for the best. Unfortunately, "hope is not a strategy", and history indicates that rate rises seldom occur in isolation. What must now be clear to the RBA, albeit with the benefit of hindsight, is that they moved too soon - or too quickly, or both - when cutting rates three times last year. Moving on... There has been renewed focus recently on the benefits or otherwise of "active" fund management, compared with "passive" management via an index or ETF. The case for passive seems simple on the surface: Why pay "active" fees when the returns of the average fund struggle to exceed the index, or the low fee ETF, which tracks the weighted average return of all companies in the index? The argument becomes more compelling in times of strong equity markets, when the underlying market (and therefore the ETF) is, or has been, providing above long term average returns. For instance, in the Australian small and mid-cap space, the average 12-month return in AFM's Peer Group of 99 funds to the end of January was 13.38%, against the S&P/ASX Small Ordinaries Index of 22.75%, although the result was closer over 3 years at 11.62% and 12.08% respectively, and almost level pegging at 7.77% and 7.48% over 5 years. The data covering large-cap funds vs. the ASX 200 is similar, although returns from the smaller end of the market are significantly higher. The problem or catch is the term "average". Just as the index comprises companies that have performed significantly better (and in some cases many times) or worse than the market average, the same goes for managed funds. In the small mid-cap space, more than 10% of the funds returned over 30% (after fees), with the top 2, Aliwa Alpha, and SGH Emerging Companies, both returning over 50%, or double the index return of 22.75%. Over 3, 5, and 7 years, the same trend is apparent. This applies across all equity peer groups. Manager and fund selection are critical to performance. Equally critical is the consistency of performance, as well as, when it occurs, the length and depth of any negative returns or drawdowns. Taking a single year or term, particularly looking through the rear-view mirror seems simple, and can be misleading and dangerous. For clear analysis of fund performance and risk across all peer groups, log on to FundMonitors.com to compare funds using our quant Star Ranking analysis across any of 16 different peer groups. Choose funds with a consistent rank of five, four, or even three stars across multiple time frames - particularly 5 or 7 years if applicable, to select an above "average" return. News | Insights Manager Insights | East Coast Capital Management 2025 Responsible Investment and Stewardship Report | 4D Infrastructure Property Update | Australian Secure Capital Fund January 2026 Performance News Bennelong Emerging Companies Fund DAFM Digital Income Fund (Digital Income Class) Insync Global Capital Aware Fund |
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If you'd like to receive Hedge Clippings direct to your inbox each Friday |
3 Mar 2026 - Phil Strano: Levered credit back from the dead
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Phil Strano: Levered credit back from the dead Yarra Capital Management February 2026 (8-minute read) In 2025, with credit spreads normalising, and in some segments moving below long-term averages, a number of yield hungry credit investors responded by adding risk to meet investment objectives. These additional risks to sustain portfolio yields of 6%+ varied from increasing credit risk, interest/spread duration and/or leverage. While mostly still at manageable levels, increased debt funding of credit securities is nonetheless a throwback to the heady pre-GFC era where synthetic and physical leverage was more commonplace. Indeed, we are now also hearing of less sustainable practices once again creeping into the credit investment lexicon. From our discussions in the marketplace towards the tail-end of 2025, the use of leverage is principally occurring through the use of repurchase agreements (repo) of eligible collateral up to an eye watering 15-times for AAA rated securities, as well as via placement of senior secured leverage to enhance portfolio yields in both private and public credit portfolios. New levered investment products that have recently entered the market offer a floating rate running yield from a portfolio likely comprised of major bank T2 hybrids (T2s) and investment grade (IG) corporate bonds. Products such as these typically seek to enhance yield by deploying 3-3.5-times leverage. Leverage enhances yields and amplifies performance (both positively and negatively) from changes in spreads and any impairments/defaults. Working off current pricing, an IG portfolio yielding ~5.0-5.5% p.a. with ~3-times leverage moves what is an already enhanced yield into a yield in the 7%+ range (refer Chart 1). Chart 1: YCM estimate: Levered IG portfolio yields
Source: Yarra Capital Management Feb 2026.The use of leverage to enhance returns can work very effectively in environments of stable or contracting credit spreads. It is a double-edged sword, however, with the combination of widening credit spreads and leverage usually resulting in significant drawdowns. For instance, working off an estimated credit spread duration of ~5 years, a widening spread environment would quickly overwhelm underlying yields, with a ~100bp spread expansion on 3-times leverage generating a negative total return in the range of 10-15% from what is an underlying low risk IG credit portfolio (refer Chart 2). Chart 2: YCM estimate: Levered total returns and widening credit spreads
Source: Yarra Capital Management Feb 2026.Given fixed income investors generally have a low tolerance for negative returns over a 12-month period, the use of significant leverage to enhance returns could be somewhat of a dubious exercise, especially when you consider today's starting point. As evidenced by major bank T2s, credit spreads have performed over the last 2-3 years and now sit around their long term averages across most segments of Australian credit and significantly below the previous peak in 2022 (refer Chart 3). Chart 3: Major Bank Tier 2 5-year FRNs (credit spreads and yields)
Source: Yarra Capital Management Feb 2026.At current spread levels, the probability of a +/-100bp move is weighted to the positive and in the current macroeconomic environment is entirely possible over the near to medium term. In such an event, which can occur two to three times each decade, the prospect of equity like drawdowns from levered credit funds should give credit investors pause for thought. Put more simply, credit investors in these levered structures should be thinking hard about whether they are comfortable taking what is effectively equity drawdown risk for a miserly 1-2% in additional yield. We would suggest that this represents incredibly poor compensation for the risk assumed at this point in the cycle. In contrast to levered credit funds, both the Yarra Enhanced and Higher Income Funds are still providing attractive 6-7% yields with precisely zero leverage. Moreover, while it is true that a 100bps widening in credit spreads would lead to value diminution for both these funds, high unlevered yields combined with active management should protect against negative returns over any 12-month period. We do not believe the same can be said of levered credit funds running a similar mix of underlying credit assets. |
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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 , Yarra Emerging Leaders Fund (Direct) |
2 Mar 2026 - Data demand heats up
Data demand heats up (pdf format)
27 Feb 2026 - Performance Report: Equitable Investors Dragonfly Fund
[Current Manager Report if available]
27 Feb 2026 - Performance Report: Insync Global Quality Equity Fund
[Current Manager Report if available]
26 Feb 2026 - Manager Insights | East Coast Capital Management
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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.
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26 Feb 2026 - Performance Report: Insync Global Capital Aware Fund
[Current Manager Report if available]
26 Feb 2026 - How investors can still ride the gold surge
How investors can still ride the gold surgePendal February 2026 (5 minutes read time) |
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GOLD and silver prices have been riding a rollercoaster since the start of the year, but Pendal portfolio manager Brenton Saunders -- who has worked as a geologist -- argues there are still plenty of opportunities in midcap equities exposed to these metals. Total gold demand in 2025, including over-the-counter sales, exceeded 5,000 tonnes for the first time, according to the World Gold Council (WGC). Last year, the safe-haven metal set 53 new all-time price highs which yielded an "unprecedented value" of US$555 billion - a 45 per cent year over year increase, WGC data shows. The reason: heightened investment activity driven by safe-haven and diversification moves that culminated in the second strongest year on record for exchange traded fund-inflows and elevated central bank buying. Although central bank purchases slowed from their recent pace, they hit the upper end of the WGC's forecast, totalling 863 tonnes for the year. Bar and coin buying also reached a 12-year high. This led to the gold price marking its highest annual average at US$3,431 an ounce - a 44% spike year over year. "Central banks have been buying it hand over fist; retail investors have been buying it hand over fist, the dollar has been weakening, and geopolitics have been pretty elevated," explains Saunders, who manages Pendal's MidCap Fund. "If you go back to the late 90s/early 2000s central banks were all selling gold. It was an old asset. Nobody needed it anymore. It was defunct," explains Saunders. "Most of the OECD countries sold most of their gold reserves. The US was probably the only one that didn't. "But now you've seen a very broad-based and especially emerging market purchase of gold. So it's re-legitimised gold in a major way in terms of its role as a reserve asset the world over." Silver, meanwhile, is also a beneficiary of the market ructions, hitting its highest point on record in late January when it rose above US$120 an ounce. An additional key driver of the recent price surge in gold's poorer cousin is the high demand for silver as an industrial metal input for solar panels. "We now use a lot of it, especially in solar panels," says Saunders. "That's probably the biggest industrial use for silver now, but it's always been a second-tier reserve currency investment product that has done the rounds. "So it's move more recently is obviously being helped by the fact that solar manufacturing is still elevated and now we've seen some investment demand come to the fore." But while gold and silver prices have run hard, this hasn't necessarily been reflected in the share prices of gold and silver stocks. 'Scepticism gap'Saunders points to the 'scepticism gap' between the price of the physical metals versus the equities exposed to them. "Because the move in the gold price has been so rapid the market has been highly sceptical of pricing in that scenario because they're constantly questioning what will happen if the gold price comes back. "So the equities, not just gold equities but especially in gold, have been quite reticent to reflect in their share prices the full move in the gold price." However, Saunders argues that the price could drop by US$1,000 and still be at a "bonanza level", meaning gold-exposed companies "could weather quite a big correction in the gold price without much impact to the value of the company's operational considerations". A "bonanza-level" gold price affords operations more flexibility, allowing them to mine areas that historically were not economic to consider. This increases reserves and profitability. "That is the one thing that gives me a bit of comfort, and I think investors ultimately a bit of comfort," says Saunders. "If I look at consensus earnings for gold companies, they're still reflecting a significantly lower gold price than prevails today. "So that should mean if the gold price stays at the current level, we'll continue to see earnings upgrades and that normally underpins share prices. "Those are the things that make me hopeful that it should still be a fairly constructive sector from an investment perspective." |
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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 |
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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 |
25 Feb 2026 - Performance Report: DAFM Digital Income Fund (Digital Income Class)
[Current Manager Report if available]
25 Feb 2026 - The rise of grounded sustainability and why it's here to stay
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The rise of grounded sustainability and why it's here to stay abrdn February 2026 (4-minute read) In the five years since the Glasgow-based COP26, sustainable investment initially surged. Expectations were high, pledges were ambitious, and many believed capital markets could play a decisive role in addressing climate change and broader environmental and social challenges. But more recently, geopolitical shocks, legal scrutiny and market realities have tempered that optimism. In its place, a more durable approach is emerging, which we describe as grounded sustainability. It's a framework for incorporating sustainability factors into investment decisions, where those factors are financially material and aligned with client mandates. It's evidence-led and recognises inherent trade-offs. Importantly, it's clear about the limits of what investors and companies can achieve within the constraints of public policy. Mandates and market realitiesOver the past five years, conflicts, the global energy crisis, and the resurgence of populist politics have created a more fragmented, unpredictable and idiosyncratic environment. For example, coal use rose during the energy crisis, even as renewable deployment consistently exceeded expectations. This highlights the growing regional and thematic divergence. With this complex backdrop, sustainable investment must balance long-term systemic goals with the constraints imposed by mandates, markets and regulation. Ambition alone isn't enough. It must be combined with pragmatism. Importantly, it must also align with clients' financial objectives and constraints, otherwise commitments risk becoming empty promises - or worse, reputational liabilities. Climate law gets real: from global duties to corporate liabilityLegal frameworks are catching up with climate ambition. The International Court of Justice's (ICJ) recent advisory opinion [1] clarifies that states have a legal duty to prevent environmental harm, including to the climate system. It also clarifies that a lack of regulation doesn't absolve other actors - whether companies, asset managers or investors - from managing foreseeable risks. This shifts climate accountability from voluntary action to legal risk. Policy as a catalystThis is where effective policy matters. Recent European initiatives to align climate objectives with industrial competitiveness and energy security reflect growing recognition that markets alone cannot deliver the transition at scale. Together, they signal a shift from fragmented initiatives to coordinated, state-backed action, while offering companies and investors the long-term policy clarity that has been missing. This is why we are calling for greater long-term policy certainty, which retains strategic intent while limiting unnecessary complexity. This is the essence of grounded sustainability: integrating environmental and social factors when they are material to value, and doing so with clarity, discipline, and alignment to mandates. What does this mean for investors?Sustainability concerns need not be sidelined in financially focused mandates. Forward-looking considerations of material environmental and social risks are fully consistent with long-term value creation. What cannot be justified is pursuing sustainability outcomes that are disconnected from financial objectives, unless explicitly agreed with clients. This is the essence of grounded sustainability: integrating environmental and social factors when they are material to value, and doing so with clarity, discipline, and alignment to mandates. Policy is the missing link. Without it, companies struggle to act without breaching fiduciary duties or losing market share. With it, sustainability themes become investable, scalable, and defensible. Looking forwardWe expect that the rise of climate risks - coupled with increasing energy and mineral demands to facilitate technology advances and the energy transition - will mean that sustainability themes will remain at the heart of many geopolitical tensions. This will apply whether they are presented as energy transition, resilience or strategic government objectives (such as economic competitiveness or national security). Overall, we expect the policy landscape to remain uneven, with less support than previously. But where outcomes align with strategic government objectives, policy support will surely follow. Final thoughts...A recalibration is needed to find an equilibrium, where sustainability is seen as a fundamental tool for making better investment decisions, rather than being wrapped up in unrealistic expectations. The sector needs to evolve from idealism to pragmatism, grounded in legal clarity, mandate alignment and financial materiality. Despite the potentially gloomy outlook, we've seen record investment in the energy transition - twice as much as in fossil fuels. So it's not about abandoning sustainability themes. Rather, it's about doing it deliberately and within real-world constraints. |
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Funds operated by this manager: abrdn Sustainable Asian Opportunities Fund , abrdn Emerging Opportunities Fund , abrdn Sustainable International Equities Fund , abrdn Global Corporate Bond Fund (Class A) |
24 Feb 2026 - Performance Report: Bennelong Emerging Companies Fund
[Current Manager Report if available]
26 Feb 2026 - Manager Insights | East Coast Capital Management
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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.
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10 Feb 2026 - Magellan Global Equities Quarterly update January 2026
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Magellan Global Equities Quarterly update January 2026 Magellan Investment Partners January 2026 (Viewing time: 14 mins) |
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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. |
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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) |
9 Feb 2026 - How to get the most from Fundmonitors | Webinar Recording 04 August 2025
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How to get the most from Fundmonitors Webinar Recording FundMonitors.com 04 August 2025 |
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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:
If you like to see just 1 aspect of the webinar feel free to jump to the relevant timestamp: |
5 Feb 2026 - Expert Analysis of the RBA's February 03 Rate Decision
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Expert Analysis of the RBA's February 03 Rate Decision FundMonitors.com February 2026 |
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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. |
27 Jan 2026 - Magellan Infrastructure Quarterly Update January 2026
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Magellan Infrastructure Quarterly Update January 2026 Magellan Investment Partners January 2026 (Viewing time: 15 mins) |
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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. |
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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) |
15 Dec 2025 - Expert Analysis of the RBA's December 9 Rate Decision
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Expert Analysis of the RBA's December 9 Rate Decision FundMonitors.com December 2025 |
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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. |
24 Nov 2025 - Manager Insights | Magellan Investment Partners
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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) |
14 Nov 2025 - What Really Causes a Market Crash
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What Really Causes a Market Crash Marcus Today October 2025 4-minute read
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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. |
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4 Nov 2025 - Magellan Global Quarterly Update
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Magellan Global Quarterly Update Magellan Asset Management October 2025 (Viewing time: 17 mins) |
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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. |
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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) |
3 Nov 2025 - Manager Insights | East Coast Capital Management
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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.
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