No events currently listed.
Find a Fund
Peer Group Analysis View All»
| Index Selector Links | 1 Year | 3 Year | 5 Year |
|---|---|---|---|
12.37% |
9.56% |
9.79% |
|
5.42% |
5.40% |
2.74% |
|
-27.12% |
26.57% |
20.29% |
|
21.59% |
13.45% |
6.72% |
|
11.20% |
8.74% |
8.17% |
|
17.13% |
13.60% |
10.73% |
|
9.73% |
10.87% |
5.95% |
|
4.72% |
8.35% |
8.85% |
|
7.28% |
15.79% |
9.86% |
|
13.34% |
11.60% |
7.78% |
|
14.07% |
17.53% |
9.34% |
|
15.62% |
10.60% |
10.65% |
|
9.03% |
8.49% |
6.73% |
|
6.72% |
8.58% |
7.06% |
|
1.06% |
-0.60% |
2.59% |
|
8.39% |
8.74% |
7.87% |
Hedge Clippings
6 Mar 2026 - Hedge Clippings |06 March 2026
|
|
|
|
Hedge Clippings | 06 March 2026
This week we interviewed two small cap managers via Zoom: Dean Fergie from Cyan Investment Management, and Martin Pretty from Equitable Investors, to get their take on the recent reporting season, which in a word, if you hadn't noticed, was volatile. You can view the video here, or from the summary below. Wilsons Advisory noted when only halfway through reporting season that: "Even modest earnings surprises triggered double-digit share-price moves, reflecting stretched valuations, shifting sector leadership, and heightened sensitivity to forward guidance rather than historical results. Several large-cap companies moved sharply on the day of their results, with investors reacting quickly to any deviation from expectations. By the end of the month, as reporting drew to a close, the volatility and market's reactions had only increased, with an overall backdrop of the negative effects of AI - or at least concerns about overly stretched valuations as a result of the euphoria of the past couple of years since Chat GPT and others changed the world as we knew it, along with the ongoing strength of rare earths and precious metals, and the sagging price of Bitcoin and other cryptocurrencies. The consensus - in the true sense of the word as both Dean and Martin were each in agreement on almost all points - was that many companies with "stretched" valuations didn't front up to investors' expectations. On the upside, companies which had possibly been considered boring, or not on the AI wagon, caught the market's attention. The discussion ranged not only from "what's" driving the market, but also the "who" - to what extent are index funds and program trading having an outsized effect, and how much influence are short terms traders seeking a quick killing having? In any event, the ASX 200 total return as a whole rose by 4.11%, taking it to +16.19% for 12 months, (whilst the more volatile Small Ordinaries fell by 2.8%), or the S&P 500 which fell by 0.76% in February, but also rose by 16.99% YoY. From a fund manager's perspective it was either a difficult, or spectacular month, along with plenty in between, based on the ~30% of funds that have reported to date, with returns ranging from -11% through to +11%, further emphasising our point from last week that active management can have an outsized effect on investors returns - provided you choose the right manager, with the right strategy, and at the right time! We originally scheduled the video with Dean and Martin before the US and Israel unleashed their joint air attacks on Iran last Saturday. Since then of course global volatility and uncertainty has also been unleashed, creating a whole different set of uncertainties, and possibly some opportunities for investors and fund managers alike. Uncertainty flowed through to the RBA as well, with Governor Michele Bullock keeping her options open on the chance of a rate rise in less than two weeks time, ahead of the next monthly CPI number due on 25th of March. However, in the current global environment, those two weeks leave an awful lot of variables, and potential outcomes, which could come into play. News | Insights Manager Insights | Cyan Investment Management & Equitable Investors Data demand heats up | Magellan Investment Partners February 2026 Performance News |
|
|
If you'd like to receive Hedge Clippings direct to your inbox each Friday |
5 Mar 2026 - From Record Issuance to Renewed Opportunity: European & Australian ABS in Focus
|
From Record Issuance to Renewed Opportunity: European & Australian ABS in Focus Challenger Investment Management February 2026 (9-minute read) 2025 Wrap-up and 2026 Outlook2025 closed as another strong year for the European and Australian ABS markets despite intermittent macro uncertainty. Investors continued to demonstrate robust demand, supporting spread compression amid record issuance volumes. For 2026, we expect elevated funding needs and stable performance across core collateral types, alongside ongoing innovation in new and esoteric asset classes. Regulatory changes in Europe may further encourage issuance and broaden the investor base. Overall, floating rate securitised assets remain a compelling component of diversified fixed income portfolios, continuing to offer an attractive spread pick up to similarly rated corporates, floating rate protection, and structural resilience. Issuance and Market TechnicalsAs we mentioned in our European and Australian ABS 2025 Q3 update, a strong start to 2025 was halted when broader markets faced uncertainty in early April given President Trump's tariff announcements. The ABS markets recovered relatively quickly and despite continued macro and tariff related uncertainty, demand across the capital structure continued to be strong, leading to spread compression across global ABS markets. Sustained investor demand and relatively attractive funding levels continued to keep the asset class attractive for issuers for both funding as well as for credit risk transfer. So...another record-breaking year for issuance? Indeed, although slightly less dramatic than in 2024. European ABS issuance closed the year just over €95bn and Australia continued momentum with another year of strong issuance for the market at just under €41bn, the second highest year of issuance, and a little short of the record set in 2024 of €46.5, according to JPM research figures. The supply we have seen in Europe and Australia over the last couple of years has led to an outstanding market size of just under €700bn publicly available/distributed bonds excluding CLOs. This underlines ABS as a significant sector within fixed income markets. Similarly, since the GFC, the Australian securitisation market has demonstrated steady, consistent growth, but the recent acceleration signals robust investor appetite combined with increased supply from a growing non-bank issuer base. In addition, JPM research notes that both the European and Australian markets finished the year with not just record issuance but also positive net supply: net distributed European and Australian ABS issuance reach +€19.3bn and +€6.4bn, respectively, for FY 2025. A healthy securitisation market is one where innovation and new asset classes emerge, and 2025 did not disappoint. Europe has continued to see stable issuance from traditional mortgage and consumer collateral sectors but there was also a significant number of new deals and issuers which debuted in the market, giving investors a good source of diversity across platforms and collateral types. In Australia, while RMBS continued to dominate supply last year, non-RMBS issuance has grown significantly with sizeable volumes of auto/equipment issuance over recent years and more non-bank lenders in the consumer and SME space adding greater diversity. Liquidity in the asset class, globally, continued to show resilience, demonstrated by secondary market depth and investor demand even through significant bouts of market volatility such as that seen in April. Some examples of this:
For 2026, we anticipate the need for funding and reinvestment to continue and issuance to remain elevated. If the current environment persists all signs are pointing to the potential for another record year! We expect strong demand for the asset class to persist and increased origination in traditional consumer underlying assets as well as newer types of collateral to support growth in the asset class. Despite potential macroeconomic volatility, the sector's resilience and the stable investor base make it well placed for the sector to continue. Asset PerformanceHeadline fundamentals stayed healthy in 2025 year but were accompanied by a side of tiering - both for consumer as well as levered corporate performance. Capital market volatility, macroeconomic uncertainty and credit stories such as Tricolour emerging in the US kept investors on their toes but structured finance ratings were largely stable through 2025 maintaining a stable to positive ratings drift. Looking forward, the performance outlook for most collateral types is expected to be stable but we remain mindful of macro and interest rate uncertainty for consumer and corporate borrowers. Despite global central bank rates continuing to reduce from their 2024 peaks during 2025, interest rates are persisting in a higher for longer phase compared to pre-Covid levels, particularly as inflation has remained somewhat "sticky" during 2025. Investors should be focused on limiting risks around macro-led shocks to borrowers by analysing collateral through the interest rate cycle, keeping in mind the key issue of affordability for customers and the importance of strong, effective underwriting by issuers. Unemployment indicators continue to drift upwards and remain front of mind for investors looking for read across into consumer credit performance. Esoteric and new asset classes were a key theme in 2025Clearly, securitisation continues to be a key funding tool for traditional consumer and mortgage asset classes, but the past few years have seen exciting developments in new collateral types coming to market. Funding levels in structured finance are attractive for issuers and these new sectors have generally been received well by the market. Additionally, through 2025 we noted a number of new issues in sectors with positive ESG characteristics and considerations. These include solar and heat pump ABS as well as later life mortgages and transactions described as shariah compliant RMBS on the social side. EV auto financing continues to be a growing segment within Auto ABS portfolios. Risks and Opportunities in 2026:Macro and geopolitical risks continue: Writing this just a couple of weeks into 2026, political and geopolitical risks continue to be front-of-mind for market participants. We expect this dynamic to persist this year and for investor sentiment to remain sensitive to developments in geopolitics, global trade policy as well as the path of interest rates in the US and in Europe. Consumer performance: Structural protection in ABS structures mitigate risks In Europe, consumers continue to face structural and cyclical risks, being described as financially resilient but behaviorally cautious. However, expectations for unemployment to remain broadly stable maintains a base for low and stable credit card and ABS arrears performance. We do expect tiering to continue between better quality prime collateral and more non prime lenders who support underserved borrowers. Structural protections afford to investors in securitised structures, help mitigate risk, often with increasing protection over time as transactions or assets de-lever. Housing Market Valuations: Asset prices, in particular housing, in the UK, Australia and Europe remain on a stable or improving trend given the consistent undersupply seen in construction of housing seen across the major RMBS markets together with continued increase in demand. Where there has been some slowing in segments of the market, in the UK for example, with London apartment valuations facing pressure, we note that the Buy to Let RMBS performance remains consistent given stable unemployment and rental streams. Any unforeseen shock to unemployment or regulatory impacts are key to performance but, post GFC affordability regulations and appropriate stress testing of borrowers' together with stability in underwriting gives investors comfort beyond the structural features of RMBS. Amongst and despite the risks above we note some significant opportunities for experienced investors in Global structured finance markets: New and Esoteric Asset Classes: As noted above, we have seen issuance beyond traditional platforms over the last couple of years emerging. The use of securitisation as a funding tool beyond "on the run" platforms is valuable to investors. New issuers to the market, including those establish issuers that diversifying their funding via securitisation, and collateral types in Europe and Australia present opportunities to earn a premium over more traditional platforms and provide diversity to portfolios. That said, we should be cognisant of potential additional risks that may need to be considered relating to new lending types as well as the short historical performance available for some types of collateral which is needed to structure, rate and stress transactions appropriately. European Markets give investors depth, diversity and Liquidity We continue to see opportunities in the European ABS and CLO markets with an overall size of over €600bn now, the market gives investors good relative value where diversity of jurisdictional collateral risk alongside strong historical performance. This is all within the context of a dedicated investor base and proven liquidity in the asset class. Regulation, regulation, regulationRegulation will remain a key consideration in 2026, particularly in Europe, where the European Securitisation legislation aims to reduce barriers to issuance and investment in EU securitisation:
Collectively, these developments should improve funding conditions and make securitisation more attractive to a broader investor base albeit with a fluid timeline. Implications of the motor finance commission rulings for UK Auto ABSThe FCA consultation on motor finance broker commissions is still ongoing, but any impact on ABS has been limited and if the redress scheme is as expected, focussed on discretionary commission arrangements, we expect little to no impact on new and outstanding UK auto asset-backed securities (ABS) transactions as a negligible amount of collateral in outstanding securitised bonds would be affected. Secondary liquidity was more challenged until more clarity was reached. Issuance in UK Auto ABS across bank and non-bank lenders, was €3.6bn in 2024 compared to 2025 where no issuance at all was seen until September, when VW opened the market and priced well with strong demand. As we noted in one of our published articles at the time we expected this to be a positive signal for UK non-bank lenders, giving them confidence in execution. Indeed, Oodle came with a Dowson transaction soon after which was taken well by the market. That said, given lower origination volumes over 2025 for the UK non bank lenders, particularly in the non prime space, funding needs may be more muted in 2026. It is also worth noting, that used car prices fell as supply of cars normalised post covid, residual values have also corrected back down; stabilising for ICE vehicles but falling sharply for EVs, where residual values proved significantly over forecast. Looking forward to 2026:The depth and diversity of the European and Australian markets continue to support the role of global securitised products as a strategic allocation within fixed income portfolio; enabling diversification across jurisdictions, collateral types and issuer profiles while maintaining liquidity. Looking forward, regulatory developments, continued innovation in collateral and an expanding issuer base should reinforce market depth and opportunity, making securitised credit not merely a tactical allocation but a durable, scalable and resilient cornerstone of fixed income portfolios in 2026 and well beyond. 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. |
4 Mar 2026 - Volatility Is Information: Reading the Signals Beneath the Surface
|
Volatility Is Information: Reading the Signals Beneath the Surface JCB Jamieson Coote Bonds February 2026 (3-minute read) The investment outlook this year remains shrouded by uncertainty, accompanied by elevated volatility in expected returns. Markets are searching for direction, and investors are navigating an environment where conviction feels harder earned. Volatility, of course, wears many faces. We can observe it in the lived experience of asset price return variability across securities, sectors and markets. Or we may deduce the anticipated range of returns over the next week, month or quarter from options prices. Either way, the direction, size and interdependencies (correlations) of movements in market pricing at all frequencies can provide important signals for astute investors. Volatility is not simply noise, it is information. Right now, equity prices, cryptocurrencies, and precious metals are relatively more volatile. Yet in contrast, most bond markets remain curiously subdued. Yields remain broadly rangebound, only tentatively challenging the edges of recent ranges, reticent to enter an elusive new regime or steady state. That restraint in bond markets is notable, and perhaps more revealing than the visible turbulence elsewhere. After hiking rates earlier this month, RBA Governor Michelle Bullock stopped short of offering explicit forward guidance, indicating that the Monetary Policy Board is heavily data dependent. This suggests further policy restriction may have limited efficacy in controlling persistently above-band inflation back to the target range. Australian government bond yields decreased markedly in response, and the market is paring back pricing for hikes and beginning to tentatively pre-empt future rate cuts next year. The tone has shifted, from further restriction to a growing debate about how long policy will need to remain restrictive at all. More broadly, attention is turning to the Government for direction ahead of the upcoming Federal Budget. There is growing recognition that boosting labour productivity through innovation, enhanced competition and meaningful structural and tax reform remains the only sustainable path to higher national income and improved living standards for all Australians. Meanwhile, across the Pacific in the U.S., economic activity continues to show surprising resilience. January brought unexpectedly strong employment growth, thanks in part to seasonal factors (despite large historical downward revisions). Price pressures, meanwhile appear to be cooling, although the data remains messy and influenced by lingering U.S. federal government shutdown-related disruptions. The result? Short-dated Treasury yields have drifted to multi-year lows, reflecting cautious optimism among investors. The market has almost priced for three U.S. Federal Reserve rate cuts this year under U.S. Federal Reserve Chair nominee Kevin Warsh, although the upcoming midterm elections loom large over the U.S. macro outlook and the Trump administration's near-term policy priorities. In Europe, inflation appears to be well controlled and the European Central Bank comfortably on hold, but recent geopolitical events have raised existential questions around the protection and advancement of national and regional interests, and defence and security strategy. While this may be the quintessential European moment to rebalance the world order away from U.S. dominance if traditional allegiances like NATO are set to be dissolved, there have been fundamental disagreements between Germany and France around policy priorities to restore competitiveness and how to fund quickly growing defence expenditures. Yields on German government bonds have also dropped materially in recent weeks. In Japan, the Liberal Democratic Party lead by Sanae Takaichi has emerged victorious from lower house elections. Takaichi's expanded mandate and firm command over political and economic power (for instance, Japan's central bank is not independent of government) after her historic win, combined with a sense of renewed optimism across global markets that the realisation of her vision for Japan will not unduly impact interest rates and exchange rates beyond what is already envisaged, has led to a relief rally in Japanese Government Bonds after a tumultuous January. What signal can we draw from the subdued historical measures of volatility across bond yields, especially when viewed against the domestic and global macro backdrop? There are three key takeaways. First, periods of volatility and uncertainty (whether obvious or hidden) can bring significant opportunity to generate attractive returns for those who act thoughtfully. Second, fortune rewards the diligent and there are only downside risks to complacency. And third, and most importantly, diversification, both within and across asset classes and sectors is the primary means with which to dampen the effects of volatility and protect long-term investment outcomes. Volatility may rattle markets, but it also sharpens our focus, driving better portfolio construction and smarter asset allocation decisions. Funds operated by this manager: CC Jamieson Coote Bonds Active Bond Fund (Class A) , CC Jamieson Coote Bonds Dynamic Alpha Fund , CC Jamieson Coote Bonds Global Bond Fund (Class A - Hedged) This information is for professional and wholesale investors only and has been prepared by JamiesonCooteBonds Pty Ltd ACN 165 890 282 AFSL 459018 ('JCB'). Channel Investment Management Limited ACN 163 234 240 AFSL 439007 ('CIML') is the Responsible Entity and issuer of units for the CC JCB Active Bond Fund ARSN 610 435 302, CC JCB Global Bond Fund ARSN 631 235 553 and the CC JCB Dynamic Alpha Fund ARSN 637 628 918 (collectively 'the Funds'). Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 ('Channel') provides investment infrastructure and distribution services for JCB and is the holding company of CIML. |
3 Mar 2026 - Phil Strano: Levered credit back from the dead
|
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. |
|
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 |
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
|
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.
|
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) |
|
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." |
|
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 |
25 Feb 2026 - Performance Report: DAFM Digital Income Fund (Digital Income Class)
[Current Manager Report if available]
26 Feb 2026 - Manager Insights | East Coast Capital Management
|
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.
|
10 Feb 2026 - Magellan Global Equities Quarterly update January 2026
|
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) |
5 Feb 2026 - Expert Analysis of the RBA's February 03 Rate Decision
|
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. |
27 Jan 2026 - Magellan Infrastructure Quarterly Update January 2026
|
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) |
15 Dec 2025 - Expert Analysis of the RBA's December 9 Rate Decision
|
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. |
24 Nov 2025 - Manager Insights | Magellan Investment Partners
|
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
|
What Really Causes a Market Crash Marcus Today October 2025 4-minute read
|
|
What could tip the market over? Well, let me ask you this question - what caused the 1987 crash? Don't know? No, you don't know because there wasn't one specific reason for the 1987 crash. When the dam cracks, you don't go looking at the first drop that came through the first crack and analyse it to find out why it cracked. Because the reason the dam cracked is that, in the year and a half prior to the 1987 crash, the Australian market went up over 100%. What cracked the dam and caused the crash was a build-up of pressure over a long period of time, which eventually broke. Analysing the first drop - why it happened - was irrelevant. We were sitting in Buckmaster & Moore in the UK, and we had one guy on the desk who was a young bloke. He had a client in the US, and doing a few tickets in those days was meaningful because the commissions were about 1.6%, and they went up if the order was larger. Anyway, this young guy started ripping off red tickets - red ticket, red ticket - writing out another one, couldn't write fast enough. He was on the direct line to the dealer at one particular institution - red ticket, another red ticket, another order, another order. By lunchtime, the partners, who sat on the plinth higher than everybody else (such was the hierarchy in those days), took us all out to lunch at the Mithras Bar for pints of Pimm's to celebrate how much business he'd done. We came back from lunch, and he started writing more red tickets - more and more. The hilarity and joy turned to concern. The partners started ringing up people in the industry to check whether these orders were legitimate. They rang the bosses of the dealer at the fund manager, and they said, "Yes, it's okay - keep doing the orders. They're legitimate. He's not a rogue trader." So, the first thing the partners did was start selling their own shares. Then they started ringing their best clients and saying, "This fund manager's selling - you need to start selling, because the market is way up there." And this big institutional fund manager started to sell. Before you knew where you were, everybody was trying to get ahead of everybody else selling. It turned out that these partners had rung other brokers to ask, "Are you, by any chance, getting a particular institution selling a lot of stock?" And they said yes. It turned out that this institution, which was US-based, had sat in its ivory tower in New York and decided it was going to reduce its equity exposures across the world. That meant, in the UK, it had so many billion pounds of stock to sell. It passed the order to the UK office, and the UK office, in order to get it done, had to go to every broker and give them a whole load of orders - and everything cascaded from there. That's what starts a sell-off - a big institution, part of the herd, takes the lead and starts selling. So, what we have to watch out for when the market's up here - and we're not in a bubble at the moment, but we're certainly elevated - is this: For some reason, and it won't necessarily be logical or obvious (and the guy who writes the morning report in the newspaper won't know, but he'll make something up), someone is going to sit in an asset allocation meeting in New York or Singapore or Sydney and decide that their funds management group, which is running hundreds of billions, is going to start exiting Big Tech or exiting equities. And before you know it, you're going to see sell orders coming into the market. The moment the herd - already sensitive to a top - hears that, it'll join in, and the market will cascade. It may not need a catalyst. There may be no headline that day. It'll just start. If it hasn't really got a catalyst, it probably won't last long - it'll probably come back pretty quickly. But it can happen when the market's under pressure, as it is now, with this year's performance and the benefit of the doubt still being given to Big Tech earnings. All the Big Tech stocks are priced for perfection - and many others as well. We're vulnerable to some big fund manager deciding to sell. And everybody will chase them. We're doing 200 miles an hour with our hair on fire. Fund managers aren't stupid - they know one of them will change their mind. Look out for that day. DISCLAIMER: This content is for general information purposes only and does not constitute personal financial advice. Please consider your own circumstances or seek professional advice before making investment decisions. |
|
Funds operated by this manager: |
4 Nov 2025 - Magellan Global Quarterly Update
|
Magellan Global Quarterly Update Magellan Asset Management October 2025 (Viewing time: 17 mins) |
|
Head of Global Equities Arvid Streimann and Portfolio Manager Casey McLean provide an update on the Magellan Global Fund, reflecting on a quarter dominated by strong equity market performance and heightened investor focus on AI and semiconductor companies. |
|
Funds operated by this manager: Magellan Global Fund (Open Class Units) ASX:MGOC , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Global Fund (Hedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT) Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') and has been prepared for general information purposes only and must not be construed as investment advice or as an investment recommendation. This material does not take into account your investment objectives, financial situation or particular needs. This material does not constitute an offer or inducement to engage in an investment activity nor does it form part of any offer documentation, offer or invitation to purchase, sell or subscribe for interests in any type of investment product or service. You should obtain and consider the relevant Product Disclosure Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining professional investment advice tailored to your specific circumstances before making a decision about whether to acquire, or continue to hold, the relevant financial product. A copy of the relevant PDS and TMD relating to a Magellan Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com Past performance is not necessarily indicative of future results and no person guarantees the future performance of any financial product or service, the amount or timing of any return from it, that asset allocations will be met, that it will be able to implement its investment strategy or that its investment objectives will be achieved. This material may contain 'forward-looking statements'. Actual events or results or the actual performance of a Magellan Investment Partners financial product or service may differ materially from those reflected or contemplated in such forward-looking statements. This material may include data, research and other information from third party sources. No guarantee is made that such information is accurate, complete or timely and no warranty is given regarding results obtained from its use. This information is subject to change at any time and no person has any responsibility to update any of the information provided in this material. Statements contained in this material that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Magellan Investment Partners or the third party responsible for making those statements (as relevant). Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Magellan Investment Partners will not be responsible or liable for any losses arising from your use or reliance upon any part of the information contained in this material. Any third-party trademarks contained herein are the property of their respective owners and Magellan Investment Partners claims no ownership in, nor any affiliation with, such trademarks. Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. This material and the information contained within it may not be reproduced, or disclosed, in whole or in part, without the prior written consent of Magellan Investment Partners. (080825-#W17) |
3 Nov 2025 - Manager Insights | East Coast Capital Management
|
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.
|
31 Oct 2025 - Expert analysis on what the RBA will do next Tuesday, November 4
|
Expert analysis on what the RBA will do next Tuesday, November 4 FundMonitors.com 31 October 2025 |
|
Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management. In this insightful discussion, the trio unpack the latest Australian inflation figures for the September quarter and consider what they might mean for interest rates, economic momentum, and investor sentiment heading into 2025. With the Reserve Bank's next move under close scrutiny, the conversation explores the data behind the numbers -- and what could lie ahead for markets and monetary policy. |
Online Applicatons
Free, simple and secure
Olivia123 - the fast simple and secure online alternative to completing paper based application forms.
