Join L1 Capital International's CIO, David Steinthal, for an update on the investment environment, positioning of the L1 Capital International Fund (Managed Fund) and key takeaways from the recent results season.
The RBA has (not surprisingly) kept a very low profile for the last few weeks, not wanting to give any hint as to their thinking prior to the monetary policy announcement due at 2:30 next Tuesday.
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14 Feb 2025 - Hedge Clippings | 14 February 2025
By: FundMonitors.com
Hedge Clippings | 14 February 2025
The RBA has (not surprisingly) kept a very low profile for the last few weeks, not wanting to give any hint as to their thinking prior to the monetary policy announcement due at 2:30 next Tuesday.
Not so every other politician, economist, or market observer, with the Treasurer leading the charge, extolling the government's track record, and putting pressure on Governor Michele Bullock and her colleagues, while also trying to claim that he's not doing just that.
The market, and most economists, are pretty well convinced that the RBA will start the ball rolling next week (although they're by no means unanimous), citing the latest CPI result of 2.4%, well within the RBA's target range.
Those going against the flow note that the RBA prefers the trimmed mean CPI number of 3.2%, which of course excludes electricity, which without generous government rebates both Federal and State, would have risen 0.2% in the December quarter, rather than falling 9.9%, and 25.2% over the year. While voters might be fooled, the RBA well understands that these are temporary handouts and don't want to jump the gun too soon.
Also on the negative side is the noise coming out of the US Federal Reserve, with US inflation rising more than market expectations, up 3.3% excluding volatile food and energy prices, leading to doubts about further cuts in the US. Added to Jerome Powell's concerns will be the inflationary effects of Trump's policies, whether it be widespread tariffs, or the mass deportation of low cost illegal immigrants driving up labour prices.
Although Trump's policies are unlikely to have an inflationary effect in Australia - although they could arguably prove deflationary depending on how the Tariff Wars all play out - the RBA is likely to be keeping a careful watch on the global knock-on effects of the Donald Show, Series II.
Whatever the outcome, Tuesday's decision will be hailed by one side of politics or the other as vindication of either their policy, or opposition thereto.
By chance, this week we were reminded of the late, great Robin Williams, who in his 2006 film "Man of the Year", said "Remember this ladies and gentlemen: It's an old phrase, basically anonymous, politicians are a lot like nappies, they should be changed frequently, and for the same reasons. Keep that in mind the next time you vote."
17 Feb 2025Performance Report: Argonaut Natural Resources...FundMonitors.com
The Argonaut Natural Resources Fund rose by +5.7% in January, outperforming the S&P/ASX 300 Resources TR benchmark by +2.23%. Since inception in...
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17 Feb 2025 - Performance Report: Argonaut Natural Resources Fund
By: FundMonitors.com
[Current Manager Report if available]
17 Feb 2025Starting Points MatterAirlie Funds Management
Emma Fisher learned a valuable lesson in July 2022, the last year the S&P/ASX 200 index posted a negative return, that starting points matter.
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17 Feb 2025 - Starting Points Matter
By: Airlie Funds Management
Starting Points Matter
Airlie Funds Management
January 2025
Understanding the three components of shareholder returns.
I learned a valuable lesson in July 2022, the last year the S&P/ASX 200 index posted a negative return, that starting points matter. I had gone on leave to have my second child in December 2021 as markets were making all-time highs, the cash rate was on the floor (and the RBA was promising to keep it there for years) and a raft of IPOs were hitting the ASX.
When I returned six months later, it was like returning to a different planet: the S&P/ASX 200 had fallen 12%, the Fed and the RBA were aggressively raising rates, and what was most notable to me was the absolute consensus bearishness that had taken hold. Things were bad, and they were only going to get worse. This bearish view had become so dominant that we actually chose the title 'Beware the Dominant Narrative' for our national roadshow that year, suggesting the fundamentals facing most Australian companies weren't actually that terrible.
If we take that starting point of July 2022, the S&P/ASX 200 has gone on to return 38% inclusive of dividends, an impressive return over two-and-a-half years. What is interesting about this strong return is that, in my view, it was a function of the starting point. In any year, your total shareholder return as an investor is driven by three components: earnings growth (how much did earnings per share change by?), dividends, and the change in the price/ earnings (P/E) multiple. It is this last component I find the most interesting: how much are investors willing to pay, on average, for a particular earnings stream?
If we look at these three components at an index level, as in the chart above, the P/E multiple is the best guide we have to the 'psychology' of the market: when market participants feel bearish, as they did in CY22, the market P/E contracts. Despite delivering 18% earnings growth, the S&P/ASX 200 return was flat because of this sizeable de-rate. When market participants feel things are improving, the P/E expands. As you can see in the chart above, the bulk of the 38% index return generated in the last two-and-a-half years has come from the P/E re-rating rather than earnings growth. In fact, over the last two years, earnings have declined 11%, while the P/E has re-rated by 27%.
Whether or not this is sustainable is anyone's guess, albeit I would speculate that actual earnings growth is going to be needed for further returns from here. If we do get a rate cut or two in 2025, such earnings growth should be achievable, although it is interesting that our market has rerated over 2024 in line with the US, which enjoyed 100bp of rate cuts over the year, despite the lack of falling interest rates in our own economy.
So now we have a new starting point, 1 January 2025, and it's a very different one. The average P/E multiple of the S&P/ASX 200 has re-rated from 12.7x in July 2022 to 17.7x today. In particular, the re-rating in the Big Four banks, which collectively drove almost 40% of the return of the ASX over the last two years, has rendered the 24% of the S&P/ASX 200 index, which they represent as overvalued, in our view, considering their anaemic profit growth outlook. Does this mean it's a bad time to invest? Not necessarily. We are big believers in the age-old saying, "It's time in the market, not timing the market" that drives long-term wealth creation in investing in equities. That said, we are tilting the portfolio towards businesses where the starting point reflects depressed, rather than elevated, expectations.
A number of these investments are positions we established in 2024: BlueScope, IDP Education, IGO, The Lottery Corporation - all businesses where expectations are muted. Others are positions we've added to as share prices have fallen: Ampol on weak refining margins and production issues, BHP as Chinese stimulus disappoints, CSL as the Vifor acquisition has fallen short of expectations. What these businesses have in common are strong balance sheets and good management teams, as well as the ability to generate good returns through the cycle. In an expensive market, we believe positioning the portfolio towards businesses with strong financial characteristics and somewhat "beaten up" valuations should prove a good starting point for decent long-term returns.
By Emma Fisher, Deputy Head of Australian Equities & Portfolio Manager
This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Airlie Funds Management ('Airlie') 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 an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au.
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 an Airlie 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. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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 Airlie. 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. Airlie 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 Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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 Airlie.
14 Feb 2025Performance Report: Cyan C3G FundFundMonitors.com
The Cyan C3G Fund rose by +1.22% in January. Over the past 12 months, the fund has risen by +16.68%, an outperformance of +4.35%, compared with the...
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14 Feb 2025 - Performance Report: Cyan C3G Fund
By: FundMonitors.com
[Current Manager Report if available]
14 Feb 2025Performance Report: Airlie Australian Share FundFundMonitors.com
The Airlie Australian Share Fund rose by +4.68% in January, outperforming the ASX 200 Total Return benchmark by +0.11%. Since inception in June 2018,...
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14 Feb 2025 - Performance Report: Airlie Australian Share Fund
By: FundMonitors.com
[Current Manager Report if available]
14 Feb 2025Performance Report: Glenmore Australian Equities...FundMonitors.com
The Glenmore Australian Equities Fund rose by +3.38% in January. Since inception in June 2017, the fund has returned +19.64% per annum,...
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14 Feb 2025 - Performance Report: Glenmore Australian Equities Fund
By: FundMonitors.com
[Current Manager Report if available]
14 Feb 2025AI Shake-Up: DeepSeek's Shocking Impact on Nvidia...Marcus Today
More downloads than ChatGPT, Nvidia down 17%, and big questions about the future of AI. But was this just a market overreaction or a real turning...
Read more
14 Feb 2025 - AI Shake-Up: DeepSeek's Shocking Impact on Nvidia & Big Tech
By: Marcus Today
AI Shake-Up: DeepSeek's Shocking Impact on Nvidia & Big Tech
Marcus Today
January 2025
More downloads than ChatGPT, Nvidia down 17%, and big questions about the future of AI. But was this just a market overreaction or a real turning point? Meanwhile, the Fed, inflation, and another week of Trump's 'Revolution of Common Sense' continue shaping global markets. From AI disruption to tariffs, rate cuts, and shifting investor sentiment--where does it all lead? Markets react, but the bigger picture is still unfolding.
13 Feb 2025Performance Report: Bennelong Emerging Companies...FundMonitors.com
The Bennelong Emerging Companies Fund rose by +5.68% in January, outperforming the ASX 200 Total Return benchmark by +1.11%. Since inception in...
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13 Feb 2025 - Performance Report: Bennelong Emerging Companies Fund
By: FundMonitors.com
[Current Manager Report if available]
13 Feb 2025Performance Report: Skerryvore Global Emerging...FundMonitors.com
The Skerryvore Global Emerging Markets All-Cap Equity Fund rose by +0.19% in January. Since inception in August 2021, the fund has returned +4.75%...
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13 Feb 2025 - Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
By: FundMonitors.com
[Current Manager Report if available]
13 Feb 2025Fixed income: poised to shine in 2025?abrdn
From attractive valuations to compelling risk-adjusted returns: why investors might consider moving from cash into fixed income.
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13 Feb 2025 - Fixed income: poised to shine in 2025?
By: abrdn
Fixed income: poised to shine in 2025?
abrdn
January 2025
It's only January, and already 2025 is shaping up to be another complex and volatile year. Politics, evolving macroeconomics, and divergent monetary policy will dictate sentiment. The threat of a Trump-inspired trade war also looms large. We think this backdrop sets the stage for fixed income to deliver.
A Quick recap
In early 2024, concerns arose that headline inflation was proving to be stickier than expected. Nonetheless, central bank rate cuts finally materialised in the second half of the year, as anticipated.
In the last two months, Donald Trump's election victory pushed medium and long-dated Treasury yields significantly higher due to fears that his economic policies would be inflationary. Geopolitical tensions also added to the upward pressure on the yield curve.
Global economic growth was more resilient than forecast, with strong corporate profitability supporting credit spreads, which tightened significantly over 2024.
These developments had a mixed impact on fixed-income returns, with pure government bond strategies lagging the positive performance from corporate and emerging market strategies.
The higher all-in yields now available have heightened the attractiveness of fixed income. Several additional themes should further bolster the case for fixed-income investments.
Key themes for 2025
We expect monetary policy to diverge in developed markets. The US Federal Reserve has already pared back its rate-cutting cycle as it waits to see the impact of Trump's policies. Market consensus ranges from zero cuts to two in the latter stages of the year. By contrast, the European Central Bank, arguably behind the curve, looks set to cut deeper and quicker than previously forecast in the face of mounting economic headwinds. Stubborn UK inflation had given the Bank of England reason to pause. However, January's numbers were weaker than expected, opening the way for potential reductions.
Yields and spreads
Global IG bonds' all-in yields across developed and emerging markets are attractive. The yield to maturity on the Barclays Global Average Corporate Index is currently 4.8% compared to the historical average of 3.1% (going back to December 2004). When comparing the past 10 years, the current yields available for all the main fixed income sub-asset classes are also well above the long-term average (see Chart 1). This should appeal to those coupon-clippers looking for an attractive income.
Higher yields also often lead to tighter spreads outside a recession. That said, the prospects for further spread compression could be more limited now that they are below long-term averages. Still, there could be some scope for spreads to grind lower, particularly on a selective basis.
Economic sweet spot
Turning to GDP, history shows that modest economic growth is typically better than high growth for IG credit. Starting in 1948, periods of 1-2% growth resulted in excess returns for IG. High growth (above 3%) was relatively poorer for IG. That's because, during phases of robust growth, focus tends to shift towards shareholder value at the expense of bondholder value. As it stands, we think 2025 will deliver modest economic growth, suggesting a good environment for IG credit.
A comparative advantage
Fixed income stands out compared to other asset classes on a risk and relative valuation basis. With strong fundamentals, higher yields, lower volatility, and a position higher up the capital structure, fixed income presents a lower-risk and potentially higher-return investment option to regular stocks. At the same time, five-year US Corporate yields are above the S&P 500 earnings yield (5.2% versus 3.4% [1]), indicating attractive relative valuations.
Moving beyond cash
There's also a compelling case for investors to transition from cash and money market funds into fixed income. With the ability to capture over 100 basis points in excess yield, fixed income offers a tangible opportunity for investors to enhance their returns while effectively managing risk. The potential upside could be significant. By our estimates, there's around US$7 trillion sitting on the sidelines, poised to enter the market.
Final thoughts...
The 'reasons to believe' in fixed income are clear. Yields are historically attractive, and fundamentals are strong. In a complex and unpredictable world, the asset class has a safety and valuation advantage over riskier assets like equities.
We believe embracing the fixed income opportunity could unlock significant value for portfolios, marking a timely strategic move in a world of turbulent economic, political, and market dynamics.
12 Feb 2025Performance Report: Bennelong Concentrated...FundMonitors.com
The Bennelong Concentrated Australian Equities Fund rose by +5.29% in January. Since inception in February 2009, the fund has returned +13.28% per...
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12 Feb 2025 - Performance Report: Bennelong Concentrated Australian Equities Fund
By: FundMonitors.com
[Current Manager Report if available]
14 Feb 2025AI Shake-Up: DeepSeek's Shocking Impact on Nvidia...Marcus Today
More downloads than ChatGPT, Nvidia down 17%, and big questions about the future of AI. But was this just a market overreaction or a real turning...
Read more
14 Feb 2025 - AI Shake-Up: DeepSeek's Shocking Impact on Nvidia & Big Tech
By: Marcus Today
AI Shake-Up: DeepSeek's Shocking Impact on Nvidia & Big Tech
Marcus Today
January 2025
More downloads than ChatGPT, Nvidia down 17%, and big questions about the future of AI. But was this just a market overreaction or a real turning point? Meanwhile, the Fed, inflation, and another week of Trump's 'Revolution of Common Sense' continue shaping global markets. From AI disruption to tariffs, rate cuts, and shifting investor sentiment--where does it all lead? Markets react, but the bigger picture is still unfolding.
5 Feb 2025Responsible AI use in corporates with Jessica...Alphinity Investment Management
Jessica Cairns joins the Greener Way Podcast with Rose Mary Petrass to discuss the RAI Framework. With the rapid adoption of artificial intelligence,...
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5 Feb 2025 - Responsible AI use in corporates with Jessica Cairns
By: Alphinity Investment Management
Responsible AI use in corporates with Jessica Cairns
Alphinity Investment Management
January 2025
Jessica Cairns joins the Greener Way Podcast with Rose Mary Petrass to discuss the RAI Framework. With the rapid adoption of artificial intelligence, companies are facing growing pressure to ensure their AI practices are ethical, transparent, and aligned with environmental, social, and governance (ESG) principles.
This material has been prepared by Alphinity Investment Management ABN 12 140 833 709 AFSL 356 895 (Alphinity). It is general information only and is not intended to provide you with financial advice or take into account your objectives, financial situation or needs. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Any projections are based on assumptions which we believe are reasonable but are subject to change and should not be relied upon. Past performance is not a reliable indicator of future performance. Neither any particular rate of return nor capital invested are guaranteed.
3 Feb 2025Trump's TikTok InterventionMagellan Asset Management
TikTok, one of the largest social media platform in the US along with Meta's Facebook and Instagram, has faced ongoing uncertainty regarding its...
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3 Feb 2025 - Trump's TikTok Intervention
By: Magellan Asset Management
Trump's TikTok Intervention
Magellan Asset Management
January 2025
TikTok, one of the largest social media platform in the US along with Meta's Facebook and Instagram, has faced ongoing uncertainty regarding its existence in the US due to national security concerns under Chinese ownership. President Trump intervened in the Supreme Court's decision to ban TikTok in the US. Investment Director, Elisa Di Marco chats with Investment Analyst, Claire Britton reflecting on the implications of this intervention, the potential sale of TikTok, and its impact on the social media landscape, particularly for Meta. They discuss how Meta stands to benefit from the increased likelihood of a sale and the potential shifts potential shifts in user engagement and market dynamics.
Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 ('Magellan') 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 financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au.
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 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. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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. 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 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 claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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.
29 Jan 2025Airlie Australian Share Fund Quarterly UpdateAirlie Funds Management
Emma Fisher discusses key drivers and insights from the recent quarter and how the portfolio was positioned to navigate the market. Emma also...
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29 Jan 2025 - Airlie Australian Share Fund Quarterly Update
By: Airlie Funds Management
Airlie Australian Share Fund Quarterly Update
Airlie Funds Management
December 2024
Emma Fisher discusses key drivers and insights from the recent quarter and how the portfolio was positioned to navigate the market. Emma also highlights the best performers for the fund and outlines opportunities the team continues to monitor as we move into 2025.
This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Airlie Funds Management ('Airlie') 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 an Airlie financial product or service may be obtained by calling +61 2 9235 4760 or by visiting www.airliefundsmanagement.com.au.
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 an Airlie 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. Airlie makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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 Airlie. 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. Airlie 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 Airlie claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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 Airlie.
9 Dec 2024How Trump will impact equity marketsMagellan Asset Management
The United States has spoken. President Trump will return to the White House in the new year. But how can we cut through the noise to reveal the...
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9 Dec 2024 - How Trump will impact equity markets
By: Magellan Asset Management
How Trump will impact equity markets
Magellan Asset Management
November 2024
The United States has spoken. President Trump will return to the White House in the new year. But how can we cut through the noise to reveal the investment, economic and geopolitical ramifications?
Magellan's Head of Global Equities and Portfolio Manager, Arvid Streimann, has over 25 years' experience of following markets and politics, and over this time has built up a network of trusted contacts, he can offer a measured, independent view of the situation, including his expectations on Donald Trump's policy initiatives and decision making.
He's joined by Investment Director Elisa Di Marco for an exploration of the implications of a Republican clean sweep, including the impact on standards of living and consumer sentiment, as well as the potential for deregulation, and President Trump's promise to adopt protectionist policies in an effort to develop self-sufficiency. They share insights into geopolitical dynamics, including U.S.-China relations, Iran and Ukraine, and discuss the risks and opportunities for investors.
Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 ('Magellan') 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 financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au.
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 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. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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. 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 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 claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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.
5 Dec 2024Manager Insights | East Coast Capital Management...FundMonitors.com
Chris Gosselin, CEO of FundMonitors.com, speaks with Richard Brennan, Strategy Ambassador at East Coast Capital Management.
Key to its...
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5 Dec 2024 - Manager Insights | East Coast Capital Management (From rubber to oats )
By: FundMonitors.com
Chris Gosselin, CEO of FundMonitors.com, speaks with Richard Brennan, Strategy Ambassador at East Coast Capital Management.
The ECCM Systematic Trend Fund has a track record of 4 years and 10 months. The fund has outperformed the SG Trend benchmark since inception in January 2020, providing investors with an annualised return of 15.09% compared with the benchmark's return of 6.97% over the same period.
Key to its success were high commodity market allocations and a systematic, risk-managed approach, offering strong diversification benefits with low correlation to traditional asset classes like the ASX 200.
20 Nov 2024Manager Insights | East Coast Capital Management...FundMonitors.com
Chris Gosselin, CEO of FundMonitors.com, speaks with Richard Brennan, Strategy Ambassador at East Coast Capital Management.
Topics...
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20 Nov 2024 - Manager Insights | East Coast Capital Management (Trend friends and navigating uncertainty) )
By: FundMonitors.com
Chris Gosselin, CEO of FundMonitors.com, speaks with Richard Brennan, Strategy Ambassador at East Coast Capital Management.
The ECCM Systematic Trend Fund has a track record of 4 years and 10 months. The fund has outperformed the SG Trend benchmark since inception in January 2020, providing investors with an annualised return of 15.09% compared with the benchmark's return of 6.97% over the same period.
Topics discussed include: the success of ECCM's trend-following strategy, which recently earned an award for the company's flagship fund; and how global diversification and a focus on trending opportunities can enable consistent performance even in uncertain economic conditions.
20 Nov 2024US Election 2024: How will markets and sectors...Magellan Asset Management
Arvid Streimann offers an analysis of why Trump's victory was more decisive than predicted and the key issues that influenced voters' decisions. He...
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20 Nov 2024 - US Election 2024: How will markets and sectors respond?
By: Magellan Asset Management
US Election 2024: How will markets and sectors respond?
Magellan Asset Management
November 2024
Arvid Streimann offers an analysis of why Trump's victory was more decisive than predicted and the key issues that influenced voters' decisions. He provides insights into the market's reaction and shares his expectations for the next 12 months, highlighting which sectors are likely to perform better than others.
Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 ('Magellan') 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 financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au.
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 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. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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. 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 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 claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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.
29 Oct 2024Magellan Global Quarterly UpdateMagellan Asset Management
Arvid Streimann, Nikki Thomas and Alan Pullen discuss key market themes and how the global strategy is positioned to capitalise on emerging...
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29 Oct 2024 - Magellan Global Quarterly Update
By: Magellan Asset Management
Magellan Global Quarterly Update
Magellan Asset Management
October 2024
Arvid Streimann, Nikki Thomas and Alan Pullen discuss key market themes and how the global strategy is positioned to capitalise on emerging opportunities, whilst monitoring the risks. Arvid also discusses the potential market impacts of the upcoming US election based on various possible outcomes.
Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 ('Magellan') 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 financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellangroup.com.au.
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 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. Magellan makes no guarantee that such information is accurate, complete or timely and does not provide any warranties 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. 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 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 claims no ownership in, nor any affiliation with, such trademarks. Any third party trademarks that appear in this material are used for information purposes and only to identify the company names or brands of their respective owners. No affiliation, sponsorship or endorsement should be inferred from the use of these trademarks. 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.
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