Chris Gosselin, CEO of FundMonitors.com, speaks with Rob Hay, Head of Distribution & Investor Relations at Collins St Asset Management.

The Collins St Value Fund  has a track record of 6 years and 9 months and has outperformed the ASX 200 Total Return Index since inception in February 2016, providing investors with an annualised return of 14.17% compared with the index's return of 9.16% over the same period.

Rob also discussed Collins St Asset Management's new Fund, the Collins St Convertible Notes Fund.

Funds operated by this manager: Collins Street Value Fund, Collins St Convertible Notes Fund

This latest market rally provides investors

with another wonderful opportunity…

Wealthlander Active Investment Specialist

November 2022

The latest US CPI and PPI have come below consensus expectations, precipitating an equity market recovery. Is this the opportunity of a lifetime and the start of a new bull market after months of bear market pain?

Over a year ago, nearly everyone thought interest rates would have to be low for a very long time and according to central banks, inflation was transient. Hence, the shock of seeing inflation rise further and be anything but transient, combined with escalating geopolitical pressures, has turned 2022 into a harrowing year to remember. Rising inflation and escalating geopolitical risk were foreseeable. Despite this, the extent of the world's economic and political challenges has been a shock to all and sundry.

However, there is genuine cause for optimism that the worst of inflation and interest rate rises are now behind us. Bulls are excited because higher interest rates and persistent inflation have been the main cause behind the market's falls. With inflation pressures easing, for now at least, there is less need for further aggressive interest rate rises hurting stock valuations and economic values. This has precipitated a fierce equity market rally and challenged a bearish consensus in October. Bear market rallies can be aggressive and substantial in scope, and seasonally the market may be stronger post-mid-term elections and into Christmas.

Why then, isn't this the start of a new bull market for equities? The bulls are likely confusing a temporary market rally and opportunity with a permanent one. The lower inflation figures are not just due to a recovering supply chain but primarily due to economies slowing fast as the lagged effect of previous rate increases take their toll. Most importantly, an earnings recession is highly likely in 2023 as historically high margins continue to erode, and recession hits. Importantly, The US equity market isn't priced for recession. While risk assets may rally for a month or two, eventually they'll work out that inflation receding isn't occurring in a vacuum and that a recession is right in front of us in many countries around the world. If history is any guide, this may not only see us retest the equity market lows but possibly even break below this. To put numbers on this, S&P earnings in 2023 of 180 on a multiple of 16.5 could see the US S&P500 at 3000 in 2023, more than 25% below today's level of over 4000. While these figures and falls may appear dramatic, they are by no means unrealistic.

Hence a market rallying above 4000 likely provides another incredible opportunity - potentially the last one in this cycle (I have written about this before) - for investors to sell out of traditional risk-heavy portfolios in favour of less overvalued and better-suited investment approaches and assets for today's world.

The second reason the bulls may be wrong is that they continue to assume the Federal Reserve will pivot. But the FED is very unlikely to pivot today (cut interest rates) with inflation still too high, a rising stock market and loosening financial conditions unless a significant financial or economic event force them to. The latter means the market likely has to fall before a FED pivot occurs. The bulls may have their timing about a FED pivot wrong and may be entirely wrong if the FED raises further and then holds interest rates higher for longer - as they say they will. Jerome Powell has been clear that he wants to avoid making the mistake of his predecessors and ensure inflation is under control before changing track. He is emphasising the current data and not forward-looking data, having previously been heavily scarred by the FED's inaccurate economic forecasts; this is something the market doesn't seem to realise and means that the FED will likely still raise interest rates well beyond the point when they need to, again causing further damage to the economy and company earnings in 2023.

The third reason why the bulls may be wrong is that they may be utterly wrong about inflation. Services inflation may be more persistent even if goods inflation recedes somewhat. The latest CPI print benefits from a one-off improvement in health insurance inflation. While inflation may recede, it is unlikely to get to target and stay there in a favourable way. If geopolitical risks escalate further in the short term, energy and supply side issues may resume, and inflation may remain sticky and come back in another wave. The boomers may continue to spend and redeem their risky assets as inflationary expectations set in and they consider their lifetimes finite. Waves of higher inflation - or alternating inflation and deflation (i.e. unstable inflation outcomes) - would likely be extremely challenging for policymakers and markets alike, given current valuation levels.

It is also crucial to remember the big picture and see the forest for the trees.

The world and many countries appear to be run in no small part by many bad actors, including sociopaths, autocrats, criminals and frauds with scant regard for anything but their lust and greed. Is it any surprise then that bad things are happening to us? Is this a world which can effectively address some of the most significant governance challenges of all time - some of which require global coordination, including growing diplomatic, governance, corruption and environmental challenges? Some of these bad actors want war for various reasons including the opportunity for graft and funding of their war machines - as well as to further their power ambitions and vision of how the world should look. This could quickly turn the 2020s into one of the most dangerous decades the world has ever seen as our "leaders" take huge risks. They ultimately don't provide favourable asset price policy settings!

War tends to be inflationary or stagflationary and extremely wealth destructive if you're on the losing side or are occupied by enemies. Growing corruption turns previously wealthy societies into submerging markets and lowers asset valuations. Real growth is likely to be low for various reasons, including years of mal-investment, higher debt loads, ageing demographics and greater involvement of inefficient governments in capital allocation.

Furthermore, we are coming off one of the biggest bubbles of all time. Much wealth destruction is still required to realign asset values (still high) with the size of the actual underlying global economy and deteriorating real wealth and purchasing power. This will likely need to occur through both higher inflation and lower asset values, as it is unlikely to occur through productive economic growth. This also probably won't happen smoothly and will be a shock to many who remain confused about why markets don't always go up, having seen nothing else during their (historically short) careers, or who take their investment advice from promotional material, young and ignorant influencers or the mainstream media. FTX is an example of what happens when you do that and a warning sign to us all.

Note: To put numbers on this, S&P earnings in 2023 of 180 on a multiple of 16.5 could see the US S&P500 at 3000 in 2023, more than 25% below today's level of over 4000.  While these figures and falls may appear dramatic, they are by no means unrealistic (although are purely for demonstration purposes and do not represent forecasts).

In this environment, it is naïve and foolish to bet all on believing that good things will persistently happen to traditional risk-heavy portfolios, which depend on real growth happening, higher valuation levels and markets going up persistently. While equity markets still provide selective good long opportunities, these are the exception rather than the rule meaning the index and index-like approaches (so favoured for their "cheapness") are well past their use-by date. While we can all hope for a benign and highly favourable but less likely outcome, that is no way to invest safely. Markets are far more likely to range trade, meaning long-only managers will continue to provide among the poorest risk-adjusted returns and miss out on good opportunities to short overvalued loss-making enterprises. Historically, the 2020s are more likely to look more like the 1970s or the 1940s than the 2010s.

In this environment, better risk-adjusted returns will be achieved by genuine value-adding approaches and more active dynamic and long-short approaches that are better suited to today's macroeconomic conditions and which don't simply rely purely on markets going up to make money. While still capable of making returns, these strategies should be much less likely to lose substantial sums than buy-and-hold approaches - risk management and capital preservation is equally if not more important in this environment than seeking high returns

Buffett famously says that when the tide goes out, you see who has been swimming naked. If your superannuation fund, broker or fund manager is charging you to provide you with significant double-digit losses so far in 2022 (as we warned may would), perhaps take the hint while you still can and look around for a better option which has adapted to today's more challenging investment environment. 2022 is a year in which many are flying blind and as for years before that - well any fool can make money in a bull market and many fools did. Seek genuine diversification and preference good risk managers over speculation because the future is uncertain and risky. There will always be great opportunities to make money over time as the world changes, but this is most likely for those who (like it or not) assess and admit to what is going on with the world today. Avoiding and reducing the risk of significant losses is an excellent place to start.

Funds operated by this manager:

WealthLander Diversified Alternative Fund

DISCLAIMER: This Article is for informational purposes only. It does not constitute investment or financial advice nor an offer to acquire a financial product. Before acting on any information contained in this Article, each person should obtain independent taxation, financial and legal advice relating to this information and consider it carefully before making any decision or recommendation. To the extent this Article does contain advice, in preparing any such advice in this Article, we have not taken into account any particular person's objectives, financial situation or needs. Furthermore, you may not rely on this message as advice unless subsequently confirmed by letter signed by an authorised representative of WealthLander Pty Ltd (WealthLander). You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. We recommend you obtain financial advice specific to your situation before making any financial investment or insurance decision.  WealthLander makes no representation or warranty as to whether the information is accurate, complete or up-to-date. To the extent permitted by law, we accept no responsibility for any misstatements or omissions, negligent or otherwise, and do not guarantee the integrity of the Article (or any attachments). All opinions and views expressed constitute judgment as of the date of writing and may change at any time without notice and without obligation. WealthLander Pty Ltd is a Corporate Authorised Representative (CAR Number 001285158) of Boutique Capital Pty Ltd ACN 621 697 621 AFSL No.508011.

Global equities: It's time for 'Covid losers' to shine

Pendal

November 2022

A WEAKER earnings season in the US is indicating a recession is likely next year, but there is evidence it could be mild and short-lived as capital spending offsets slowing consumer demand, says Pendal's Ashley Pittard.

Nine in ten S&P 500 companies have reported their third quarter earnings, with results largely in line with analysts' expectations.

In a market where the average company typically beats earnings forecasts by 2.7 per cent, the overall picture is one of a weakening economy, says Pittard, who heads Pendal's global equities team.

Pittard says one of the most telling signals out of reporting season was the way companies were punished by the markets when they missed forecasts.

"On average, when a company missed this earnings season its share price fell more than 6 per cent. That's the biggest average fall ever. What that tells us is that we are at a tipping point in the markets," he says.

Mild recession

There was also a spike in the number of companies mentioning softening demand in their earnings reports this quarter. That's a measure that traditionally rises prior to a recession, says Pittard.

"In this earnings season, the number of companies mentioning weak demand is at the same highs as it was in the global financial crisis and Covid," he says.

Still, indications are that any recession should be mild because there are signs companies are stepping up their investment in rebuilding supply chains post the pandemic.

"Capital expenditure by corporations is up 24 per cent year on year — that's a real positive that may help any recession be milder," says Pittard.

"It's companies 're-shoring' supply chains and bringing jobs back to America."

To be sure, the strong US dollar is counting against corporate America, with the foreign exchange rate at its highest levels for seven years.

"It's a mixed bag. It's like a rip tide dragging out to sea while the tide's coming in — there's choppy waters ahead.

"You've got all of these positives, but you've also got a few negatives."

Which sectors look good in 2023

For global equities investors, the story of the coming year will be one of correcting a "misallocation of capital" that occurred during the pandemic, says Pittard.

"You don't want to be in the Covid winners, you want to be in the Covid losers.

"During the last few years there has been an over-investment into technology and the cloud and a misallocation away from industrials, supply chain, energy and those sorts of companies.

"You're now seeing that misallocation of capital unwind."

He points to "strong-demand" commentary from companies like Delta Airlines, United Airlines and Visa, alongside negative commentary from Microsoft, Meta Platforms and Google.

United claimed there had been a "permanent structural change in leisure demand because of the flexibility that hybrid work allows", saying "this is not pent-up demand. It's the new normal".

Visa said consumers are "still spending the same amount of money… as they did before".

Meanwhile Microsoft and Meta announced layoffs, along with a slew of other US tech companies.

Microsoft reported "materially weaker PC demand" and Google noted a "pull-back in spend" by advertisers.

Look to industrial and financial stocks

"It's that misallocation of capital that will drive the hits and misses on the markets," says Pittard,

"If you look at new job postings, they are down 50 per cent from their peak of 2021 and 41 per cent of consumers are saying it's tough paying their bills compared to 38 per cent in Covid.

"There's no doubt stresses are increasing. There's no doubt the macro is getting weaker.

"But as an investor, you want to look through it.

"Our cash level is at the lowest that it's ever been, but you've got to have the tide going with you.

"That's why the answer is the industrial companies and the financials.

"Dividend yield on the banks is more than 8 per cent.

"If you hold those kinds of stocks, you're getting paid to just wait for the economy to turn around."

Author: Ashley Pittard, leads Pendal's Global Equities investment boutique

Funds operated by this manager:

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

The Long and The Short: Five stocks for the next five years

Kardinia Capital

November 2022

Funds operated by this manager:

The content contained in this article represents the opinions of the authors. The authors may hold either long or short positions in securities of various companies discussed in the article. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely as an avenue for the authors to express their personal views on investing and for the entertainment of the reader.

Investing in climate adaptation for a resilient world

abrdn

November 2022

Funds operated by this manager:

Aberdeen Standard Actively Hedged International Equities Fund, Aberdeen Standard Asian Opportunities Fund, Aberdeen Standard Australian Small Companies Fund, Aberdeen Standard Emerging Opportunities Fund, Aberdeen Standard Ex-20 Australian Equities Fund (Class A), Aberdeen Standard Focused Sustainable Australian Equity Fund, Aberdeen Standard Fully Hedged International Equities Fund, Aberdeen Standard Global Absolute Return Strategies Fund, Aberdeen Standard Global Corporate Bond Fund, Aberdeen Standard International Equity Fund , Aberdeen Standard Life Absolute Return Global Bond Strategies Fund, Aberdeen Standard Multi Asset Real Return Fund, Aberdeen Standard Multi-Asset Income Fund

^{1 Discussion of individual securities in this article is for informational purposes only and not meant as a buy or sell recommendation nor as an indication of any holdings in our products.}

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Equitable Investors

November 2022

Funds operated by this manager:

Equitable Investors Dragonfly Fund

Disclaimer

Nothing in this blog constitutes investment advice - or advice in any other field. Neither the information, commentary or any opinion contained in this blog constitutes a solicitation or offer by Equitable Investors Pty Ltd (Equitable Investors) or its affiliates to buy or sell any securities or other financial instruments. Nor shall any such security be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

The content of this blog should not be relied upon in making investment decisions. Any decisions based on information contained on this blog are the sole responsibility of the visitor. In exchange for using this blog, the visitor agree to indemnify Equitable Investors and hold Equitable Investors, its officers, directors, employees, affiliates, agents, licensors and suppliers harmless against any and all claims, losses, liability, costs and expenses (including but not limited to legal fees) arising from your use of this blog, from your violation of these Terms or from any decisions that the visitor makes based on such information.

This blog is for information purposes only and is not intended to be relied upon as a forecast, research or investment advice. The information on this blog does not constitute a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Although this material is based upon information that Equitable Investors considers reliable and endeavours to keep current, Equitable Investors does not assure that this material is accurate, current or complete, and it should not be relied upon as such. Any opinions expressed on this blog may change as subsequent conditions vary.

Equitable Investors does not warrant, either expressly or implied, the accuracy or completeness of the information, text, graphics, links or other items contained on this blog and does not warrant that the functions contained in this blog will be uninterrupted or error-free, that defects will be corrected, or that the blog will be free of viruses or other harmful components. Equitable Investors expressly disclaims all liability for errors and omissions in the materials on this blog and for the use or interpretation by others of information contained on the blog

What drives poor returns?

Insync Fund Managers

October 2022

Most investors do not reap the benefits of compounding wealth that come from equities. Equities grow wealth very well. $100 in the S&P 500 at the start of 1926, three years prior to the great crash, would have boosted your wealth to over $1 Million today.

That's 10.05% p.a. Tumultuous macro world events have rained down upon us since then, and so it's not adverse macro events that derail wealth accumulation; it is investors' reactions to them. In short, investor behaviour derails compounding wealth.

We've experienced difficult months recently for our quality-based strategy including recessionary concerns. We've also delivered positive annual above market returns recently as well - 2017, 2018, 2019, 2020, & 2021 (December Ending).

First to fall: When a recession looms, a Quality company's stock price often falls more than the market initially.

Quickest to rise: They are also the first to recover and outperform the other major investment styles during a market recovery.

All roads lead to technology - Accenture

Some of our 16 global megatrends are technology based. Despite all the negative noise shouting for our attention today, the reality is that we are in the middle of an unstoppable wave of technological advances impacting every business. From old style utilities and industrials to online payments, construction and retail. Companies must digitise their business to remain competitive, grow their customer base, revenues and earnings. Accenture is a key player assisting in this digital transformation.

Accenture posted revenues of $62 billion, a record 22% growth adding $11 billion for the year, and importantly EPS growth of 18%. New bookings were $18.4 billion for the quarter, their second highest ever.

A case study on how they do it- EDF

French multinational utility company EDF digitizes the construction of nuclear power stations that provide low-carbon energy for more than 6 million UK homes alone. Accenture transformed EDF's digital construction processes by creating a digital factory model on a secure cloud infrastructure. This drives cost efficiencies. Construction methods that relied on thousands of uncoordinated, disjointed paper plans and text are now digitized with contractors accessing and sharing the same view and information. AI then scans and assesses this for problems and opportunities.

Digital dashboards provide real-time data visibility across a myriad of systems. 'Digital twins' identify areas for automation across power plants, all of which drive safety, efficiency and quality. A 'digital twin' virtually duplicates physical objects, processes & systems, and are used to predict how those elements will respond to different variables.

Premiumisation powerhouse - LVMH                                                                     

LVMH is the world's largest luxury conglomerate.  Brands include Christian Dior, Givenchy, Louis Vuitton, Tag Heuer, Bulgari, Fendi, and Moët & Chandon - even Cape Mentell wines in WA and Cloudy Bay in NZ. LVMH's products are an expression of creativity and timelessness.

The previous LVMH picture highlights an important facet of their brand strength. They are 6 of LVMH's oldest brands (houses) in the leather goods division with the Loewe brand first established in 1846. History shows heritage brands with a strong leather goods offer, fare best during economic downturns.

In today's difficult macroeconomic climate LVMH delivered standout growth. LVMH recorded revenue around €56.5 billion in the first nine months alone. Up 28% compared to the same period last year. Luxury shoppers have not lost their appetite for high-end designer goods, even in tumultuous times. We have often cited the benefits of companies with pricing power and high gross margins in a rising inflationary environment. LVMH is a stand out example.

Whilst the luxury sector is not immune to recessionary shocks, the negative impacts do not last very long. The strongest brands tend come out bigger and better on the other side. LVMH offers a proven defensive track record.

The GFC period highlights this. Overall sales at LVMH declined by 4% yet Fashion & Leather Goods (F&LG)   posted sales growth of +2% in the worst recessionary period we have had in decades. Back then F&LG made up 55% of their total. Today it represents 75% of group profits. 

Conventional wisdom pointed to people trying to hide their wealth during an economic downturn. During the GFC, anecdotes spread of shoppers coming out of Bergdorf Goodman in NY with their purchases wrapped in brown paper bags.  But a 2010 joint study by the Marshall School of Business and UCLA put paid to this.

The study focused on luxury leather goods and how they changed during the GFC. Leading brands substantially trimmed their offering, whilst simultaneously increasing price points. They also featured a higher proportion of items with logos or other brand identifiers.

Louis Vuitton and Gucci were charging consumers more to flaunt their brands during a recession.

The study explained this by segmenting luxury consumers into "Patricians" and "Parvenus", or "insiders" and "outsiders" to the world of luxury. Parvenus needed to confirm they were still wealthy during a recession by buying more items from the latest collections of lux brands. This created an opportunity for ostentatious luxury designs.

The GFC sent the world into a tailspin, mainly because it was the most significant contraction in the global economy since WWII and the last global recession was 18 long years ago. Luxury stocks saw a mass sell-off. From the peak of their performance in May 2007 to trough in March 2009, an index of the top 13 luxury goods companies lost 62 percent of its value.

Over the same period, the financial performance of the 13 companies making up the index was the reverse!  Sales continued growing; +5.7% in 07', +6.5% in 08' and +2.2% in 2009. Their share prices recovered sharply immediately after the bad news ebbed. Investors rightly appreciated the resilience and strength of their business models. LVMH have delivered a compound annual earnings per stock growth rate of 14% p.a.  since the start of the GFC. A compound annual rate of return of 17% p.a. over the same period.

Summing things up

The global economy is impossibly complex, with billions of moving parts driving demand, consumption and activity. Commentators, most fund managers, consultants and the media earn money trying to predict what all of these billions of consumers and companies are doing, or are planning to do over the next few weeks, months or even years. It's not only foolish but impossible.

Funds operated by this manager:

Insync Global Capital Aware Fund, Insync Global Quality Equity Fund

Disclaimer
Equity Trustees Limited ("EQT") (ABN 46 004 031 298), AFSL 240975, is the Responsible Entity for the Insync Global Quality Fund and the Insync Global Capital Aware Fund. EQT is a subsidiary of EQT Holdings Limited (ABN 22 607 797 615), a publicly listed company on the Australian Securities Exchange (ASX: EQT). This information has been prepared by Insync Funds Management Pty Ltd (ABN 29 125 092 677, AFSL 322891) ("Insync"), to provide you with general information only. In preparing this information, we did not take into account the investment objectives, financial situation or particular needs of any particular person. It is not intended to take the place of professional advice and you should not take action on specific issues in reliance on this information. Neither Insync, EQT nor any of its related parties, their employees or directors, provide and warranty of accuracy or reliability in relation to such information or accepts any liability to any person who relies on it. Past performance should not be taken as an indicator of future performance. You should obtain a copy of the Product Disclosure Statement before making a decision about whether to invest in this product.

Is Google's LaMDA chatbot sentient?

Alphinity Investment Management

September 2022

Funds operated by this manager:

Alphinity Australian Share Fund, Alphinity Concentrated Australian Share Fund, Alphinity Global Equity Fund, Alphinity Sustainable Share Fund

Disclaimer
The information on this website is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document and the relevant Target Market Determination (available on the Apply Now page on this website) before making a decision whether to buy or hold a financial product.

4D inflation podcast (part 2): The US Inflation Reduction Act

4D Infrastructure

November 2022

In part 2, Peter Aquilina (4D's Head of ESG and Senior Investment Analyst) speaks with Dave Whitby (Bennelong Account Director) about how the US' new Inflation Reduction Act is really about transitioning the US to a decarbonised, clean/renewable energy economy.

• 0:34 - Why the Inflation Reduction Act isn't actually inflation policy
• 3:56 - How the Act is supporting decarbonisation efforts
• 6:30 - What this means for infrastructure (and why 4D is excited)
• 9:32 - Some of the names in 4D's portfolio that could benefit.

Speakers: Peter Aquilina,  Head of ESG and Senior Investment Analyst
Dave Whitby, Bennelong Account Director

Funds operated by this manager:

^{The content contained in this audio represents the opinions of the speakers. The speakers may hold either long or short positions in securities of various companies discussed in the audio. This commentary in no way constitutes a solicitation of business or investment advice. It is intended solely as an avenue for the speakers to express their personal views on investing and for the entertainment of the listener.}