NEWS
26 Jul 2023 - Performance Report: PURE Income & Growth Fund
[Current Manager Report if available]
S&P 500 rose +6.5%, the Nasdaq was up +6.6%, whilst in the
UK, the FTSE 100 appreciated +1.2%.
26 Jul 2023 - Glenmore Asset Management - Market Commentary
Market Commentary - June Glenmore Asset Management June 2023 Globally equity markets were positive in June. In the US, the S&P 500 rose +6.5%, the Nasdaq was up +6.6%, whilst in the UK, the FTSE 100 appreciated +1.2%. The strength in the US indices was again driven by mega cap technology stocks. In Australia, the All Ordinaries Accumulation Index rose +1.94%. Materials and Financials were the top performing sectors, whilst Healthcare underperformed (driven by a negative earnings update from index heavyweight CSL). On the ASX, large cap stocks outperformed small caps, continuing a trend that has been in place for the last 18 months. We believe this trend will reverse once there is more clarity over the number of interest rate hikes required by the RBA to reduce inflation to its targeted 2-3% range, which should see small/mid caps on the ASX perform strongly vs large caps. Bond yields in both Australia and the US increased, with the Australian 10 year bond rate rising +42bp to close at 4.02%, whilst its US counterpart rose +22bp to 3.88%. In both cases, increased investor expectations of "higher inflation for longer" was the driver, with inflation proving more difficult to reduce to targeted levels than central banks would like. Consumer spending in particular, continues to be more resilient than expected despite ongoing headwinds from cost of living pressures. Whilst investor sentiment remains very cautious towards small/mid cap stocks, we continue to see numerous examples of mis priced stocks, which are well positioned to outperform once the current interest rate hiking cycle is complete. At this stage, our view is that the RBA will increase rates 2-3 more times to bring inflation to acceptable levels. Given the lagged impact of monetary policy, we expect inflation to continue to fall over the next 6-12 months. Funds operated by this manager: |
25 Jul 2023 - Performance Report: Insync Global Quality Equity Fund
[Current Manager Report if available]
25 Jul 2023 - Investment Perspectives: Why best-in-class mall rents are recession resilient
24 Jul 2023 - Performance Report: Digital Asset Fund (Digital Opportunities Class)
[Current Manager Report if available]
24 Jul 2023 - Performance Report: Bennelong Concentrated Australian Equities Fund
[Current Manager Report if available]
21 Jul 2023 - Hedge Clippings | 21 July 2023
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Hedge Clippings | 21 July 2023 Following last week's widely anticipated news that RBA Governor Philip Lowe would be replaced by Michele Bullock, the flurry of media coverage has died down as it quickly became apparent that the governor's baton would pass pretty seamlessly. Dr. Bullock has worked with or alongside her predecessor for close to 40 years, including most recently as his deputy. One would assume their thoughts and opinions on the economy, inflation, and the bank's role in fulfilling its task are or have been pretty similar. In spite of all the criticism leveled at Lowe for his now famous "slip" of making a forecast on future interest rates, he was more committed to a less aggressive hiking regime than his overseas counterparts when achieving his "narrow path" objective, as opposed to Jerome Powell's "whatever it takes" approach in the US. If anything, Bullock's speech in late June, focusing on the RBA's other mandate, that of maintaining full employment, suggested she might take a more aggressive approach if needed, but which we doubt will be necessary. This week's surprisingly strong May employment numbers, which added 33,000 people to the workforce, and saw unemployment remain at an almost unprecedented level of 3.5%, and 64.5% of the population employed, led various economists to revise their expectations and suggest another rate rise in August. Next week's CPI numbers, (due on Wednesday), Labour Force (Thursday), and June PPI, along with June Retail Trade, (both due on Friday), should hopefully clarify their arguments one way or another. Inflation appears to be easing in the US, with June's number of just 3% the lowest since March 2001, while even in the UK inflation has shown signs of abating, albeit from higher levels. Lowe has only two more RBA board meetings to chair, and he'd love to leave Martin Place with rates paused, and his narrow path maintained, prior to handing over to Bullock to complete the task he started. Not that there aren't still inflationary risks over and above the strong labour market. Russia's renewed ban on Ukranian grain exports, and the effects on food prices of the record heat across much of the northern hemisphere, are yet to play out. (If there's one ironic outcome of this week's record temperature of 45C + degrees in Spain, while in England it struggled to reach 21C, it must be the reverse migration of thousands of Brits fleeing the Spanish heat, to bask in the cool and damp of a typical English summer!) Of course, they may not be quite so happy if the rain spreads north to Manchester, and saves the Australian cricket team from a serious baz-balling defeat. While on the subject of sport, congratulations and good luck to the Matildas, as the women's game has raised awareness of and interest in, the game of soccer (sorry "football") in a way that the men's equivalent has ever managed to achieve. And while off on a tangent, yesterday marked the 54th anniversary of Neil Armstrong's historic landing on the moon and his now famous "one giant leap for mankind" quote. Some of you/us can remember the day clearly, while for many it's ancient history. That's life! News & Insights Investing Essentials: Active vs passive | Bennelong Funds Management Why railroads are an attractive investment and how PSR is helping | Magellan Asset Management June 2023 Performance News Bennelong Australian Equities Fund Argonaut Natural Resources Fund Glenmore Australian Equities Fund Bennelong Twenty20 Australian Equities Fund Quay Global Real Estate Fund (Unhedged) |
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21 Jul 2023 - Performance Report: Rixon Income Fund
[Current Manager Report if available]
21 Jul 2023 - Why railroads are an attractive investment and how PSR is helping
Why railroads are an attractive investment and how PSR is helping Magellan Asset Management June 2023 |
Yathavan Suthaharan, Investment Analyst, discusses why railroads are an attractive infrastructure investment, recent events at Norfolk Southern and what the hype is around PSR. |
Funds operated by this manager: Magellan Global Fund (Hedged), Magellan Global Fund (Open Class Units) ASX:MGOC, Magellan High Conviction Fund, Magellan Infrastructure Fund, Magellan Infrastructure Fund (Unhedged), MFG Core Infrastructure Fund 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. |
20 Jul 2023 - Performance Report: Skerryvore Global Emerging Markets All-Cap Equity Fund
[Current Manager Report if available]