The Rate Debate - Ep 42: Inflation has peaked

Yarra Capital Management

September 2023

Funds operated by this manager:

Australian Secure Capital Fund - Market Update August

Australian Secure Capital Fund

September 2023

Funds operated by this manager:

ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund

Market Commentary - August

Glenmore Asset Management

September 2023

Funds operated by this manager:

Glenmore Australian Equities Fund

The Rate Debate - Ep 42: Inflation has peaked

Yarra Capital Management

September 2023

Funds operated by this manager:

Quay podcast: How high rates are impacting REITs

Quay Global Investors

 September 2023

Quay's Co-Principal and Portfolio Manager, Justin Blaess, speaks with Bennelong Account Director, Jodie Saw, about the impact of high rates on REITs (less of an issue than most expect), the mismatch between supply and demand (the main drivers of return), the opportunities emerging globally, and Quay's long-term earnings outlook.

Funds operated by this manager:

Quay Global Real Estate Fund (AUD Hedged), Quay Global Real Estate Fund (Unhedged)

For more insights from Quay Global Investors, visit quaygi.com

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.

Episode 37: Cultivating change - Nestlé's leading approach on sustainability and creating shared value

Magellan Asset Management

August 2023

In this episode, Magellan's Portfolio Manager Elisa Di Marco, and Investment Analyst, Tracey Wahlberg discuss how environmental values are driving corporate culture with Rob Cameron, Nestlé's Global Head of Public Affairs. They talk through the company's net zero approach, and its commitment in leading its supply chain to embrace regenerative agriculture, recycling, packaging innovation and human rights. And Rob Cameron explains how these initiatives benefit shareholders, through growth opportunities and cost discipline.

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.

Sorting bubbles from justified inflations!

Alphinity Investment Management

August 2023

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.

The Rate Debate - Ep 41: Uncertainty abounds

in the face of economic challenges

Yarra Capital Management

August 2023

Funds operated by this manager:

What really matters in investing

Magellan Asset Management

August 2023

Global Portfolio Managers, Arvid Streimann and Nikki Thomas dissect what's important and what's a distraction in the investment world. They talk us through where they are currently finding opportunities and how they are positioning the portfolio to benefit from structural tailwinds. Investment Analyst, Emma Henderson joins them to provide a deep dive into our restaurant holdings and why we like them.

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.

ESG in 10: Episode 9 -

The Australian Green Bond Program, with Ardea

Fidante Partners

July 2023

Funds operated by this manager:

Webinar Podcast | Infrastructure Funds -

Analysing the Opportunities and Risks

FundMonitors.com

01 August 2023

Listen to the podcast to discover the key insights and opportunities in this dynamic investment landscape. In this informative 45-minute session, we explored the potential benefits and risks of investing in infrastructure funds and uncovered the various types of infrastructure assets, including transportation, energy, and social infrastructure.

Our panel consisting of Sarah Shaw from 4D Infrastructure, Ben McVicar from Magellan, and Matt Lorback from Atlas Infrastructure also delved into the regulatory and policy considerations impacting infrastructure investments.

In Conversation with Airlie's Analysts

Airlie Funds Management

July 2023

Airlie Australian Share Fund Portfolio Manager, Emma Fisher, engages in a conversation with Airlie's senior analysts, Vinay Ranjan and Joe Wright. Emma discusses the performance of the Australian market during the past 12 months and asks Joe and Vinay to share insights on how some of their stocks have performed during the year within the Fund. This includes Mineral Resources, QBE Insurance and James Hardie.

Funds operated by this manager:

Airlie Australian Share Fund

Important Information: Units in the fund(s) referred to herein are issued 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 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.

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.

Do they have your back or just your back pocket?

The fun, games, and fees of equity investing

Collins St Asset Management

July 2023

FY23 recap: ASX 200 defies the bears to end up +10% over last financial year 

It is often said that:

When someone with money meets someone with experience, the person with the experience gets the money and the person with the money gets an experience.

For equity investors, regardless of whether or not they choose their own investments or outsource some or all of that responsibility to an external manager/adviser, this remains a very real and important risk to be on top of.

Many Directors and Management teams do not run companies for the benefit of shareholders despite all of the claims and promises of future gold and glory laid out in glossy annual reports. 

Fat salaries for start up company Directors, gifted equity to management in large established businesses and all manner of perks and parties along the way are, all too sadly, par for course.

To that end, its important to understand the governance structure of a company and the way in which senior decision makers are remunerated before deciding whether or not to invest. 

Some key questions we at Collins St Asset Management seek to understand before deploying capital include:

1. Does the Board have a remuneration committee that is chaired by a non-executive Director with a majority of committee members also sourced from outside of the company's management team?

   As obvious as it may sound, you don't want Management to be voting on their own pay rises and setting their own performance targets each year or having the ability to unduly influence the outcome.

2. What metrics are remuneration linked to and what sort of behaviour does is being incentivised?

   Increasing revenue may, for example, sound like a worthy goal but if all it incentivises is excessive levels of new debt being taken to fund dubious bolt on acquisitions then it may (all things being equal) be a red flag to watch out for.

3. Do the timing of option exercise dates line up with the timeframe for key deliverables to be achieved?Are any shares subsequently purchased via the exercise of the option subject to some form of escrow?

Sadly, a rolling stone gathers no moss in much the same way as an upwardly mobile executive can suffer no financial pain by moving from one company to the next just before the next crisis is uncovered.

Of course, Directors and senior Management are not alone in their pursuit of cushy rent-seeking corporate opportunities.  Whilst many intermediaries in the funds management space are often no better, there are a variety of fee models on offer which invariably incentivise different behaviours.

The table below provides an overview of some of the different ways professional fund managers may seek to charge their clients:

Overview of fee structures

Author: Rob Hay, Head of Distribution & Investor Relations

For wholesale investors only

Funds operated by this manager:

Collins St Value Fund, Collins St Convertible Notes Fund