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Agenda

Setting the investment agenda

AGENDA

22.02.2021

Monthly Agenda February 2021 - Reopening, rotation, reflation

Over the course of the last twelve months, the world has progressed through three broad phases of the recovery. The first, occurring in Q2 and Q3 of …
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AGENDA

22.02.2021

Monthly Agenda February 2021 - Australian Equities

Through the COVID crisis, dividends from Australian listed companies were cut by a greater degree than the decline in earnings. This was attributed …
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AGENDA

22.02.2021

Monthly Agenda February 2021 - International Equities

Utilities are a classic bond proxy while banks traditionally get a boost from rising yields and a steepening yield curve. The ratio between banks and …
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AGENDA

22.02.2021

Monthly Agenda February 2021 - Fixed Income

The fixed income story for February was the rise in bond yields. Nominal bond yields are made up of two broad components – real yields and …
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AGENDA

22.02.2021

Monthly Agenda February 2021 - Alternatives

Private Equity (PE) deal flow rebounded strongly in Q4 2020 following a sharp decline in activity around the middle of the year. Fourth quarter …
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AGENDA

20.01.2021

Agenda 2021 – Our Views in Brief

The world will go from synchronised crisis in 2020 to synchronised recovery in 2021. Sizeable fiscal and monetary stimulus globally will feed into …
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AGENDA

20.01.2021

Agenda 2021 – Extremis

2020 was a year of extremes. The COVID-19 crisis took the world’s economic, financial and social infrastructure to the limit. Economies fell …
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AGENDA

20.01.2021

Agenda 2021 – Theme 2: COVID-Driven Structural Trends

The spread of COVID-19 across the world through this year had a dramatic impact on everyday life for many people as governments imposed …
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AGENDA

20.01.2021

Agenda 2021 – Theme 3: Toward Net Zero

In December 2015, 55 countries accounting for 55% of the total global greenhouse gas emissions formally agreed to limit global warming to 1.5 degrees …
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AGENDA

20.01.2021

Agenda 2021 – Global Economy Breakdown

The business cycle troughed in the US in April when 95% of Americans were ordered to stay-at-home. The subsequent economic re-opening coupled with …
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AGENDA

20.01.2021

Agenda 2021 – Theme 1: The Income Challenge

Income investors have never had it so tough. Not only are the yields on everything from term deposits to bank stocks plumbing new lows, but …
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AGENDA

20.01.2021

Agenda 2021 – Fixed Income

Fixed income assets had a reasonable year in 2020. Bond yields tumbled and credit spreads tightened in response to the unprecedented monetary …
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AGENDA

20.01.2021

Agenda 2021 – Australian Equities

After an eventful and challenging year for the domestic equity market, we have a constructive view for 2021. Underpinning our confidence is the …
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AGENDA

20.01.2021

Agenda 2021 – International Equities

Our base case scenario remains very favourable toward global equities in 2021, particularly the cyclical sectors, small cap companies and emerging …
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AGENDA

20.01.2021

Agenda 2021 – Alternatives

With central bankers increasingly crowding investors out of public markets, private markets will increasingly become an attractive option. Such an …
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AGENDA

20.01.2021

Agenda 2021 – Asset Class Quilt of Market Returns

2020 will be a year many would prefer to forget but few will. Equity markets swung wildly plunging in March during the early stages of the pandemic, …
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AGENDA

24.11.2020

Monthly Agenda November 2020 - Fixed Income

While Covid-19 continues to spread across the US, neither the stock market nor the yield curve are signalling a material slowdown. Cyclical stocks …
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AGENDA

24.11.2020

Monthly Agenda November 2020 - Alternatives

Alternatives total asset under management are forecast to grow by 60%, or 9.8% annualised equivalent rate, taking total assets to US$17.16tn by 2025. …
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AGENDA

24.11.2020

Monthly Agenda November 2020 - International Equities

Small cap companies managed to extend their rally this month, hitting all-time highs. That bodes well for emerging market assets, given the small-cap …
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AGENDA

24.11.2020

Monthly Agenda November 2020 - Australian Equities

The ASX 200 Accumulation Index has gained more than 10% in the first three weeks of November, turning around the poor performance of the second half …
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AGENDA

29.10.2020

Monthly Agenda October 2020 - Alternatives

With bond yields sitting close to historic lows investors searching for yield are forced to look further out the risk spectrum to achieve the same …
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AGENDA

24.11.2020

Monthly Agenda November 2020 - The Emerging Recovery Gets a Tick

The uncertainty of the US election has now faded; the narrative around an effective vaccine has turned more positive allowing thoughts to turn to re-…
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AGENDA

29.10.2020

Monthly Agenda October 2020 - Time for Small to Shine?

One of the interesting features of the equity market in October is the relative outperformance of small companies over their larger counterparts. If …
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AGENDA

29.10.2020

Monthly Agenda October 2020 - Fixed Income

The dynamic between U.S. stocks and Treasury yields is once again in focus. Both are rising due to a belief in stimulus-driven reflation. Steeper …
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AGENDA

29.10.2020

Monthly Agenda October 2020 - Australian Equities

There has been an increasingly optimistic outlook for the Australian equity market over the last two months on the back of an expansionary Federal …
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AGENDA

29.10.2020

Monthly Agenda October 2020 - International Equities

The MSCI Emerging Markets Index of stocks has shown a burst over the last month and stands at the cusp of hitting a two-year high. China’s role …
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AGENDA

28.09.2020

Monthly Agenda September 2020 - The Age of Administered Markets

The COVID-19 crisis has accelerated many structural trends that were evident previously – e-commerce, the cashless society, remote working - …
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AGENDA

28.09.2020

Monthly Agenda September 2020 - Australian Equities

A potential second wave of capital raisings by Australian companies did not eventuate through August's reporting season. With most large capital …
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AGENDA

28.09.2020

Monthly Agenda September 2020 - International Equities

The message from a sliding AUD/USD is not a happy one for Asian stocks. The Aussie is viewed as a risk barometer, so its rapid slide this week will …
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AGENDA

28.09.2020

Monthly Agenda September 2020 - Fixed Income

Equities have bounced around quite a bit over the past few months. Bond investors have been significantly calmer. Perhaps it’s because most of …
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AGENDA

28.09.2020

Monthly Agenda September 2020 - Alternatives

Sales of new homes rose to their highest levels since September 2006 in the US reaching an annualised figure of just over 1 million ahead of …
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AGENDA

31.08.2020

Monthly Agenda August 2020 – A World of Possibilities

Today’s investment environment is one where there is a world of possibilities but few certainties. Part of the issue, in our view, is that this …
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AGENDA

31.08.2020

Monthly Agenda August 2020 – Alternatives

The integration of ESG into the investment process is becoming a standard part of General Partners (GP) mandates within private markets. The …
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AGENDA

31.08.2020

Monthly Agenda August 2020 – Fixed Income

The Fed is taking an ever-greater role in the U.S. economy and that’s raising concerns it is skewing the playing field to the benefit of larger …
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AGENDA

31.08.2020

Monthly Agenda August 2020 – International Equities

The S&P 500 finished August in the black for a fifth straight month on optimism a vaccine for the virus may be around the corner. If markets are …
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AGENDA

31.08.2020

Monthly Agenda August 2020 – Australian Equities

Forward EPS revisions have varied across the sectors of the Australian market this month, with estimates revised following companies reporting annual …
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AGENDA

03.08.2020

Monthly Agenda July 2020 – 100 Days

This month we focus our attention on the upcoming US presidential election. This is timely for two reasons. First, we are now three months out from …
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AGENDA

03.08.2020

Monthly Agenda July 2020 – Fixed Income

Holders of highly rated bonds have never been paid so little. Yields on U.S. investment-grade corporate debt are a basis point or so wider in the …
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AGENDA

03.08.2020

Monthly Agenda July 2020 – International Equities

Record drop, record recovery, and unprecedented policy action. This year’s extraordinary market environment is tearing apart long-standing …
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AGENDA

03.08.2020

Monthly Agenda July 2020 – Australian Equities

FY20 earnings announcements will be a key focus of the market through August, with companies detailing the impact to earnings related to COVID19, …
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AGENDA

03.08.2020

Monthly Agenda July 2020 – Alternatives

The WilderHill New Energy Global Innovation Index tracks the performance of companies active in the renewable and low-carbon energy product …
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AGENDA

29.06.2020

Monthly Agenda June 2020 – The Walking Fed

Twenty years ago, “The Simpsons” famously aired an episode of Donald Trump as President of the United States. Ten years ago, the …
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AGENDA

29.06.2020

Monthly Agenda June 2020 – Alternatives

Private markets have grown more than ten-fold since the turn of the century, whilst dry powder currently stands at record levels. Back in 2000 …
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AGENDA

29.06.2020

Monthly Agenda June 2020 – Australian Equities

Forward earnings revisions for the ASX 200 have stabilised since early May, as analysts look towards the prospect of a recovery as the economy …
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AGENDA

29.06.2020

Monthly Agenda June 2020 – Fixed Income

Austria’s mandate to issue another century bond is bound to be lapped up after the runaway success of the 2017 issue. Investors who bought and …
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AGENDA

29.06.2020

Monthly Agenda June 2020 – International Equities

Governments around the world have approved almost $11 trillion to fight the pandemic, and an extra $5 trillion is still in the pipeline, according to …
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AGENDA

25.05.2020

Monthly Agenda May 2020 – Alternatives

Iron ore prices have rallied strongly over the last month, up over 15% in May as stronger than expected demand from China coupled with disruptions to …
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AGENDA

25.05.2020

Monthly Agenda May 2020 – Australian Equities

The recovery in global equity markets began in late March as a multitude of fiscal and monetary stimulus measures were announced around the world to …
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AGENDA

25.05.2020

Monthly Agenda May 2020 – International Equities

The correlation between US equities and the US dollar is once again negative, as it was during the last time the US Federal Reserve undertook …
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AGENDA

25.05.2020

Monthly Agenda May 2020 – Disconnected

The outbreak of the corona crisis has left many of us feeling disconnected from friends, families, and work colleagues. Changes in the way we shop, …
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AGENDA

Monthly Agenda May 2020 – Fixed Income

One of the ironies of the current market is that investors appear to be rewarding the most indebted companies. In a classic ‘credit crisis,&…
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AGENDA

27.04.2020

Monthly Agenda April 2020 - What does it mean when government goes big?

The policy response to COVID-19 has been unprecedented but so has the impact on economic activity. Whilst we are conscious not to extrapolate near …
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AGENDA

10.03.2020

Monthly Agenda March 2020 – Long Live Schumpeter

There is a lot of negative news, views and opinions in financial markets right now. This negativity is rightly occurring on a number of fronts –…
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AGENDA

10.03.2020

Monthly Agenda March 2020 – Australian Equities

The Australian equity market’s performance in February was driven by two primary factors, being half year reporting season and escalating fears …
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AGENDA

10.03.2020

Monthly Agenda March 2020 – Global Equities

Complacency around the coronavirus marked the first half of the month for global equities with most markets up by around 5% in the first two weeks. …
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AGENDA

10.03.2020

Monthly Agenda March 2020 – Currencies and Commodities

Oil prices fell by over 13% in a very volatile month for the commodity as the impact of prolonged business shutdowns and restriction on travel in …
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AGENDA

10.03.2020

Monthly Agenda March 2020 – Fixed Income

Over the month of February bond yields fell across most markets. In Australia, 10-year yields finished down 13 basis points to a record low of just …
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AGENDA

13.02.2020

Agenda 2020 – Our Views in Brief

Global Growth – We expect global growth to rise in 2020 as an easing of trade tensions puts a floor under global manufacturing activity. This …
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AGENDA

13.02.2020

Agenda 2020 – The Dickensian Economy

It has been the best of times and the worst of times for the US economy. While this expansion has been the longest on record at over 126 months, it …
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AGENDA

13.02.2020

Agenda 2020 – Theme 2: ESG Investing Comes of Age

It began as a niche desire. Originally, socially responsible investing (SRI) was confined to a subset of investors who wanted their investments to …
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AGENDA

13.02.2020

Agenda 2020 – Theme 3: Let the Fiscal Phoenix Rise

Inequality of wealth within countries has grown in recent decades, particularly in advanced economies. The post-crisis policy response of injecting …
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AGENDA

13.02.2020

Agenda 2020 – Global Economy Breakdown

United States – Low inflation should keep the US Federal Reserve on hold during 2020. The November presidential election is likely to be a …
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AGENDA

13.02.2020

Agenda 2020 – Theme 1: A Technology Tipping Point

Since Apple released the first iPhone in 2007, few industries have been left unscathed. This transformational device was a tipping point in turning …
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AGENDA

13.02.2020

Agenda 2020 – Fixed Income

Fixed income assets had a strong year in 2019. Bond yields tumbled and credit spreads tightened in response to the dovish pivot by the US Federal …
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AGENDA

13.02.2020

Agenda 2020 – Australian Equities

After a strong year for domestic equity returns, the outlook is for a more benign outcome in 2020. Underpinning this view is the starting point for …
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AGENDA

13.02.2020

Agenda 2020 – International Equities

Our base case scenario remains favourable toward global equities in 2020. Within the US, the Federal Reserve still has room to ease policy should it …
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AGENDA

13.02.2020

Agenda 2020 – Alternatives

We define alternatives to be any asset that is defined by ASIC as a hedge fund or has an illiquidity premium embedded. This makes for a very …
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AGENDA

13.02.2020

Agenda 2020 – Asset Class Quilt of Market Returns

After a dismal 2018, global equity markets roared back to life in 2019 adding some $17 trillion in value over the 12 months. US equities were a …
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