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Insights

Bespoke market insights from our CIO

INSIGHTS:

25.02.2021

Thematic investing is an investment approach that has been growing in popularity and acceptance over the last several years. The starting point for …

INSIGHTS

12.06.2020

The COVID-19 crisis that has unfolded over the last few months has precipitated a dramatic sharp decline in equity markets globally, including …

INSIGHTS

09.12.2019

Australian equities have lagged the recent rebound in global markets over the last quarter, although returns have still been positive. As we have …

INSIGHTS: CIO

01.08.2019

Since we issued our primer on ESG two years ago there has been a substantial increase in the literature, emphasis and debate on ESG. Most pertinently …

INSIGHTS

01.02.2021

Active asset allocation wins in 2020

2020 was a year of extremes. In society and in the environment the extremes were clear. In financial markets, there were extreme winners and extreme …
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INSIGHTS

26.06.2019

The Australian equity market has continued to rise over the last couple of months, reaching multi-year highs despite some larger drawdowns …

INSIGHTS

30.05.2019

- The domestic small cap universe is more diversified than large caps, which are dominated by resources and financials. - Small cap valuations, …

INSIGHTS

02.04.2019

Despite limited gains in equity markets in March, the first quarter is shaping up as the strongest in some time thanks to the first two months of the …

INSIGHTS

18.03.2019

- The Australian equity market outperformed global markets over February’s reporting season, although this was likely driven by other factors …

INSIGHTS

14.03.2019

- Alternatives is best described as an approach to investing rather than an asset class. - Alternatives do not necessarily offer superior returns or …

INSIGHTS

11.03.2019

An investment universe is usually defined by nominating a recognised index. However, there can be multiple indices for the same region, while in some …

INSIGHTS

05.02.2019

The 2019 calendar year has started on a positive note, with global equity markets beginning to claw back some of the steep losses incurred in the …

INSIGHTS

21.12.2018

- Australian large cap portfolios typically have a high concentration to ASX 20 stocks, which over the long term have produced solid returns, but …

INSIGHTS

27.11.2018

The Australian equity market has not escaped the negative sentiment that has driven global equities lower over the last two months. After a …

INSIGHTS

15.11.2018

The fall in equity markets since early October reflects a coincidence of issues that affect valuations.

INSIGHTS

05.11.2018

- Next year’s Federal Election is already impacting the capital management decisions of ASX-listed companies, particularly those with large …

INSIGHTS

14.10.2018

There are a large number of fixed income funds available to Australian investors. While some of these funds only invest in the domestic bond market, …

INSIGHTS

10.09.2018

The Australian market continued to edge higher through August’s reporting season notwithstanding the factors at play over the last couple of …

INSIGHTS

16.08.2018

Benchmark BBSW – This is the Bank Bill Swap Rate. It is a reference rate that many domestic floating rate notes are measured against. The …

INSIGHTS

14.08.2018

In order to reduce the risk of an investment portfolio, it is beneficial to diversify funds into varied asset classes. This helps smooth the …

INSIGHTS

16.08.2018

The Australian Prudential Regulation Authority (APRA) increased capital requirements for banks holding residential mortgage exposures. In addition to …

INSIGHTS

14.08.2018

Australian Government bonds have been one of the best performing assets since the financial crisis with compression in yields driving up the price of …

INSIGHTS

14.08.2018

This report looks at the types of market participants that exist in the bond market and the trends and changes that we have seen over time in terms …

INSIGHTS

14.08.2018

Consistent with the established approach to portfolio investment management, we recommend diversifying across selected fixed income managed funds.…

INSIGHTS

20.06.2018

After a strong rebound off its intra-year low through April (including a run of six positive weeks), the Australian equity market has since …

INSIGHTS

10.05.2018

April was a strong month for global equity returns, with Australia joining in the rally. While markets were particularly buoyant, in many cases the …

INSIGHTS

29.03.2018

The last two months have seen a spike in equity market volatility to more ‘normal’ levels after the benign conditions that were in …

INSIGHTS

19.03.2018

Giselle Roux of ­Escala Partners writes for the AFR 19 March 2018

INSIGHTS

01.02.2018

Over the last several weeks, the Australian equity market has failed to follow the generally positive lead provided by international equity markets …

INSIGHTS

19.12.2017

The ASX 200 has consolidated at around 6,000 after strong performance in in past months, with the market on track for a double-digit total return for …

INSIGHTS

06.11.2017

After tracking sideways for several months in a row, the Australian sharemarket recorded solid gains in October, leading to best its month for the …

INSIGHTS

26.09.2017

August’s reporting season has been the key focus for the domestic equity market over the last several weeks. Aggregate earnings growth for the …

INSIGHTS

08.08.2017

The Australian sharemarket has traded within a tight range over the last two months, with broad macroeconomic drivers relatively mixed, including …

INSIGHTS

23.06.2017

The concentration risk in the Australian sharemarket has been evident in the last six weeks, with domestic equities underperforming most developed …

INSIGHTS

15.05.2017

Along with most other regions, the Australian sharemarket has tracked sideways over the last month, however there has been numerous drivers of …

INSIGHTS

05.04.2017

Australian equities have continued to advance over the last couple of months, completing a sharp turnaround since early 2016. While the market has …

INSIGHTS

10.02.2017

The Australian share market edged higher over the last six weeks, although the wind has come out of the initial post-US election rally that led to …

INSIGHTS

13.12.2016

Politics has been the key theme driving investment markets over the last several weeks, with the US election soon followed by Italy's referendum on …

INSIGHTS

27.10.2016

The last two months have had many drivers of equity returns – central banks (and interest rates), FY16 company reporting season, commodity …

INSIGHTS

16.09.2016

Yesterday the Government released a number of proposed changes to their initial superannuation reforms that were announced on budget night this …

INSIGHTS

25.08.2016

The capital structure of a company can be defined as various sources of funding to finance a company’s balance sheet. Companies issue bonds …

INSIGHTS

01.08.2016

Equity markets have again navigated through the latest event risk – being the Brexit vote – and in many cases have pushed through to …

INSIGHTS

06.07.2016

The federal election from last weekend remains in the balance.  Uncertainty surrounding who will form government, the influence of minor parties …

INSIGHTS

27.06.2016

We believe that the political aspects and presumed cause of Brexit have been well covered by the media. It is therefore the financial consequences …

INSIGHTS

20.06.2016

The most recent equity rally from mid-February to late-May has been driven by several factors, including weakening bond yields, more stable currency …

INSIGHTS

24.05.2016

The familiar theme and sharemarket driver of lower interest rates has returned. Following weak inflation data for the March quarter, which was broad-…

INSIGHTS

04.05.2016

Overall the budget announcements last night will be viewed as a positive for the Australian economy with the main winners being small business …

INSIGHTS

26.04.2016

The range-bound performance of the ASX 200 has continued over the last month, although the drivers of return are markedly different to the trend of …

INSIGHTS

17.03.2016

Equity markets globally have rebounded over the last four weeks, with many of the trends of the last few years reversing. Resource stocks have …

INSIGHTS

18.02.2016

The Australian equity market has followed a similar path to international markets in the early part of 2016, although the losses have been more …

INSIGHTS

25.01.2016

Investing in small capitalisation (small cap) equities can be an attractive way to diversify an Australian equities portfolio. As we illustrate in …

INSIGHTS

24.12.2015

The last month has seen a continuation of many of the themes that influenced the Australian share market in 2015; weak commodity prices impacting the …

INSIGHTS

23.11.2015

Alternatives is best described as an approach to investing rather than an asset class. A significant proportion of the investments do use equities, …

INSIGHTS

17.11.2015

The Australian sharemarket has again underperformed global developed markets over the last month and is now effectively flat on a two month basis. …

INSIGHTS

15.10.2015

The recent pick up in volatility has continued over the last month, although the fall experienced in September has been more than offset in the last …

INSIGHTS

11.09.2015

As with many international equity markets, the Australian sharemarket has lost considerable ground over the last two months. Initially, it was a …

INSIGHTS

08.09.2015

The recent sell off in equity markets can be ascribed to two issues: The potential growth of China: Implicitly, the many sectors which rely on China …

INSIGHTS

14.07.2015

Despite a lot of noise in the market threatening to impact equity returns, investors may be surprised to learn that the Australian equity market has …

INSIGHTS

19.06.2015

After a strong start to the year, the Australian sharemarket has now given back most of these early gains, having lost some 7% since late April. …

INSIGHTS

19.05.2015

Some of the more recent longer term trends that have driven returns in the Australian sharemarket reversed course in April and into early May. …

INSIGHTS

30.06.2015

For some time many investors have largely dismissed the issues facing Greece due to the small size and relative unimportance of its economy. Its GDP …

INSIGHTS

13.05.2015

Last night the coalition delivered its second (and less controversial) budget with a smaller than expected deficit of $35.1 billion or 1.9% of …

INSIGHTS

07.05.2015

Last August, BHP Billiton announced that it intended to spin off a group of its non-core assets into a new entity, which has since been named South32.…

INSIGHTS

04.05.2015

Investing in the developing world is intuitively appealing, particularly given low growth in developed economies, yet is also complex due to a range …

INSIGHTS

14.04.2015

As we have previously discussed at length, equity markets have been driven higher in recent years by interest rates that have continued to decline, …

INSIGHTS

17.03.2015

The purpose of this report is to provide investors with summary attributes of Exchange Traded Funds (ETFs) and Exchange Traded Product (ETPs). We …

INSIGHTS

06.03.2015

The Australian sharemarket continued its solid start to the year in February, with the benchmark index rising each week for a total return of 6.9%. …

INSIGHTS

12.02.2015

January was a tale of two halves, with the market declining early in the month before staging a remarkable recovery that extended into early February.…

INSIGHTS

22.01.2015

The Real Estate Investment Trust (REIT) sector comprises companies with a range of activities in the property sector. Predominantly these are 1) …

INSIGHTS

22.01.2015

In this piece, we look at current issues in the retail sector. In the US, sales are spreading out over Thanksgiving into Cyber Monday. Retailers …

INSIGHTS

20.01.2015

Consistent with the established approach to portfolio investment management, we recommend diversifying across selected fixed income managed funds. …

INSIGHTS

23.12.2014

The drivers of the Australian share market over the last two months have followed similar themes to that of the rest of 2014 – weaker commodity …

INSIGHTS

19.12.2014

Into year end Tradition requires us to cast our eyes forward at this time of the year and debate the potential investment influences and outcomes for …

INSIGHTS

24.11.2014

Separately Managed Accounts (SMAs) provide investors with an alternative to a managed fund product with several additional benefits. In an SMA, …

INSIGHTS

21.11.2014

In order to reduce the risk of an investment portfolio, it is beneficial to diversify funds into varied asset classes. This helps smooth the …

INSIGHTS

17.11.2014

If one was to go away at the end of August and return two months later they could be forgiven for assuming that little had changed in equity markets. …

INSIGHTS

21.11.2014

In order to reduce the risk of an investment portfolio, it is beneficial to diversify funds into varied asset classes. This helps smooth the expected …

INSIGHTS

06.10.2014

September reminded investors of the volatility that can be experienced in equity markets, and the shorter term influences that can sometimes impact …

INSIGHTS

10.09.2014

In our view a blend of fund managers within an asset class, in this case global equities, is the preferred portfolio construction. The ideal outcome …

INSIGHTS

06.10.2014

In our view a blend of fund managers within an asset class, in this case global equities, is the preferred portfolio construction. The ideal …

INSIGHTS

10.09.2014

It is common to see strongly held views on the use of external managers in an investment portfolio. Many express an aversion to fund managers due …

INSIGHTS

10.09.2014

It is common to see strongly held views on the use of external managers in an investment portfolio. Many express an aversion to fund managers due …

INSIGHTS

08.09.2014

Robust share price gains over FY14 meant that earnings expectations were fairly high leading into August’s reporting season. While some …

INSIGHTS

11.08.2014

The Australian sharemarket started the financial year with a positive month, outpacing most global indices, although failing to match major Asian …

INSIGHTS

01.07.2014

The key themes in the Australian market that were established in May extended into June, with the market continuing its recent run of tracking …

INSIGHTS

01.06.2014

May was a month of consolidation for the Australian equity market, with the S&P/ASX 200 Accumulation Index inching higher over the course of the …

INSIGHTS

01.05.2014

If anything, the low interest rate thematic that is providing support for global equities markets has been extended somewhat by the dovish tone …

INSIGHTS

14.05.2014

Last night the Coalition Government delivered the 2014/2015 federal budget which is positioned with an objective to shrink the current deficit from 3.…

INSIGHTS

04.04.2014

Investors may reflect on the patchy sideways trend in investment markets over the first quarter of the year and debate whether this is the …

INSIGHTS

01.04.2014

The March quarter has seen mixed influences on equities from a macro perspective and at a stock-specific level. Macro news has generally been …

INSIGHTS

19.03.2014

Reporting season for the first half of fiscal 2014 was the best in a number of years, based on a range of measures. The market’s earnings …

INSIGHTS

11.03.2014

Following a number of investor presentations a number of common questions arose, which we have addressed in this report.

INSIGHTS

01.03.2014

A challenge facing investors at present is whether the Australian equity market is overvalued. As we have noted previously, the concept of a 'market' …

INSIGHTS

01.02.2014

Heading into reporting season we will defer commentary on individual stocks until next month post their results and instead provide comments on …

INSIGHTS

01.01.2014

In this report we comment on three themes namely 1) Japan and its recent efforts to raise inflation and encourage investment, 2) the somewhat …

INSIGHTS

24.12.2013

In the first of a series of ‘summer reading’ reports, we will touch on a number of investment ideas we expect to become important into …

INSIGHTS

01.12.2013

One of the most challenging aspects of a portfolio is to manage risk. Every holding represents a view on the outlook for that company, …

INSIGHTS

26.11.2013

Australia's energy sector has traditionally taken a back seat to our other commodity exports due to the smaller relative size of this industry …

INSIGHTS

11.11.2013

With an anticipated flood of IPO's coming to the market, we provide a number of questions an investor can use to narrow the options.

INSIGHTS

01.11.2013

There is a sense the leadership in the equity market is rotating. The early stages of a maturing profile in yield stocks is emerging in the …

INSIGHTS

14.10.2013

In 2012, the sharp fall in the iron ore price triggered sequential changes to Australian investment markets. The shift towards yield stocks became …

INSIGHTS

08.10.2013

In our view, the vast majority of investors will achieve their Australian equity portfolio requirements from selections out of the ASX200. We do …

INSIGHTS

03.10.2013

The Australian banking sector is particularly important for most clients, given that most, if not all of the big four – Commonwealth Bank (CBA),…

INSIGHTS

01.10.2013

While individual investors remain attracted to dividend yield due to the fall in interest rates, there are increasing signals that this theme …

INSIGHTS

01.10.2013

Running commentary on equities will invariably include whether the market or individual stocks are cheap/expensive/good value/over priced etc. …

INSIGHTS

23.12.2012

The unwinding of the super cycle in commodity pricing has seen the share prices of many mining companies suffer in the last couple of years, with …

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