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| Index Selector Links | 1 Year | 3 Year | 5 Year |
|---|---|---|---|
12.67% |
8.92% |
7.94% |
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4.46% |
5.24% |
2.71% |
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-24.75% |
20.37% |
10.51% |
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7.62% |
8.83% |
3.42% |
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8.23% |
8.58% |
6.12% |
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21.25% |
13.89% |
9.59% |
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6.22% |
10.98% |
6.46% |
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20.93% |
14.44% |
5.64% |
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2.44% |
7.96% |
6.15% |
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11.54% |
14.77% |
9.01% |
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4.63% |
9.75% |
4.43% |
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17.52% |
16.67% |
7.44% |
|
9.55% |
10.80% |
9.53% |
|
10.20% |
8.96% |
5.85% |
|
6.60% |
8.35% |
7.09% |
|
-1.81% |
0.29% |
1.09% |
|
8.35% |
9.10% |
7.85% |
Hedge Clippings
3 Jul 2026 - Hedge Clippings | 03 July 2026
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Hedge Clippings | 03 July 2026
Let's look at the RBA Minutes first: The RBA's minutes from its 15-16 June meeting, released this week, confirmed the board held at 4.35% but kept the door open to further tightening, citing "excess demand and widespread inflationary pressures". Persistently weak productivity was flagged as a standing concern; unit labour costs remain above their inflation-targeting-period average despite wages growth in line with expectations, since output per hour isn't keeping pace. The board also linked flat equity prices partly to limited local AI-boom participation. CBA, ANZ and NAB all read the tone as hawkish but were split on the implications: CBA sees a hold through 2026, but with upside risk; ANZ is flagging an August rise if Q2 CPI surprises on the high side; and NAB reads it as confirmation the cash rate has peaked. Which one is on the money will depend on the June CPI due on 29th July, and PPI due 2 days later. But with the RBA not due to meet until 10-11 August, two weeks before the July CPI due on August 26th, there's going to be some crystal ball gazing around the board table. Complicating things will be the slide in the oil price thanks to the US-Iran de-escalation (assuming it holds), but offset by the reintroduction of the other half of the fuel excise levy, and lingering supply-side inflation still filtering through the system. Back to the ASX FY25-26 Close While the Australian equity market as a whole was lacklustre at best, particularly when judged against the S&P500 or Dow Jones, there was an extreme divergence between the sectors and companies that drove average returns, and those that dragged them down. A 48% materials rally carrying an entire index to a mid-single-digit total return (inclusive of dividends) says as much about concentration risk as it does about the benefit of diversification. Strip out rare earths and iron ore, and FY25-26 looks considerably flatter, and argues loudest for active management and offshore diversification vs. passive index investing. Source: IG Australia, ASX 200 FY close report The ASX 200 closed the financial year up 6.3% including dividends. Materials led at +48.2% on a rare earths and lithium re-rating, but even within the sector there were standouts: Mineral Resources (+186.9%), Lynas Rare Earths (+115.2%), Iluka Resources (+93.1%), plus Rio Tinto (+63.0%) and BHP (+62.4%) all leading the charge. While accepting averages can be misleading, stock selection, manager and fund selection, are vital to beating the index. While individual stock prices are known, fund performance for June 2026 is still pending. However in the 12 months to the end of May, just over 50% of equity funds on AFM's database outperformed the ASX200. Choice of the right sector, and fund, or funds, is obviously key. The top 10 over the past 12 months to May have returned between 75% and 126%, a list not unsurprisingly dominated by Resource Strategies such as Terra Capital, Argonaut and Paragon. By comparison, investing in a passive ASX200 Index strategy would force the investor to accept the good, the bad, and everything in between for a return of just under 7%. Finally, US Non-Farm Payrolls June's US jobs report delivered the softest headline in four months: payrolls up just 57,000 versus 115,000 expected, with April and May revised down a combined 74,000. Leisure and hospitality shed 61,000 roles on weak seasonal hiring. Notably, the month Goldman Sachs had modelled a 40,000 World Cup hiring boost that didn't materialise. Unemployment fell to a 12-month low of 4.2%, driven by a 720,000 plunge in the labour force rather than stronger hiring, pulling participation to 61.5%, its lowest since March 2021. Fed Chair Warsh's 17 June comment that labour data was "moving in a good direction" now reads as cover for an extended hold, with June CPI (14 July) the next catalyst. A falling unemployment rate built on a shrinking labour force is a weaker signal than the headline suggests. It buys Warsh time but doesn't resolve the tension between inflation and a cooling jobs market, worth watching alongside the RBA's own next move. Donald will want to focus on the US birthday celebrations this weekend, rather than the job numbers. News | Insights 10k Words | Equitable Investors Netflix: Navigating deals, AI and growth | Magellan Investment Partners May 2026 Performance News Bennelong Emerging Companies Fund |
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8 Jul 2026 - The hidden danger of leveraged ETFs
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The hidden danger of leveraged ETFs Marcus Today June 2026 5-minute read I think that ETFs are a wonderful invention. They enable retail investors to get exposure to international markets, sectors and themes. Brilliant stuff and obviously has been a huge success. But success has many fathers, and huge success has many players. Competition is fierce for ETF dollars. These fund managers want your money. The fees are low (part of the attraction), so you need lots of dollars to make it work. The same infrastructure is required to manage $1bn as $100m. The same models and mechanisms. But competition can be fierce. As a result, they come up with ever more exotic themes, ever more exotic sectors and, worst of all, leveraged ETFs. These can include SNAS or LNAS. These offer leverage of around 2-2.5 times the index move. But when things get weird, worrying is the level of leverage that some providers offer in other markets. Korea is a case in point. When leverage turns against youIt is only fabulous when the market goes up, and leverage magnifies the underlying index moves. It is a bit like an option position. As the market goes up, the sellers of these ETFs are getting shorter and shorter due to the leverage. So they have to keep buying to stay hedged. This pushes the market higher and higher. The trouble is that when things unravel, they tend to unravel quickly. The market makers get longer as it goes down, and so have to rebalance and sell. Couple that with the pain from investors, and it can cascade lower. The Korean market has a huge level of leverage with new products in Samsung and SK Hynix. That is why we saw a 10% fall in the KOSPI yesterday. It feeds on itself. Even the regulator that approved these highly leveraged products has said maybe it wasn't his greatest idea! That is a stark admission. That is something that is supposed to be said in an "inside" voice! Nomura estimates leveraged ETFs now broadly generate about $9 billion of rebalancing demand for every 1% move in the market.
Korea set off the US sell-off. Everything is connected after all. At their May launch, the 16 ETFs tracking the chipmakers in Korea had combined assets of US$3bn. To date, these have ballooned to more than US$9bn. What is also troubling in all this leverage is that they are very popular with retail investors who may not be that experienced in risk management. Just rolling the dice to get rich or die trying! Up until recently, it has worked. Until recently. Leverage is a wonderful thing when it is going well. When it turns, it can be a very sub-optimal experience. And it can unwind the popular trades very quickly. That's what we are seeing at the moment. Those crowded trades unwound at breakneck speed.
The real cost of the AI boom I wrote yesterday about the AI issue. That is the cost of it. It is huge. There is probably going to be a trillion dollars chucked at it this year. That requires a payback. Companies that embrace AI have to see the returns because it is expensive. And do you need a hammer gun to knock in one nail? Does "free" ChatGPT do the job, or do you need advanced Claude models to run your business? And if you are paying a fortune for your AI bots and models, do you need humans? Low value human capital. Like the reverse of the Taco Kid ad. You can't have both. What is the point? It is like buying a designer dog and then wishing you had a rescue one! If you only want one dog, that is. The goal is to save money and be more productive. The big tech stocks have gone from being massive holders of cash to issuing debt and equity to pay for all the spending! That is a significant change to the models. From cash hoarders to Shirley Bassey stocks. Big spenders. I use ChatGPT; I am not a complete Luddite, but for my requirements, it does a pretty good job. I am not into just posting AI stuff. It is nice to think about things. What does compute actually cost?The concern I have is how much does "compute" cost? Does it just become a commodity? The big spenders want you to use it more and more, in more and more sophisticated ways. Tokens, tokens everywhere and not a brain to think! If you invest $1 trillion, you would like to see a return. A pretty good one. Especially as you are not sure how long the chips will last and how quickly you will have to upgrade. Then there is the question of open-source Chinese AI models, which are vastly cheaper and sometimes free. Will the Chinese do to the tech models what they have done to German car makers? Going the way of the Dodo! Does anyone know the cost of a "compute token" in a year? What about five years? As they say, investing in resource stocks is risky because you don't know what iron ore prices will be in five years. Yet they are still investing $1 trillion a year! Is this another period when the markets have lost their minds? Irrational exuberance. Vale Greenspan. He called it. |
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Funds operated by this manager: |
7 Jul 2026 - 4 ASX stocks we like despite the macro uncertainty
4 ASX stocks we like despite the macro uncertainty (pdf format)
6 Jul 2026 - The changing world order and what it means for investors
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The changing world order and what it means for investors Magellan Investment Partners June 2026 (Listening time: 38 mins) |
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Geopolitical events are no longer just creating short-term market volatility, they're reshaping the global investment landscape in more lasting ways. In this episode of In The Know, Alan Pullen is joined by Michael Allen, Managing Director and Partner at Beacon Global Strategies, to examine the structural changes unfolding across global politics. They discuss the future of NATO, the conflicts in the Middle East and Ukraine, the direction of US politics under President Trump, and why investors may need to rethink some of the assumptions that have underpinned markets for decades. |
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Funds operated by this manager: Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT) Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') 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 Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com 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 Investment Partners 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. No guarantee is made that such information is accurate, complete or timely and no warranty is given 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 Investment Partners or the third party responsible for making those statements (as relevant). 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 Investment Partners 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 Investment Partners claims no ownership in, nor any affiliation with, such trademarks. Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. 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 Investment Partners. (080825-#W17) |
3 Jul 2026 - The underappreciated strength of European banks
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The underappreciated strength of European banks Janus Henderson Investors June 2026 (7-minute read) After more than a decade contending with the aftereffects of the Global Financial Crisis (GFC), European bank stocks have reemerged as one of the notable bright spots across the region's equity markets in recent years. In 2024 and 2025, the STOXX® Europe 600 Banks Index returned an impressive 35% and 77%, respectively, outperforming the broader STOXX® Europe 600 Index by more than 105 percentage points over that span.1 Importantly, this followed a long stretch of relative underperformance as tougher banking regulations and ultra-low interest rates weighed on profitability and loan growth. But while a low starting point and recognition of deeply depressed valuations - and subsequent multiple expansion - may explain some of the rally, improved fundamentals have been an underappreciated aspect of the story, in our view. Indeed, the rally over the last two years has been underpinned by earnings growth, as shown in the chart below. And while the Iran conflict injected a fresh dose of macro-driven volatility, valuations across the sector remain modest, and we believe the case for further rerating is firmly intact. Exhibit 1: Strong 2024 and 2025 performance driven by significant upward earnings revisions and multiple expansion
Source: Bloomberg, data from 1 January 2024 to 12 June 2026. Past performance does not predict future results. Emerging from a 15-year post-GFC deleveraging cycle In Europe, banks have spent more than a decade improving the size and quality of their capital reserves, as evidenced by a steady rise in Common Equity Tier 1 (CET1) levels and capital ratios (Exhibit 2). While this has supported banks' ability to weather exogenous shocks, it has also constrained lending, resulting in a period of muted - and at times, negative - loan growth. This, in turn, weighed on economic growth across the region, as banks provide the majority of financing to the corporate sector. More recently, there has been growing debate about whether the pendulum may have swung too far toward over-regulation. To date, progress toward deregulation has been limited, but discussions are underway around proposals to free up capital, support lending, and improve the competitiveness of European banks. Exhibit 2: European banks have built materially stronger capital positions
Source: ECB, "Supervisory Banking Statistics for significant institutions, fourth quarter 2025", 18 March 2026. At the same time, risk controls and cost-cutting measures honed during the days of negative rates have vastly improved many firms' operating efficiency. Loan books have also been significantly de-risked, with the non-performing loans ratio for significant institutions falling to roughly 2% in recent European Central Bank (ECB) data, down from more than 7% a decade ago.2 The upshot is that European banks have emerged from the prolonged deleveraging cycle as a healthier, more profitable sector, with higher interest rates providing an additional tailwind to earnings. A more constructive operating environment Consequently, the region's banks have been achieving their highest profitability of the post-GFC era, as measured by return-on-equity (ROE) levels. After bottoming in the mid-single-digits range in the aftermath of the pandemic, European banks have closed the gap with their U.S. peers and, in some cases, moved ahead for the first time in years. Exhibit 3: European banks have closed the profitability gap with U.S. peers
Source: Bloomberg, data as of 12 June 2006 to 12 June 2026. Past performance does not predict future results. Valuations suggest room for further rerating Despite this improved fundamental picture, European bank stocks continue to trade at a meaningful discount to U.S. banks and the broader European equity market. Although valuations have risen from deeply depressed levels, they have only recently returned to their long-term average.
Exhibit 4: European bank valuations are yet to fully reflect improved fundamentals
Source: Bloomberg, data as of 12 June 2006 to 12 June 2026. Past performance does not predict future results. Meanwhile, European banks have been returning capital to shareholders at a healthy clip in the form of dividends and share buybacks, with the dividend yield on the STOXX Europe 600 Banks Index north of 5%, more than double that of comparable U.S. benchmarks.4 All of this would argue in favor of room for further multiple expansion, in our view. While some discounting to U.S. peers may be warranted, we believe the persistently wide valuation gap also reflects anchoring bias - a tendency among investors to reference past underperformance when making investment decisions. Longer-term structural shifts and potential implications Beyond the improved earnings trajectory and still-attractive valuations, a combination of structural shifts and secular drivers is reshaping the investment landscape for European banks and could further support the case for additional upside.
While recent geopolitical turmoil has strengthened the case for European nations to boost defense spending - a potential tailwind that could support lending growth - the Iran conflict and resultant energy shock have cast a pall over the economic outlook for the region. The dual threat of higher inflation and potential demand destruction poses a risk for net energy-importing countries and bears close monitoring. The ECB responded on June 11 with its first rate increase since 2023, and markets are pricing in expectations for at least one additional rate hike this year, as of this writing. For now, the combination of modestly higher rates and still-resilient, albeit less-robust, economic growth aligns with the sort of environment in which banks typically thrive. That said, even with the recent Iran ceasefire extension, questions remain about how fully the Strait of Hormuz will reopen and the extent to which any lingering supply disruption could weigh on Europe and the broader global economy. This uncertain backdrop makes selectivity all the more critical. While we believe the case for further valuation rerating remains compelling, it is unlikely to be uniform across the European banking sector. In our view, deep fundamental research and bottom-up stock selection are essential to identifying institutions with strong capital positions, diversified earnings streams, and exposure to attractive markets supported by longer-term secular tailwinds. IMPORTANT INFORMATION Actively managed investment portfolios are subject to the risk that the investment strategies and research process employed may fail to produce the intended results. Accordingly, a portfolio may underperform its benchmark index or other investment products with similar investment objectives. Diversification neither assures a profit nor eliminates the risk of experiencing investment losses. Equity securities are subject to risks including market risk. Returns will fluctuate in response to issuer, political and economic developments. Financials industries can be significantly affected by extensive government regulation, subject to relatively rapid change due to increasingly blurred distinctions between service segments, and significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets. |
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Funds operated by this manager: Janus Henderson Australian Fixed Interest Fund , Janus Henderson Conservative Fixed Interest Fund , Janus Henderson Diversified Credit Fund , Janus Henderson Global Natural Resources Fund , Janus Henderson Tactical Income Fund , Janus Henderson Australian Fixed Interest Fund - Institutional , Janus Henderson Conservative Fixed Interest Fund - Institutional , Janus Henderson Cash Fund - Institutional , Janus Henderson Global Multi-Strategy Fund , Janus Henderson Global Sustainable Equity Fund , Janus Henderson Sustainable Credit Fund All opinions and estimates in this information are subject to change without notice and are the views of the author at the time of publication. Janus Henderson is not under any obligation to update this information to the extent that it is or becomes out of date or incorrect. The information herein shall not in any way constitute advice or an invitation to invest. It is solely for information purposes and subject to change without notice. This information does not purport to be a comprehensive statement or description of any markets or securities referred to within. Any references to individual securities do not constitute a securities recommendation. Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Whilst Janus Henderson believe that the information is correct at the date of publication, no warranty or representation is given to this effect and no responsibility can be accepted by Janus Henderson to any end users for any action taken on the basis of this information. |
2 Jul 2026 - Performance Report: Equitable Investors Dragonfly Fund
[Current Manager Report if available]
2 Jul 2026 - Global infrastructure: Why a selective approach matters
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Global infrastructure: Why a selective approach matters abrdn June 2026 (Reading time: 5 Mins) What if the biggest risk in infrastructure investing today is treating it as a single asset class? Historically, global infrastructure has been perceived as an asset class offering relatively stable and predictable returns which may vary depending on market conditions. Yet, as the asset class evolves in response to structural shifts such as decarbonisation, digitalisation, and changing supply chains, broad categorisations are becoming less useful. The infrastructure label alone no longer tells investors enough about revenue quality, risk transfer, policy exposure or long-term resilience. The key question is not simply whether an asset sits within an infrastructure sector, but whether it has the economic characteristics investors expect from infrastructure in the first place. A more nuanced investment universeInfrastructure today is not a monolith. It spans a diverse range of subsectors, each with distinct drivers, regulatory frameworks, and risk-return profiles. Traditional assets such as utilities and transport continue to play a core role, but they are increasingly complemented by newer areas like digital networks, district heat, equipment leasing and other energy transition solutions. Investors need to distinguish between assets with genuinely defensive infrastructure characteristics and those that may simply be exposed to attractive themes. In this context, we believe a selective approach is becoming essential. Investors need to distinguish between assets with genuinely defensive infrastructure characteristics and those that may simply be exposed to attractive themes. This enables a clearer understanding of where risks lie - and where opportunities may be underappreciated. DecarbonisationOpportunity with complexityOne of the most powerful forces reshaping infrastructure is the global energy transition. Governments and corporates are accelerating efforts to decarbonise, driving significant capital investment into renewables, grid modernisation, energy efficiency and the wider infrastructure needed to make lower-carbon systems reliable and affordable. A selective perspective helps investors distinguish between different risk profiles, allowing for more targeted allocation. However, this opportunity set is far from uniform. In our view, the dispersion in renewable returns is being underestimated depending on geography, regulatory support, and technological maturity. Some assets benefit from long-term contracted revenues, while others are more exposed to merchant pricing, grid constraints and policy evolution. A selective perspective helps investors distinguish between these different risk profiles, allowing for more targeted allocation. It also helps avoid the assumption that every asset associated with the transition automatically offers infrastructure-like downside protection. Digital infrastructure comes of ageAt the same time, the digital economy is transforming what constitutes infrastructure. The rapid growth in data consumption has fuelled demand for fibre networks, towers, and data centres. Some of these assets exhibit infrastructure-like characteristics, including high barriers to entry, essential demand and long-term contracts. For investors, the distinction between durable digital infrastructure and technology-led growth exposure is increasingly important. Yet these assets are not without their own complexities. Technological change, evolving customer requirements, and competitive dynamics can all influence long-term value. Understanding these factors at a detailed level is critical to identifying assets that combine structural growth with durable cash flows. Rethinking transport and logisticsTransport infrastructure, long a cornerstone of the asset class, is also evolving. While passenger volumes have recovered unevenly in the wake of the pandemic, longer-term trends such as remote working and decarbonisation are reshaping demand patterns. Meanwhile, freight and logistics infrastructure has gained prominence, supporting changing supply chains and demand for more resilient networks. Here again, selectivity matters. Assets supported by contracted, availability-based or take-or-pay revenues can have a very different risk profile from those exposed mainly to volumes or discretionary demand. Regulation and inflationDetail mattersRegulation remains a defining feature of infrastructure investing, but its influence is becoming more complex. Policymakers must balance attracting private capital with achieving social and environmental objectives, creating both opportunities and risks. A detailed, bottom-up approach is essential to assess (revenue linkage, contract structures, and regulatory mechanisms) accurately. Inflation adds another layer of nuance. While infrastructure is often viewed as a potential hedge against rising prices, the degree of protection varies. Some assets benefit from explicit indexation, while others rely on pricing power, regulatory resets or contract renegotiation. Revenue linkage, contract structures, cost pass-through and regulatory mechanisms all play a role in determining how effectively inflation protection works in practice. A detailed, bottom-up approach is essential to assess these dynamics accurately. The case for active, selective investingIn an increasingly diverse and complex asset class, active management is gaining importance. Broad or passive approaches may overlook the dispersion of returns across subsectors and geographies. By contrast, a selective strategy grounded in detailed analysis can better identify mispriced opportunities, anticipate regulatory shifts, and allocate capital to areas with the strongest long-term fundamentals. For us, this means focusing on assets where essential-service demand, defensible revenues and active ownership can combine to create value, rather than relying on thematic growth alone. This also enhances diversification, ensuring that portfolios are constructed from assets with genuinely complementary characteristics, rather than simply broad exposure. Final thoughtsThe case for global infrastructure remains compelling, underpinned by a significant investment gap across energy, digital connectivity, and urban development. However, capturing these opportunities requires a more sophisticated approach than broad asset-class exposure can provide. As the market evolves, success will depend on moving beyond high-level classifications and focusing on the assets that genuinely combine essentiality, resilience and growth, embracing a more selective perspective. For investors, this shift is not only about managing risk. It is about accessing the best of what infrastructure can offer in a rapidly changing world. |
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Funds operated by this manager: abrdn Sustainable Asian Opportunities Fund , abrdn Emerging Markets Equity Fund , abrdn Sustainable International Equities Fund , abrdn Global Corporate Bond Fund (Class A) |
1 Jul 2026 - Monthly Market Commentary
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Monthly Market Commentary Arculus Funds Management June 2026 (3-minute read) Monetary Policy & Rates The RBA held the cash rate steady this month following three consecutive 25bp increases to open the year, a unanimous decision that Governor Bullock paired with an acknowledgement the economy still carries "a bit of excess demand." We read the pause as genuine, not the end of the cycle. Our central case is that the Bank remains on hold through the second half of the year before delivering a further 25bp increase in the December quarter - a move we expect to be driven by cost-push inflation crystallising even as the broader economy looks lacklustre. Underlying inflation is building beneath a softer headline The case for a final hike is building beneath a softening headline. May headline inflation fell to 4.0% YoY, but almost entirely on a 12% fall in fuel and a 6.9% drop in travel prices; the trimmed mean rose to 3.6% YoY, the high of its series. The persistence sits in roughly a third of the basket and is supply- and cost-side in character: new dwelling construction is running at 5.6% YoY - its fastest since mid-2023 and adding some 42bps to headline inflation on its own - while rents are reaccelerating toward 4% and market services inflation remains broad-based. Critically, this is all evident before the Fair Work Commission's 4.75% award wage increase - which lifts pay for around a fifth of the workforce - takes effect on 1 July (the concurrent ~6% rise in the National Minimum Wage reaches under 1% of employees and is macroeconomically immaterial). We expect that award step-up to feed market services through the second half, with the late-October Q3 CPI the most likely trigger for the Bank to move. A hike into a cooling economy That this tightening would land into a cooling economy is, in our view, the defining feature of the outlook rather than a contradiction of it. The housing downturn has begun, hours worked softened in the month, and household spending is growing at its slowest pace in a year. Yet the labour market remains genuinely tight: unemployment fell back to 4.4% as April's spike reversed, employment rebounded 40k, and broader spare-capacity measures - underutilisation at 10.2%, underemployment near its cycle low - sit at generational tights. A central bank facing sticky, cost-driven inflation against a still-tight labour market has limited room to look through it, weak demand notwithstanding. The 2027 risk: a wage-price spiral Beyond the December move, we see a credible path to a second 25bp increase during 2027, though we treat it as conditional and sequenced. The first condition is that money supply growth remains strong, sustaining the monetary impulse behind demand; only if that holds does the second condition - a broadening in wages growth - become the mechanism that converts cost-push pressure into a self-reinforcing wage-price dynamic. Absent strong money supply growth, we would not expect wages alone to force the Bank's hand. We flag this as a risk case rather than our base but note it runs directly counter to prevailing assumptions of an easing cycle from late 2027. On our trajectory the next move is up, then held, and the eventual cut sits materially later than consensus. Positioning With the market pricing only around 8bps of tightening over the next twelve months, we regard the front end as under-pricing both the December hike and the medium-term risk profile. This is a higher-for-longer environment, and we continue to favour carry and income over duration, with elevated BBSW reflecting a rate path that has further to climb before it turns. Funds operated by this manager: |
30 Jun 2026 - Performance Report: Insync Global Quality Equity Fund
[Current Manager Report if available]
30 Jun 2026 - Netflix: Navigating deals, AI and growth
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Netflix: Navigating deals, AI and growth Magellan Investment Partners June 2026 (Viewing time: 14 mins) |
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As streaming competition intensifies and AI reshapes the media landscape, Deputy Portfolio Manager Ryan Joyce explores how Netflix is navigating a pivotal period for the industry. He highlights management's disciplined decision to walk away from the Warner Bros Discovery deal and examines AI's mixed impact--creating near-term engagement headwinds from short-form content, but ultimately acting as a tool to enhance, not disrupt, Netflix's core model. With strong global growth potential, rising ad-tier monetisation and meaningful operating leverage, Ryan highlights Netflix's ability to sustain growth and expand earnings over time. |
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Funds operated by this manager: Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT) Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') 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 Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com 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 Investment Partners 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. No guarantee is made that such information is accurate, complete or timely and no warranty is given 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 Investment Partners or the third party responsible for making those statements (as relevant). 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 Investment Partners 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 Investment Partners claims no ownership in, nor any affiliation with, such trademarks. Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. 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 Investment Partners. (080825-#W17) |
29 Jun 2026 - Performance Report: Bennelong Emerging Companies Fund
[Current Manager Report if available]
6 Jul 2026 - The changing world order and what it means for investors
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The changing world order and what it means for investors Magellan Investment Partners June 2026 (Listening time: 38 mins) |
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Geopolitical events are no longer just creating short-term market volatility, they're reshaping the global investment landscape in more lasting ways. In this episode of In The Know, Alan Pullen is joined by Michael Allen, Managing Director and Partner at Beacon Global Strategies, to examine the structural changes unfolding across global politics. They discuss the future of NATO, the conflicts in the Middle East and Ukraine, the direction of US politics under President Trump, and why investors may need to rethink some of the assumptions that have underpinned markets for decades. |
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Funds operated by this manager: Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT) Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') 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 Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com 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 Investment Partners 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. No guarantee is made that such information is accurate, complete or timely and no warranty is given 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 Investment Partners or the third party responsible for making those statements (as relevant). 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 Investment Partners 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 Investment Partners claims no ownership in, nor any affiliation with, such trademarks. Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. 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 Investment Partners. (080825-#W17) |
30 Jun 2026 - Netflix: Navigating deals, AI and growth
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Netflix: Navigating deals, AI and growth Magellan Investment Partners June 2026 (Viewing time: 14 mins) |
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As streaming competition intensifies and AI reshapes the media landscape, Deputy Portfolio Manager Ryan Joyce explores how Netflix is navigating a pivotal period for the industry. He highlights management's disciplined decision to walk away from the Warner Bros Discovery deal and examines AI's mixed impact--creating near-term engagement headwinds from short-form content, but ultimately acting as a tool to enhance, not disrupt, Netflix's core model. With strong global growth potential, rising ad-tier monetisation and meaningful operating leverage, Ryan highlights Netflix's ability to sustain growth and expand earnings over time. |
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Funds operated by this manager: Vinva Global Alpha Fund - Active ETF (ASX: V1AC) , Vinva Australian Equity Fund , Vinva Global Equity Fund , Vinva Australian Alpha Extension Fund , Vinva Global Alpha Extension Fund - Class A , Magellan Infrastructure Fund , Magellan Global Opportunities Fund No.2 , Magellan Infrastructure Fund (Unhedged) , Magellan Core Infrastructure Fund , Magellan Global Opportunities Fund Active ETF (ASX:OPPT) Important Information: This material has been delivered to you by Magellan Asset Management Limited ABN 31 120 593 946 AFS Licence No. 304 301 trading as Magellan Investment Partners ('Magellan Investment Partners') 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 Investment Partners financial product may be obtained by calling +61 2 9235 4888 or by visiting www.magellaninvestmentpartners.com 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 Investment Partners 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. No guarantee is made that such information is accurate, complete or timely and no warranty is given 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 Investment Partners or the third party responsible for making those statements (as relevant). 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 Investment Partners 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 Investment Partners claims no ownership in, nor any affiliation with, such trademarks. Any third-party trademarks contained herein are the property of their respective owners, are used for information purposes and only to identify the company names or brands of their respective owners, and no affiliation, sponsorship or endorsement should be inferred from such use. 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 Investment Partners. (080825-#W17) |
19 Jun 2026 - Expert Analysis of the RBA's June 16 Rate Decision
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Expert Analysis of the RBA's June 16 Rate Decision FundMonitors.com June 2026 |
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Chris Gosselin, CEO of FundMonitors.com, speaks with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, about the Reserve Bank's decision to keep rates on hold and what it may signal for the months ahead. They discuss inflation pressures, the impact of oil prices and geopolitical tensions, and why rate cuts may remain unlikely in the near term. |
2 Jun 2026 - National Adviser Roadshow - The Great Mispricing
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National Adviser Roadshow - The Great Mispricing Airlie Funds Management May 2026 (Viewing time: 26 mins) |
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Emma Fisher, Airlie's Deputy Head of Australian Equities, explores the "Great Mispricing" we're currently witnessing in Australian equities and where she is uncovering attractive investment opportunities. Funds operated by this manager: Airlie Australian Share Fund Active ETF (ASX:AASF) , Airlie Small Companies 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 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 about whether 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. No representation or warranty is made with respect to the accuracy or completeness of any of the information contained in this material. Airlie 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 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. |
1 Jun 2026 - Manager Insights | Digital Asset Funds Management
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Chris Gosselin, CEO of FundMonitors.com, speaks with Clint Maddock, Director and Co-Founder at Digital Asset Funds Management. Clint discussed how the fund has remained profitable despite Bitcoin's recent decline, highlighting its market-neutral arbitrage strategy across multiple digital asset exchanges. He also shares his outlook on crypto market catalysts, including regulatory developments in the US, and the fund's growth following its distribution partnership with Montgomery Funds Management.
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21 May 2026 - Global Perspectives: Addressing the most essential questions around AI
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Global Perspectives: Addressing the most essential questions around AI Janus Henderson Investors May 2026 (Duration: 29 minutes) In this episode, Portfolio Manager Denny Fish takes a deep dive into the current state of artificial intelligence (AI), including the latest advancements, its potential to propel economic growth, and the rise of agentic AI and its impact on software business models. He also shares insights from a recent research trip in China. |
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Funds operated by this manager: Janus Henderson Australian Fixed Interest Fund , Janus Henderson Conservative Fixed Interest Fund , Janus Henderson Diversified Credit Fund , Janus Henderson Global Natural Resources Fund , Janus Henderson Tactical Income Fund , Janus Henderson Australian Fixed Interest Fund - Institutional , Janus Henderson Conservative Fixed Interest Fund - Institutional , Janus Henderson Cash Fund - Institutional , Janus Henderson Global Multi-Strategy Fund , Janus Henderson Global Sustainable Equity Fund , Janus Henderson Sustainable Credit Fund All opinions and estimates in this information are subject to change without notice and are the views of the author at the time of publication. Janus Henderson is not under any obligation to update this information to the extent that it is or becomes out of date or incorrect. The information herein shall not in any way constitute advice or an invitation to invest. It is solely for information purposes and subject to change without notice. This information does not purport to be a comprehensive statement or description of any markets or securities referred to within. Any references to individual securities do not constitute a securities recommendation. Past performance is not indicative of future performance. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Whilst Janus Henderson believe that the information is correct at the date of publication, no warranty or representation is given to this effect and no responsibility can be accepted by Janus Henderson to any end users for any action taken on the basis of this information. |
20 May 2026 - Who's winning the AI race - and does it matter?
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Who's winning the AI race - and does it matter? abrdn May 2026 (Duration: 27 Mins) In this episode, we explore how artificial intelligence (AI) is reshaping global competition. We compare the US and China's approaches to AI, looking beyond the headlines to examine models, infrastructure, power, government strategy and the real world application of AI across economies. Nick speaks to Bob, and they discuss whether AI really represents a race between the US and China, how different policy and market structures are shaping outcomes, and why the implications for growth and productivity may matter more than who is technically "ahead" at any given moment. |
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Funds operated by this manager: abrdn Sustainable Asian Opportunities Fund , abrdn Emerging Markets Equity Fund , abrdn Sustainable International Equities Fund , abrdn Global Corporate Bond Fund (Class A) |
Datt Capital.
15 May 2026 - Manager Insights | Datt Capital
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Chris Gosselin, CEO of FundMonitors.com, speaks with Emanuel Datt, founder and Chief Investment Officer at Datt Capital. Emanuel discussed recent market volatility, the divergence between large and small caps, and the opportunities emerging in the small companies space. He also discussed Datt Capital's approach to sector analysis, including technology, AI adoption, and energy, as well as the Fund's cash position and ability to act on market dislocations. Disclaimer: This conversation with FundMonitors was recorded prior to the release of the federal budget. |
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Funds operated by this manager: Datt Capital Absolute Return Fund , Datt Capital Small Companies Fund |
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8 May 2026 - Expert Analysis of the RBA's May 5 Rate Decision
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Expert Analysis of the RBA's May 5 Rate Decision FundMonitors.com May 2026 |
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Chris Gosselin, CEO of FundMonitors.com, spoke with Nicholas Chaplin, Director and Portfolio Manager at Seed Funds Management, and Renny Ellis, Director & Head of Portfolio Management at Arculus Funds Management. The discussion examines the RBA's decision to raise rates to 4.35%, with a focus on inflation pressures, the impact of energy costs, recession risks, and the broader implications for households, markets, and the Australian economy. |
4 May 2026 - Manager Insights | Altor Capital
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Chris Gosselin, CEO of FundMonitors.com, speaks with Benjamin Harrison, Chief Investment Officer at Altor Capital. In this conversation, Ben shared how the Altor AltFi Income Fund has delivered consistent performance over seven years, combining private credit investments with unique equity kickers. He also discussed their hands-on approach, focus on mid-market corporates, and where he sees the greatest opportunities for growth-making this a valuable watch for investors interested in private credit. |
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