The Rate Of Change

Tim Carleton | Has Christmas Come Early For Aussie Equities?

In today’s ROCast Murdoch speaks with Tim Carleton the Chief Investment Office at AUSCAP Asset Management.Tim, alongside his colleagues Will Mumford and Gavin Rogers, manages two funds under the AUSCAP banner. Both of these funds target solid absolute risk-adjusted returns by investing in companies that generate strong cash flows and are trading at attractive prices. Firstly, the Auscap Long Short Australian Equities Fund, which has returned an average of 14.5% since its inception in 2012, 11% on average over 5 years, 12.4% over 3 years, and 1.5% over the past 12 months, with a 5.8% return in the past month. Secondly, they have just launched the Auscap Ex-20 Australian Equities Fund at the beginning of December 2023.For me, I really enjoyed hearing Tim break down the differences and similarities between the two strategies. He discusses what exactly an Ex-20 Aussie Equities fund is and why they timed the launch for 1st of December.So, join us as Tim delves into the details of a number of companies, such as Mineral Resources, Realestate.com, Carsales, Resmed, and Nick Scali Furniture. Hear his views on where he thinks markets are going as we discuss the recent movements of the 10-year bond rates and their impact on current markets.Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.au.

Ian Macoun | How to Build, Support & Manage Top-Tier Fund Managers

In today’s ROCast Murdoch Speaks with Ian Macoun, the Managing Director of Pinnacle Investment Management Group (PNI.ASX).Pinnacle is a growing multi boutique, which provides non-investment, funds management services to investment managers known as affiliates. Currently they oversee $90 billion worth of FUM across 15 affiliate investment firms in various asset classes. Along with holding equity interests in their Affiliates, Pinnacle provides seed funding, global institutional and retail distribution, and industrial grade middle office and infrastructure services. This structure enables their affiliate investment managers to focus on what they do best, whilst Pinnacle takes care of the rest.For me I really enjoyed hearing Ian break down how Pinnacle came to be and why they have chosen to work with specific fund managers. He unpacks what services they offer to fund managers, how the business operates and where new technological advancements such as AI are being used to improve the services and overall managed fund industry.Hope you enjoy.

Joss Engebretsen | Unpacking NDIS & Specialist Disability Accommodation

In today’s ROCast Murdoch speaks with Joss Engebretsen Portfolio Manager at Barwon Investment Partners for the Barwon Disability Accommodation Fund.If you have any loved ones with Special Disability Accommodation needs or you have been following the SDA or NDIS in the news, then I think you are really going benefit from the insights Joss shares on these areas.For people unfamiliar with these schemes. Joss unpacks what exactly is the National Disability Insurance Scheme & Specialist Disability Accommodation. Joss shares his thoughts on what improvements should been implemented in the scheme’s, what risks to avoid and how they are investing in Specialist Disability Accommodation, which is both favourable for their clients and investors. The fund has been around for 2 years, the fund targets a total return of 8-10% comprising of an income distribution yield of 5-7%. The fund has returned 14% over the past 12 months with 4.85% income and 9% capital growth.Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auI hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

Luke Cummings | Harvesting Absolute Returns Via Merger Arbitrage

In today’s ROCast Murdoch speaks with Luke Cummings the Co-Founder, Chief Investment Officer & Managing Director of Harvest Lane Asset Management.If you enjoy reading about the latest mergers and Acquisitions in the AFR/News and always wondered what is the best way to make money out of the story of the day, then I think you are really going to enjoy this conversation with Luke.Harvest lane is an Absolute Return Fund with a Merger Arbitrage trading strategy. The fund seeks to profit from M&A activity due to pricing inefficiencies. Luke discusses what a good opportunity looks like, how they manage risk if a play goes against them and we explore current M&A activity such as Origin Energy, Liontown Resources and other sectors including technology. Harvest Lanes Approach has returned 10.61% for the past 12 months with a 8.45% annualised return since inception.Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auI hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

Dr. David Allen | High Alpha Without High Concentration

In today’s ROCast Murdoch speaks with Dr David Allen, Plato Investment Managements Co-Head of Research, Head of Long/Short Strategies and Portfolio Manager of the Plato Global Alpha Fund. For keen rugby fans out there, you may be familiar with David as he was a professional Rugby Union player and is currently the President of Eastern Suburbs Rugby Union Club. For me I enjoyed hearing David explain their unique structure and how the fund achieves high alpha returns without having a highly concentrated portfolio. Combined with the Red flags process and the ability to go long short the fund has generated 8.5% p.a over the MSCI world index since inception. Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this Roast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au With that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

Michael Frazis | Unpacking Global Growth, Tech & Life Sciences

In today’s ROCast we are speaking with Michael Frazis the Managing Director and Portfolio Manager of Frazis Capital Partners.Keen listeners will remember Michael from last year and we wanted to have him back on to see how the fund has been doing over the past year. Michael also unpacks what he is looking at in the Tech and biotech space as well as discussing a new AI backed risk management tool he has built to help in lock in future profits.I really enjoyed this conversation and I encourage you to listeners to the disclaimer at the end of this ROCast and you can keep your feedback coming by reaching me at mgatti@ywm.com.au www.yorkwealth.com.au

Bob Sahota | Navigating Default Cycles & Why Revolution Seems Un-Fazed

In today’s ROCast, Murdoch sits down with Bob Sahota, the Managing Director & CIO of Revolution Asset Management. Revolution provides wholesale investors access to a diversified portfolio of Australian and New Zealand Corporate Loans and Asset-Backed Securities.The Fund currently has a total fund size of A$1,893.7m. The Underlying Fund holds a total of 47 loans as at 31 July 2023, with an average expected life of the portfolio being 1.3 years, Revolution seeks to outperform the RBA Cash Rate by 4 to 5 %p.a. the portfolio yield is 10.1% with a credit spread of the portfolio above BBSW of 584 basis points (bps). The average credit rating of the portfolio is BB+.Bob gives his insight into their process and lending philosophy. Bob also outlines the private lending universe, the overall health of the loans in the portfolios and gives his thoughts on the outlook for lending in current markets.I found the conversation on the state of the Australian economy quite insightful, in particular how corporate company loans are faring in comparison to commercial and residential property loans in a post-covid rising interest rate and lockdown environment.So, before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auwww.yorkwealth.com.au

ROCast 10: Andrew Lockhart | Navigating private credit markets

In today’s ROCast Murdoch speaks with Andrew Lockhart, the Managing Director of Metrics Credit Partners. Metrics Credit partners are a leading Australian non-bank corporate lender and alternative asset manager specialising in fixed income, private credit, equity and capital markets.Metrics currently manages roughly $14billion and gives investors access to these strategies via a range of unlisted and listed managed funds. With this approach, the flagship Metrics Direct Income Fund targets a return of RBA cash rate plus 3.25% and as of the 28th of July the fund has returned 7.93% for the past year and has averaged 6.77% since inception.Andrew gives insights into the origins of Metrics, their process and lending philosophy. Andrew also outlines the private lending universe, the overall health of the loans in the portfolios and gives his thoughts on the outlook for private lending in current markets.In particular, I found the conversation on commercial property to be quite insightful, so before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auwww.yorkwealth.com.au

ROCast 9: Kevin Bertoli | Creating long term wealth via Global Growth

In today’s ROCast, your host Murdoch Gatti speaks with Kevin Bertoli the Co-Portfolio Manager of PM Capital.PM Capital was founded in 1998 by CIO & Chairman Paul Moore, it’s goal is to build long term wealth by investing in global markets with patience and conviction. I would say PM Capital embraces the true definition of a go anywhere strategy and I quite like they have the patience to avoid FOMO rallies and wait for the strongest company in the space to survive a sector pullback before investing at favourable valuations for the long term.With this approach, PM Capital has consistently beat the market average since inception with the Global Companies fund averaging 12.4% over 5 years, 23.9% over 3 years and 9.6% over 1 year. The fund has returned 9.7% since inception, whilst the benchmark of the MSCI World Index has returned 5.8% in this period.Kevin breaks down their process, philosophy and after returning from a research trip in Europe he shares what they look for when investing in companies. For me I found the conversation on when they time their entry into companies to be the most interesting. The patience and discipline required to avoid FOMO rallies and wait for the strong to survive in a sector before buying. On this point Kevin dives into detail on investing in European banks, commodities like copper, oil & gas and the gambling industry.Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.You can reach me at mgatti@ywm.com.auWith that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.www.yorkwealth.com.au

ROCast 8: Grant Hackett | From Diving Board to the Boardroom: An Inspirational Tale

In today’s ROCast Murdoch is joined by Grant Hackett an Australian Icon and the CEO of Generation Development Group (GDG). Prior to his corporate career, Grant was a multiple Olympic champion representing Australia in swimming and has held numerous world records in the early 2000's.We dive into detail about Grants formative years, what lessons of life he has carried over from his Olympic career into the world of financial markets, the challenges he has faced and how he overcame them.Grant discusses GDG's core businesses:Firstly, Generation life, which offers clients and advisors access to two key services being Investment Bonds and Retirement Income Products.Secondly the strategic investment arm, which GDG owns a 49% stake in Lonsec. Lonsec is a leading provider of investment research, portfolio construction and consulting service in Australia.For me I found Grants thoughts on how important it is to surround yourself with great people, mentors and coaches both in the pool and in the investing world to be quite insightful. I was also intrigued by how GDG’s search for long term tax effective investment structures to support the management and transfer of inter-generational wealth very interesting and especially now with the changes to superannuation being at the forefront of people’s minds.Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.Hope you enjoy.York Wealth Managementwww.yorkwealth.com.au