Perspectives

Beyond Silicon Valley: Where AI Value Is Really Created

Many companies supplying scarce, high demand AI infrastructure are based in emerging markets, creating a differentiated route into AI growth through scale, consolidation and pricing power.

Why Active Fundamental Investing Still Works in Australia – But Must Evolve

How passive flows, systematic investing and factor crowding are reshaping the market, and what active fundamental investors can do about it.

The Long View: Not a Straight Line

Global Infrastructure Income Strategy Commentary Q2 2026

Infrastructure Positive but Trails in Risk-On Quarter
Listed infrastructure made positive gains, led by user-pays assets such as airports and rail in a risk-on environment of easing geopolitical tensions.

Global Infrastructure Value Strategy Commentary Q2 2026

Freight and Travel Rebound Lifts User-Pays Assets
Airports and toll roads rose as easing tensions laid the groundwork for an increase in global travel, while a freight recovery helped rail.

Global Growth Strategy Commentary Q2 2026

Asia, Europe Flex Tech Muscles
Performance was driven by AI beneficiaries across semiconductors, storage, networking and optical equipment where pricing power is emerging.

Global Value Improvers Strategy Commentary Q2 2026

Finding Value Beyond the AI Rally
A strong global equity rebound masked uneven leadership, creating opportunities in companies tied to energy security, grid modernization and industrial capex.

Australian Select Opportunities Strategy Commentary Q2 2026

Australian equity market valuations and valuation dispersion remain elevated, although valuation spreads have narrowed from the extreme levels seen a year ago.

Australian Real Income Strategy Commentary Q2 2026

Inflation-protected listed Real Assets with less transactional cash flows appear well placed as a defensive “port in the storm”.

Australian Equity Income Strategy Commentary Q2 2026

The Strategy generated a solid positive return for the quarter and posted a significant franked dividend yield premium over its Index income return for the previous 12 month period.

Australian Active Insights Strategy Commentary Q2 2026

The domestic Australian equities backdrop remained mixed, with subdued sentiment offset by resilient business conditions, while inflation concerns continued to shape interest rate expectations.

Midyear Outlook: Earnings Buoy Case for International Equities

Earnings revisions outside the U.S., particularly in emerging markets, have moved materially higher, with earnings momentum often a key driver of sustained market outperformance.