Perspectives

The Current Case for Memory Stocks

Its role in the AI buildout has shifted memory from a cyclical commodity into a differentiated technology product with attractive longer-term risk reward.

The Long View: Love at First Hike? It Could Be

Global Value Improvers Strategy Commentary Q3 2026

Rebalancing After Momentum’s Reversal
The Strategy trimmed industrials and added selectively to technology after July’s momentum selloff, as financials and materials helped but weakness in industrials, health care and communication services hurt.

Global Infrastructure Value Strategy Commentary Q3 2026

Establishing Conditions for Stronger Future Earnings
Utilities generally recover prudently incurred costs such as higher interest rates as regulators recalibrate allowed returns to reflect prevailing financing conditions.

Emerging Markets Strategy Commentary Q3 2026

AI Leaders Persevere Through Drawdown
Our semiconductor holdings have come through July selloff with fundamentals intact and should continue to deliver strong operational and financial results.

Global Infrastructure Income Strategy Commentary Q3 2026

Utilities Look Attractive as Rates Rise
Regulated rate-base growth, electrification, grid investment and data center demand support infrastructure, with inflation-linked tariffs and contractual escalators helping preserve real asset values over time.

Australian Select Opportunities Strategy Commentary Q3 2026

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

Australian Active Insights Strategy Commentary Q3 2026

The Australian equity market (as measured by the S&P/ASX 200 Accumulation Index) rose 1.3% over the September quarter, despite weakening into the close.

Australian Equity Income Strategy Commentary Q3 2026

The Strategy generated a positive return for Q3 and posted a significant franked dividend yield premium over its Index income return for the previous 12-month period.

Australian Real Income Strategy Commentary Q3 2026

Real assets were pressured over the quarter as higher bond yields, persistent inflation and geopolitical risk weighed on rate-sensitive sectors, particularly property and infrastructure.

Emerging Markets: Why Waiting for Certainty Could Be Costly

Emerging markets have significantly evolved in recent years and offer a more compelling risk/reward setup than in the past. From deeper local markets to world-leading companies, EM presents a stronger opportunity than geopolitical volatility suggests.

Australian Equity Reporting Season Wrap - August 2026

Earnings revisions told only part of the story this reporting season, as valuation, positioning and shifting market dynamics drove increasingly divergent share-price outcomes.