Perspectives

Metals, Commodities and Engineering of the Future

The transition to a lower carbon global economy is not about technology shifts. Australian Equities offer exposure to the multi-decade build-out of physical materials, infrastructure and engineering capabilities, and sustained demand for their metals, materials and engineering capabilities.

The Long View: Party Like It's (Not) 1999

U.S. Reversal Leads to Underperformance

Q4 2025 Global Growth Strategy Commentary
In a value-led quarter that capped a strong year for global equities, the Strategy underperformed primarily due to weakness among its U.S. holdings.

Utilities, Toll Roads Drive Solid Quarter

Q4 2025 Global Infrastructure Value Strategy Commentary
Western Europe was the top-contributing region to Strategy performance, where electric utilities and toll roads contributed strongly.

Lower Bond Yields to Add Tailwind for Infrastructure

Q4 2025 Global Infrastructure Income Strategy Commentary
We expect a continued constructive policy environment in conjunction with further AI-related capacity additions to continue to support infrastructure investments.

Improvers Benefit from a Broadening Market

Q4 2025 Global Value Improvers Strategy Commentary
A broadening global rally and improving fundamentals across key holdings supported strong fourth-quarter performance for Global Value Improvers.

Semiconductor Strength Drives EM Outperformance

Q4 2025 Emerging Markets Strategy Commentary
The Strategy outperformed the benchmark for the quarter and full year, led by strong contributions from our holdings in Korea, China and Taiwan.

U.S. Equity Outlook: Resilience to Keep Bull Market Intact

Capital spending and a resilient U.S. consumer are expected to sustain double-digit corporate profit growth in 2026, leading to positive yet more modest equity returns.

Infrastructure Outlook: AI, Decarbonisation and Policy Tailwinds in 2026

Structural tailwinds like decarbonisation, network upgrades and climate-proofing, along with AI’s need for power, are fuelling long-term capital expenditure cycles for infrastructure.

U.K. Autumn Budget Is Infrastructure Friendly

The November U.K. Budget offers continued support in terms of pipeline visibility and policy direction, in particular for infrastructure helping the energy transition.

AOR Update: Is AI a Clear and Present Danger?

Preparing Your Income Portfolio for Shifting Conditions

A customised, actively managed approach to Australian equities—focussed on sustainable dividends, quality, diversification, and franking—can significantly improve income preparedness and reduce the risk of capital or income impairment when conditions change.