Episoder
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With the ongoing war in Ukraine, continuing conflict in the Middle East, and a reshaping of the global framework underway since Donald Trump came to office, defence stocks have been hot property in the world of investing. While Australian investors don’t have that many options when investing locally, an exception is ship builder Austal (ASX:ASB).
Austal has been a long-term holding for IML’s small and mid cap funds, which have seen its share price triple since the start of 2024. However IML portfolio manager Lucas Goode thinks there could still be plenty of upside for Austal in years to come.
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That is the perspective of David Rolley, Co-Head of the Global Fixed Income Team at Loomis Sayles who has worked in markets for more than 40 years. David thinks that the current White House: “isn't convinced that the global foreign policy, trade, defence, and financial architecture that we've had for the last 80 years serves their purpose.” This is causing considerable change to the global economy and financial markets while making bond, credit, currency and equity markets riskier places to invest.
Listen to the full podcast where David talks to Louise Watson about:
How he believes investors should be approaching this great time of uncertaintyWhy the structural changes happening to the global economy are the most important in 80 yearsWhy he thinks the US is a riskier place to invest and whether this is accurately priced inWhether he believes fixed income will be an effective hedge for equity markets in futureHow he is positioning fixed income portfolios in these times andThe lessons he has learned over 40 years in markets -
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Hollie Briggs and the Loomis Sayles Growth Equity Strategies Team are not overly concerned by the current market volatility. In fact, they see it as potentially an exciting opportunity to buy high-quality companies at discounted prices, which are then less risky than they were previously. The Team has been working together since 2006, successfully navigating the Global Financial Crisis and Covid pandemic, which both turned up many more buying opportunities than normal. In this podcast interview Hollie talks to Louise Watson about:
How the Team views this period of volatility compared to times pastWhy investors need to ‘look through’ the current volatility and focus on fundamentals to benefit from itHow some measures of diversification can give investors false comfort and the measure which Hollie prefersWhy they continue to back their portfolio holdings, including 6 of the Magnificent 7Why they first bought Amazon in 2006 and continue to hold it today -
IML Portfolio Manager, Marc Whittaker, talks to Jason Guthrie about how IML’s small and mid cap portfolios have navigated the recent market volatility and wraps up performance for the first quarter of 2025. Marc also discusses how exposed the companies in the portfolios are to the US’s new tariff regime.
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Louise Watson talks to Chris Wallis, CEO and CIO of Vaughan Nelson, about Trump’s tariffs and recent policy changes and the current market volatility. Chris believes that the current market turmoil is an inevitable part of a global change to trade and capital flows that has been going on since 2021 which he calls: “the great rebalancing”.
After a period of US exceptionalism where everyone had piled into US large cap stocks and mega-cap technology, Chris says capital is now flowing out of an over-invested US and “going home”.
Listen to the full podcast where Chris also discusses:
How his portfolios are positioned for this volatilityThe countries and geographic areas he is most confident in, including why he thinks Chinese equities are a “dead cat bounce” and investors in ‘ReArm Europe’ should book their profits and move onThe equity asset class where he has his highest personal allocationThe big risk he thinks many investors are not fully grasping.For those who enjoyed Chris Wallis's macro and market commentary, you can hear him regularly on the Vaughan Nelson Investment Management Podcast on Soundcloud, Spotify, and Apple.
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IML Portfolio Manager Marc Whittaker talks to Jason Guthrie about another volatile reporting season in the small to mid-cap end of the ASX. As always there have been many winners and losers and Marc discusses the trends he is seeing including margin pressures and a reckoning for some of the best performing companies and sectors of recent months.
Marc also outlines the performance of a some of IML’s key holdings including Mayne Pharma (MYX), oOh!Media (ASX:OML), Integral Diagnostics (IDX) and Light & Wonder (ASX:LNW).
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IML Portfolio Manager Michael O’Neill discusses how investors have been rotating away from away from momentum-driven stocks with high valuations towards more defensive stocks with strong fundamentals in this reporting season. He also shares his thoughts on the performance of the major banks and iron ore miners as well as some of the key stocks in IML’s portfolios including Brambles (BXB), Charter Hall Retail REIT (CQR), CSL (CSL) and Amcor (AMC).
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Integral Diagnostics (ASX:IDX) had a great year in 2024; its share price was up around 50% as its business recovered from the post-Covid doldrums. It has just completed a merger with Capitol Health to make it Australia’s second largest radiology provider and IML portfolio manager Marc Whittaker believes this has it well set up for its next phase of growth.
In this podcast Marc discusses why Integral Diagnostics is one of his highest conviction holdings in IML’s small and mid cap funds.
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Nitin Gupta, Managing Partner and Co-CIO of Flexstone, believes that every investor in private assets should have an allocation to the lower middle market as it drives both portfolio diversification and alpha. He says that this lower middle-market focus, along with Flexstone’s relationships and access, due diligence and investment process and strategy all combine to give Flexstone its enviable track record of never losing money on any of its funds, over its nearly 20-year track record.
In this wide-ranging podcast he talks to Louise Watson from Natixis Investment Managers about:
How he first started in investing and why he chose private markets and Flexstone (3min 12sec)Flexstone’s focus on the lower middle market and its investing ‘special sauce’ (7min 2sec)The best and worst investments in his career and what he learned from them (10min 30sec)The growth of private assets and whether there is a bubble (17min 24sec)Why Flexstone invests in everyday, ‘boring’ businesses (19min 48sec)How Flexstone adds value to the businesses it invests in (22min 50sec) -
China is Australia’s largest trading partner, so any significant changes in the Chinese economy can have big impacts on Australia’s economy, share markets and the wellbeing of everyday Australians. In this podcast Jason Guthrie chats to IML Portfolio Manager Daniel Moore after his return from a research trip to China. They discuss:
How China’s economy is performing, including on-the-ground feedbackThe recent Chinese stimulus and potential future stimulusThe ramifications of a second Donald Trump US PresidencyThe Chinese property marketChinese steel and lithium industries -
Brambles is an Australian global success story and a high-conviction holding in IML’s large-cap portfolios. It has had a very successful year and is up around 35% in 2024, but is it in now fully valued, or is there more to come?
In this podcast, IML Equity Analyst Josh Freiman talks Jason Guthrie through his investment thesis for IML’s Stock of the Month, Brambles, and why he forecasts compound annual earnings per share (EPS) growth of more than 10% for the next three years.
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Chris Wallis, Vaughan Nelson CEO and CIO thinks that AI is both ‘over-hyped and underappreciated’ and better investment opportunities could lie outside megacap tech, particularly in global small-mid caps. In this in-depth podcast Chris talks to Louise Watson, Head of Country for Natixis Investment Managers Australia about:
Why he first started investing and why he loves itWhere he is seeing the best investment opportunitiesHis thoughts on the global economy and future prospectsWhy global small-mid caps are misunderstood and why it is an attractive asset classWhat sets Vaughan Nelson apart, including the Vaughan Nelson culture -
The global economy takes its lead from the US and it is an important market for many of Australia’s largest companies. IML Equity Analyst Josh Frieman has just returned from a US research trip where he gained first-hand insights into the US economy, as well as Australian companies operating in the US. He joins Natixis IM Distribution Director Carl McMinn to discuss his findings in our latest podcast.
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Natixis Investment Managers’ Global Retirement Index attracts great interest in Australia each year. This year Louise Watson discusses the report’s findings with its author Dave Goodsell. They talk about:
How Australia’s rankings changed in this year’s indexWhy the biggest risk to a comfortable retirement is ourselvesWhy many Australians still don’t have enough money to retire, despite our world-class superannuation systemInitiatives for improving retirement savings around the world -
Louise Watson talks to Aziz Hamzaogullari, Founder, Chief Investment Officer and Portfolio Manager of the Loomis Sayles Growth Equity Strategy Team, about his team’s private equity approach to investing and the investment philosophy they follow to generate long-term alpha. Louise and Aziz also discuss:
The early days of Aziz’s investing career and why he decided to join Loomis SaylesThe Team’s Alpha Thesis – the deeply held beliefs and disciplined process which guide what they do every dayThe Magnificent 7 and long-term prospects for AIThe Team’s sell discipline and its approach to mistakesThe importance of company managementThe potential implications of the US election - Vis mere
