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‘We’ll only be trusted if we deserve to be trusted’: Magellan hunkers down

Magellan has gone to its investors with a profit beat, a potential share buyback, and a promise that it will no longer be distracted by dalliances outside its core funds management business. Magellan came out swinging at its first results briefing since the surprise departure of Hamish Douglass, announcing an increased dividend, a potential share…

Lachlan Maddock | 18th Feb 2022 | More
EM investors see a stock picker’s dream

The woes never seem to end in emerging markets, but their proponents see the current upheaval as a chance to take advantage of dirt-cheap valuations. China’s regulatory crackdown still has investors running scared, but Joseph Lai, chief investment officer of Ox Capital, says he and his team are like “kids in a candy shop”. Lai…

Lachlan Maddock | 9th Feb 2022 | More
  • Why fundies ‘fade to mediocrity’

    While some say Aoris is an “early Magellan”, chief investment officer Stephen Arnold has no intention of going down the same path that other Australian fund managers have taken. The problem that lies at the heart of active funds management is well-understood: very few will ever outperform the market over a long timeframe. It’s a…

    Lachlan Maddock | 2nd Feb 2022 | More
    Firetrail goes global – warts and all

    The green boom has seen rife speculation on so-called sustainable companies without so much as a dollar to their name. Firetrail’s new global equities operation wants to find the ones with a few warts on them instead. “It’s all about finding tomorrow’s leaders,” says Justin Gray, one of three portfolio manager for Firetrail’s new S3…

    Lachlan Maddock | 28th Jan 2022 | More
  • Age begets wisdom in funds management: Study

    Chalk one up for the old guys: a new study has found that, where funds management is concerned, age is correlated with both performance and persistence. “The most consistent result from our estimates of the cross-sectional relationship between manager characteristics and manager skill… are that accumulated wisdom, however this is proxied, has a positive relationship…

    Lachlan Maddock | 25th Jan 2022 | More
    Douglass sticks to his guns after horror 2021

    After a hellish close to 2021 that saw the departure of one of Magellan’s largest institutional clients, the pressure will be on for Hamish Douglass to do what he says he won’t: prioritise the short-term. The closing months of 2021 were likely the harshest of Hamish Douglass’s public career. Criticisms of Magellan’s underperformance since the…

    Lachlan Maddock | 6th Jan 2022 | More
    Traditional managers eye hedge fund space

    Big and traditional managers are encroaching further on the space of alternative managers, gauging by winners and finalists at the sector’s annual awards on Friday night. The Australian Alternative Investment Awards, held in conjunction with the Hedge Funds Rock charity night at the Sydney Hilton, December 10, represented a welcome live, and lively, event for…

    Lachlan Maddock | 11th Dec 2021 | More
    Ninety One flows augur well for big firms

    In a positive sign for diversified global managers, the dual-listed Ninety One has reported a turnaround in fund flows and a big increase in profits following strong returns in the past six months. The company said in London last week (November 16) that net inflows of £3.9 billion sterling (A$7.2 billion), taking total assets under…

    Staff Writer | 18th Nov 2021 | More
    Why it’s time for frontier markets

    Big Australian investors have never been very fond of taking geographical bets in their portfolios. Just ask a marketing person about selling Asia ex-Japan, for instance; even in the ‘Asian Century’. There are good reasons for why they shouldn’t, the main one being that geographies limit an investor’s universe. A good investment is a good…

    Greg Bright | 12th Nov 2021 | More
  • Making factors work in Aussie equities

    While factor investing has been taken up globally, it’s seen slower pickup in the highly concentrated Australian equity market. That’s starting to change. The success of traditional active management is mostly due to its exposure to the most common factors: value, momentum, quality, and low volatility. But while factor-based investing has become globally ubiquitous, challenges…

    Staff Writer | 5th Nov 2021 | More
    Ruffer runs against the bulls

    A profound shift in the investment environment demands a revolution – not an evolution – in thinking, according to Ruffer. It might be the only way to defy gravity. The analogy that Ruffer uses for investor behaviour over the last 40 years is that of crabs. The humble crustaceans evolved to fill their niche from…

    Lachlan Maddock | 5th Nov 2021 | More
    IOOF the first to invest in CLO equity strategy

    IOOF has become the first external client for a new strategy from Nassau Private Credit, a US-based specialist global credit manager, with a US$50 million investment. The strategy invests in collateralised loan obligations (CLOs) focusing on ‘control equity’, mezzanine and debt tranches of third-party managed instruments. Nassau Private Credit has been represented in Australia by…

    Greg Bright | 29th Oct 2021 | More