The Rate Of Change

The Rate Of Change

di Murdoch Gatti

Imprenditoria Investimenti

Stagione 1

#24 - Cameron Brownjohn | Renewable Energy, Batteries, Childcare, NDIS & Private Equity

Cameron Brownjohn is the CEO at Federation Asset Management about investing in mid-tier Australian private equity. If you’re an investor familiar with private equity or this is your first time exploring this asset class, then I think you are really going to benefit from Cameron’s experience and insights. Federation has roughly $2 billion of funds under management, in which institutional investors such as Blackrock, KKR, Goldman Sachs, Suncorp, Hesta, family offices and more, comprise of roughly 85%, whilst the remaining 15% is wealth management investors. Cameron unpacks some of their investments such as they have Australia’s 3rd largest childcare REIT, a disability housing REIT, one of Australia’s largest batteries, wind farms, financing businesses targeting ageing population, mid-market private equity as a whole and we discuss whether nuclear energy is a viable solution for Australia. The institutional business has been targeting a return on investment, per asset of 60% for the life of the asset, whilst the Federation Alternative Invest Fund II for both Wholesale & Retail has averaged 17% over the past 12 months as of time of recording. Before we get into the conversation, please remember this podcast is made for entertainment purposes only and not to be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au

#23 - James Williamson | Has the Tide Turned for Value Investing?

James Williamson is the Chief Investment Officer at Wentworth Williamson, about their equity fund and their stable income fund. The equity fund is a "go-anywhere" strategy, investing in deep-value Australian listed companies with $60 million of funds under management. Meanwhile, their stable income fund, which is a private credit fund, targets a return of 5% above the RBA cash rate and has $100 million of funds under management. If you are a value investor, then you may have had a tough number of years investing in current markets. On this point, I think you are really going to benefit from James's experience and insights. For me, the biggest question I have been wondering is, has the winter finally thawed for Aussie deep-value companies? James digs into how he thinks the health of a number of companies in deep-value territory is now healthier than ever. He also shares his outlook and what he thinks it means when value companies begin seeking mergers and acquisitions at the bottom of the market cycle. Companies discussed: Fleetwood, Servcorp, BHP, Rio Tinto, Woodside, Uranium companies, MRM, and more. You can reach me at mgatti@ywm.com.au

#22 - Todd Warren | Outlook For Global Miners, Lithium, Uranium, Copper, NatGas, Coal & Cobalt

Todd Warren is a Partner and Head of Research for Tribeca Investment Partners. Tribeca is a global investment manager with multiple strategies across equities, credit, carbon, and Global Natural Resources. Join us as Todd unpacks strategies in which he specializes. These include their Listed Resources fund TGF, their unlisted main fund The Tribeca Global Natural Resources strategy, the 2050 Strategy, the Kimberley Syndicate, and The Nuclear Energy Opportunities Strategy, which is currently having its time in the sun averaging 40.96% over 5 years, 34.9% over 3 years, 35% over 1 year, and averaging 31.43% the past 6 months (As of time of recording). For me, I really enjoyed hearing Todd's thoughts on what's currently driving global resources, where he sees global resources going, and how they are investing in Lithium, Natural Gas, Coal, Iron Ore, Steel, Copper, Uranium, Diamonds, Carbon Credits, and Cobalt. Before we get into the conversation, please remember this podcast is made for entertainment purposes only and is not to be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au.

#21 - Chris Mauss | Buying & Building Industry Leading Private Businesses

Chris Mauss is the Managing Director for Partners Groups Paris based private equity arm and we discuss everything about European investments, opportunities & outlook. If you’re interested in learning how to generate strong returns, whilst investing and managing over $150 billion USD in private equity, then I think you’re going to really enjoy this conversation with Chris. Chris outlines Partners groups investing universe, which is across four main areas. Private equity, private debt, private real estate, and private infrastructure. What I really enjoyed was discussing Chris’s area of expertise, Private equity. Chris shares his insights and strategies on what he sees they do best, which is business builders. He discusses how they capitalize on thematic growth trends; target buying attractive private companies and then transform these assets into market leaders over a 5 year target period. As of recording, the Global Value Fund which targets a net 10 to 12% performance over a market cycle has returned on average 11.3% over 10 years, 11.1% over 5 years, 10% over 3 years and 6.4% in the past 12 months. So, before we get into the conversation, please remember this podcast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au

#20 - John Forwood | Outlook for Junior Miners, Uranium, Copper & Natural Gas

John Forwood is the the Chief Investment Officer at Lowell Resources Management. Lowell Resources Management is a listed investment Trust, which invests in Junior Global and Domestic mining companies across all commodities. They currently manage AUD $50million funds under management, allocate roughly 13% to new pre-ipo opportunities and the remaining in listed miners across Uranium, Copper, Natural Gas, Oil, Nickel, Lithium and a large percentage allocation in Gold. As of recording the Lowell Resources Management Fund has averaged over 12 months 14.1% p.a, 3 years 8.4% pa, 5 years 27.9% pa and over 10 years 14.2% pa. So, before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au www.yorkwealth.com.au

#19 - Hugh Selby-Smith | Art Of Smoothing Returns In Global Equities

Hugh Selby-Smith is the Co-Chief Investment Officer at Talaria Capital. Talaria Capital is a fundamental, bottom-up, value manager with a unique implementation process via options. They run a single global, ex-Australia investment strategy with 25 to 35 companies in the portfolio across developed markets. Talaria oversees roughly $2.1billion in funds under management. For me I enjoyed hearing Hugh break down their options strategy, which creates income from option premiums, diversifies returns but most interesting was the ability to smooth returns in volatile markets. In particular, on average they capture 71% of an upside move and -34% less of a downside move. As of recording the Talaria unhedged Global Equity Wholesale Fund has returned on average 7.55% since inception, 10.43% over 5 years, 14.46% 3yrs, 15.07% past 12 months and 4.54% past 6 months. So, before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at www.yorkwealth.com.au

#18 - Dan Winter & Rowan Grant | Investing In Private Growth Tech Businesses

Dan Winter and Rowan Grant are the founders and portfolio managers at Arbor Capital. Arbor Capital is an investment firm focused on venture capital and growth equity investing within the technology sector. They work with family offices and High Net Worth Individuals who are seeking to invest patient, long-term capital in high-growth private businesses. Dan and Rowan share their journeys from entrepreneurs to working for family offices, culminating in the establishment of their first fund in 2016. At the time of recording, the first fund had achieved a gross investment IRR of above 30% and a multiple on deployed capital of more than 4x. I enjoyed learning about how their journey has led to the evolution and the launch of their new fund, how it has shaped their investment philosophy, the new fund's structure, and what they look for when investing in private growth businesses. So, before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at www.yorkwealth.com.au

#17 - Tim Carleton | Has Christmas Come Early For Aussie Equities?

Tim Carleton is the Chief Investment Officer at AUSCAP Asset Management. Tim, alongside his colleagues Will Mumford and Gavin Rogers, manages two funds under the AUSCAP banner. Both of these funds target solid absolute risk-adjusted returns by investing in companies that generate strong cash flows and are trading at attractive prices. Firstly, the Auscap Long Short Australian Equities Fund, which has returned an average of 14.5% since its inception in 2012, 11% on average over 5 years, 12.4% over 3 years, and 1.5% over the past 12 months, with a 5.8% return in the past month. Secondly, they have just launched the Auscap Ex-20 Australian Equities Fund at the beginning of December 2023. For me, I really enjoyed hearing Tim break down the differences and similarities between the two strategies. He discusses what exactly an Ex-20 Aussie Equities fund is and why they timed the launch for 1st of December. So, join us as Tim delves into the details of a number of companies, such as Mineral Resources, Realestate.com, Carsales, Resmed, and Nick Scali Furniture. Hear his views on where he thinks markets are going as we discuss the recent movements of the 10-year bond rates and their impact on current markets. So, before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at www.yorkwealth.com.au

#16 - Ian Macoun | How to Build, Support & Manage Top-Tier Fund Managers

Ian Macoun is the Managing Director of Pinnacle Investment Management Group (PNI.ASX). Pinnacle is a growing multi boutique, which provides non-investment, funds management services to investment managers known as affiliates. Currently they oversee $90 billion worth of FUM across 15 affiliate investment firms in various asset classes. Along with holding equity interests in their Affiliates, Pinnacle provides seed funding, global institutional and retail distribution, and industrial grade middle office and infrastructure services. This structure enables their affiliate investment managers to focus on what they do best, whilst Pinnacle takes care of the rest. For me I really enjoyed hearing Ian break down how Pinnacle came to be and why they have chosen to work with specific fund managers. He unpacks what services they offer to fund managers, how the business operates and where new technological advancements such as AI are being used to improve the services and overall managed fund industry. Hope you enjoy.

#15 - Joss Engebretsen | Unpacking NDIS & Specialist Disability Accommodation

Joss Engebretsen is the Portfolio Manager at Barwon Investment Partners for the Barwon Disability Accommodation Fund. If you have any loved ones with Special Disability Accommodation needs or you have been following the SDA or NDIS in the news, then I think you are really going benefit from the insights Joss shares on these areas. For people unfamiliar with these schemes. Joss unpacks what exactly is the National Disability Insurance Scheme & Specialist Disability Accommodation. Joss shares his thoughts on what improvements should been implemented in the scheme’s, what risks to avoid and how they are investing in Specialist Disability Accommodation, which is both favourable for their clients and investors. The fund has been around for 2 years, the fund targets a total return of 8-10% comprising of an income distribution yield of 5-7%. The fund has returned 14% over the past 12 months with 4.85% income and 9% capital growth. Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. You can reach me at mgatti@ywm.com.au I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

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