The Rate of Change is a podcast designed to help you in the pursuit of building long term wealth, through the insights of some of the brightest minds in asset management.
Your host Murdoch Gatti is an advisor at York Wealth Management. We work with High Net Worth individuals, institutions & family offices to help grow & protect their wealth.
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Clint Maddock, Founder and Director of Digital Asset Funds Management—or DAFM for short. DAFM operates multiple funds, including the Digital Income Class, an income-focused fund in digital assets that applies a trading strategy originally developed by a hedge fund partner for traditional fixed-income markets. If you're familiar with digital assets like Bitcoin and Ethereum—or if you’re still trying to figure out what exactly is a digital asset?—this conversation will be interesting for you. We explore broader questions about crypto markets, like: Where is the industry headed? Has it matured beyond its early volatility? What if another Sam Bankman-Fried FTX-style collapse happens? Can investors gain exposure to crypto in a way that avoids the extreme price swings of Bitcoin? And is there a structured, regulated approach to integrating digital assets into an SMSF? One of the interesting takeaways is how the Digital Income Class Fund, established in May 2021, has produced a three-year compound return of 48.21%, a 30.98% gain over the past year, and a 4.05% return last month. For context, since May 2021, Bitcoin has delivered an annualized return of 19.94%—but with substantial volatility, including deep drawdowns along the way. By contrast, the Digital Income Class has maintained consistent returns, with only one negative month in 44 months. It raises an interesting question: Is long-term success in digital assets purely about price appreciation, or is there merit in structured strategies that generate steady returns without relying on market direction? Another aspect worth unpacking is the strategy itself. Originally developed to identify inefficiencies in traditional fixed-income markets—bonds, term deposits, and bank bills—it has since been adapted and refined for digital assets. One of the key reasons it continues to generate returns is due to higher borrowing costs in crypto markets. When investors borrow BTC or Ethereum using futures and forward contracts, they often pay a premium—creating yield opportunities for those on the other side of the trade. Clint explains how this all works, the mechanics behind the strategy, and what it tells us about the broader evolution of digital asset markets. So, before we get into the conversation, please remember this ROCast 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. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
In today’s ROCast, Murdoch's joined by Simon Klimt Portfolio Manager at Regal Resources Royalties Fund. The fund was established in 2019, available for wholesale investors only and as of time of recording has an Annualised return since inception of 25.5%. 5 year ave is 26.46%, 3yr ave 31.49%, 1 Year ave 26.69% and has most recently returned 4.89% last month. If your familiar with Royalties or you’re sitting there wondering what is a Royalty? How do royalties work? How do they work in regards to Mining Resources? Are they as volatile as investing directly in mining companies and why have the historical returns on these investment been so high? Then join us as Simon sheds light on all these areas and more. For me, one of the wildest things about royalties—and Simon breaks this down in detail—is how they can outlive the mining companies themselves. For many of us, unfortunately we may have experienced one or many mining companies fail. Although with Royalties. as long as another miner steps in, buys the license, and keeps production rolling, the royalty payments keep flowing. It doesn’t matter if the original company goes under; as long as someone’s digging and selling, the royalties live on. Absolutely fascinating. So, before we get into the conversation, please remember this ROCast 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. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
Andrew McVeigh is the Managing Director at Remara Investment Management. With over a decade of experience, Andrew has developed innovative lending strategies and has a deep understanding of private finance. His career offers unique insights into the evolving world of real estate and private credit markets. Andrew explains Remaras' integrated model, there investment philosophy and sheds light on Remaras' Private Credit Income Fund, which has returned 13.5% annual returns as of late last year, just before Christmas. Beyond finance, Andrew shared his experience as a former board member of the Cronulla Sharks and discussed Remara’s new sponsorship of the St. George Dragons. By focusing on tailored solutions for small businesses and developers, this model not only addresses borrower needs but also carefully manages risk to provide consistent stability and returns for investors. Through vertical integration, Andrew’s team oversees every step of the lending process—from loan origination to borrower performance—ensuring greater oversight, control allowing Remara to respond swiftly to economic changes and reduce potential risks. We also discuss major trends in finance, such as securitised credit’s rise, shifting borrower behavior, and how real estate adapts to higher interest rates. Andrew offers clear insights into navigating credit risk through vertical integration, emphasizing granular control over borrower quality and leveraging data for strategic decisions. So, before we get into the conversation, please remember this ROCast 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. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
In today’s ROCast, Murdochs joined by Michael Goldberg, Co-Founder, Managing Director and Portfolio Manager of Collins Street Asset Management. Michael’s flagship fund, the Collins Street Value Fund, has returned 14.85% over the past 12 months and 13.5% per annum since its inception in 2016. His background, shaped by early lessons in his family’s business in the rag trade and his unconventional path into finance, brings a fresh perspective on identifying deep value opportunities in the Australian Share Market. In this episode, Michael dives into their core principles for value investing. We’ll explore how Collins Street Asset Management goes beyond conventional methods, refusing to rely solely on consensus data. Instead, they take a more hands-on approach—testing products themselves, asking family members if they’d use the product (like shopping at Myer), calling company representatives with his daughter to gain unique insights, and even hiring on-the-ground contractors to investigate factors like potential radioactive material fallout linked to a rumoured nuclear submarine incident nearby, which may have had a material impact one of there investments at the time Michael also highlights their unique “Mentor and Buddy” system, where investment ideas are rigorously debated and stress-tested. These strategies, combined with a disciplined focus on long-term outcomes, have helped the fund uncover undervalued opportunities others often miss. We’ll dive into case studies, including past and current positions in Metcash, ResMed, and Ramelius Resources, while exploring opportunities across sectors like gold, energy, and consumer staples. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. I encourage you to listen to the disclaimer at the end of this ROCast and keep your feedback coming. You can reach me at mgatti@ywm.com.au. With that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy!
Steven Maarbani is the CEO and Co-founder of VentureCrowd. Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations. Steven brings extensive experience as a corporate lawyer and former partner at PwC, where he guided founders, high-net-worth individuals, angel syndicates, and venture firms through the complex deal-making process. Steven shares the story of VentureCrowd’s evolution, beginning in 2013 as a venture capital-focused tool and expanding into a multi-asset investment platform. This transformation, supported by the 2017 legalization of crowdfunding in Australia, has opened access to traditionally restrictive deals—an approach that, according to Forbes, aligns with the changing investment preferences of younger generations. Throughout the ROCast, Steven provides insights into how VentureCrowd is democratizing investment opportunities and reshaping private markets. We discuss the evolution of crowdfunding, the digitization of private capital, and how platforms like VentureCrowd are influencing the future of investing. Steven also highlights the importance of syndication, the growing role of secondary markets, and his vision for a more accessible and efficient investment landscape—making private markets more attainable and appealing to younger generations. 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 With that being said, hope you enjoy this conversation as much as I did, so sit back relax and enjoy.