The Rate Of Change

The Rate Of Change

by Murdoch Gatti
EntrepreneurshipInvesting
Season 1

#14 - Luke Cummings | Harvesting Absolute Returns Via Merger Arbitrage

Luke Cummings is the Co-Founder, Chief Investment Officer & Managing Director of Harvest Lane Asset Management. If you enjoy reading about the latest mergers and Acquisitions in the AFR/News and always wondered what is the best way to make money out of the story of the day, then I think you are really going to enjoy this conversation with Luke. Harvest lane is an Absolute Return Fund with a Merger Arbitrage trading strategy. The fund seeks to profit from M&A activity targeting pricing inefficiencies. Luke discusses what a good opportunity looks like, how they manage risk if a play goes against them and we explore current M&A activity such as Origin Energy, Liontown Resources and other sectors including technology. Harvest Lanes Approach has returned 10.61% for the past 12 months with a 8.45% annualised return since inception. 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.
S1 · E14
Nov 25, 2023
1:11:37

#13 - Dr David Allen | High Alpha Without High Concentration

Dr David Allen is the Co-Head of Research Plato Investment Managements, Head of Long/Short Strategies and Portfolio Manager of the Plato Global Alpha Fund. For keen rugby fans out there, you may be familiar with David as he was a professional Rugby Union player and is currently the President of Eastern Suburbs Rugby Union Club. For me I enjoyed hearing David explain their unique structure and how the fund achieves high alpha returns without having a highly concentrated portfolio. Combined with the Red flags process and the ability to go long short the fund has generated 8.5% p.a over the MSCI world index since inception. Before we get into the podcast, I would also like to encourage you to listen to the disclaimer at the end of this Roast 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.
S1 · E13
Oct 11, 2023
40:15

#12 - Michael Frazis | Unpacking Global Growth, Tech & Life Sciences

Michael Frazis is the Managing Director and Portfolio Manager of Frazis Capital Partners. Keen listeners will remember Michael from last year and we wanted to have him back on to see how the fund has been doing over the past year. Michael also unpacks what he is looking at in the Tech and biotech space as well as discussing a new AI backed risk management tool he has built to help in lock in future profits. I really enjoyed this conversation and I encourage you to listeners to the disclaimer at the end of this ROCast and you can keep your feedback coming by reaching me at mgatti@ywm.com.au www.yorkwealth.com.au
S1 · E12
Sep 17, 2023
1:00:55

#11 - Bob Sahota | Navigating Default Cycles & Why Revolution Seems Un-Fazed

Bob Sahota is the Managing Director & CIO of Revolution Asset Management. Revolution provides wholesale investors access to a diversified portfolio of Australian and New Zealand Corporate Loans and Asset-Backed Securities. The Fund currently has a total fund size of A$1,893.7m. The Underlying Fund holds a total of 47 loans as at 31 July 2023, with an average expected life of the portfolio being 1.3 years, Revolution seeks to outperform the RBA Cash Rate by 4 to 5 %p.a. the portfolio yield is 10.1% with a credit spread of the portfolio above BBSW of 584 basis points (bps). The average credit rating of the portfolio is BB+. Bob gives his insight into their process and lending philosophy. Bob also outlines the private lending universe, the overall health of the loans in the portfolios and gives his thoughts on the outlook for lending in current markets. I found the conversation on the state of the Australian economy quite insightful, in particular how corporate company loans are faring in comparison to commercial and residential property loans in a post-covid rising interest rate and lockdown environment. 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
S1 · E11
Aug 29, 2023
57:58

#10 - Andrew Lockhart | Navigating Private Credit With Australia's Largest Private Lender

Andrew Lockhart is the Managing Director of Metrics Credit Partners. Metrics Credit partners are a leading Australian non-bank corporate lender and alternative asset manager specialising in fixed income, private credit, equity and capital markets. Metrics currently manages roughly $14billion and gives investors access to these strategies via a range of unlisted and listed managed funds. With this approach, the flagship Metrics Direct Income Fund targets a return of RBA cash rate plus 3.25% and as of the 28th of July the fund has returned 7.93% for the past year and has averaged 6.77% since inception. Andrew gives insights into the origins of Metrics, their process and lending philosophy. Andrew also outlines the private lending universe, the overall health of the loans in the portfolios and gives his thoughts on the outlook for private lending in current markets. In particular, I found the conversation on commercial property to be quite insightful, 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
S1 · E10
Jul 28, 2023
52:00

#9 - Kevin Bertoli | Creating Long Term Wealth Via Global Growth

Kevin Bertoli is the Co-Portfolio Manager of PM Capital. PM Capital was founded in 1998 by CIO & Chairman Paul Moore, it’s goal is to build long term wealth by investing in global markets with patience and conviction. I would say PM Capital embraces the true definition of a go anywhere strategy and I quite like they have the patience to avoid FOMO rallies and wait for the strongest company in the space to survive a sector pullback before investing at favourable valuations for the long term. With this approach, PM Capital has consistently beat the market average since inception with the Global Companies fund averaging 12.4% over 5 years, 23.9% over 3 years and 9.6% over 1 year. The fund has returned 9.7% since inception, whilst the benchmark of the MSCI World Index has returned 5.8% in this period. Kevin breaks down their process, philosophy and after returning from a research trip in Europe he shares what they look for when investing in companies. For me I found the conversation on when they time their entry into companies to be the most interesting. The patience and discipline required to avoid FOMO rallies and wait for the strong to survive in a sector before buying. On this point Kevin dives into detail on investing in European banks, commodities like copper, oil & gas and the gambling industry. 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 With that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy. www.yorkwealth.com.au
S1 · E9
Jun 19, 2023
1:03:41

#8 - Grant Hackett OAM | From Diving Board to the Boardroom: An Inspirational Tale

Grant Hackett OAM is an Australian Icon and the CEO of Generation Development Group (GDG). Prior to his corporate career, Grant was a multiple Olympic champion representing Australia in swimming and has held numerous world records in the early 2000's. We dive into detail about Grants formative years, what lessons of life he has carried over from his Olympic career into the world of financial markets, the challenges he has faced and how he overcame them. Grant discusses GDG's core businesses: Firstly, Generation life, which offers clients and advisors access to two key services being Investment Bonds and Retirement Income Products. Secondly the strategic investment arm, which GDG owns a 49% stake in Lonsec. Lonsec is a leading provider of investment research, portfolio construction and consulting service in Australia. For me I found Grants thoughts on how important it is to surround yourself with great people, mentors and coaches both in the pool and in the investing world to be quite insightful. I was also intrigued by how GDG’s search for long term tax effective investment structures to support the management and transfer of inter-generational wealth very interesting and especially now with the changes to superannuation being at the forefront of people’s minds. 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. Hope you enjoy. York Wealth Management www.yorkwealth.com.au
S1 · E8
May 24, 2023
50:56

#7 - Cullen Gunn | Take A Dive Into Water Investing

Cullen Gunn is the CEO & a Director of Kilter Rural to discuss investing in water and water rights. We dive into detail about all things water. Cullen covers how they go about investing in water, what are the main factors that impact water markets and how to think about investing in water as an asset class. Kilter Rural operates 4 funds in Agriculture and the Water space, but today we are talking to Cullen about investing in water and water rights. In Particular the Kilter Water Fund, which has an annualised return of 14.58% since inception and the Murray Darling-Balanced Water Fund which has an annualised return of 13.29% return since inception. Murdoch found the conversation on the weather for once to be one of the most interesting topics and was intrigued by just how little correlation these water funds actually have on other asset classes like the Australian share market. Before we get into the ROCast I would also like to encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming. Hope you enjoy. York Wealth Management www.yorkwealth.com.au
S1 · E7
May 10, 2023
1:01:13

#6 - Andrew Killesteyn | Sunshine Airport, Wind Farms & Other Mid-Tier Aussie Infrastructure

Andrew Killesteyn is the portfolio manager at Palisade Investment Partners to discuss the Infrastructure Fund and Infrastructure Trust. Andrew defines the infrastructure universe, discusses why they look at particular Australian mid market infrastructure assets and highlights the importance of these assets in the community. The fund's IRR on average is 9.8% over 1 year, 8.5% over 3 years, 9.1% over 5 years and 9.0% since inception. We dive into most of the assets such as airports, wind farms, gas pipelines, ports and I enjoyed most of all the discussion on the Sunshine coast Airport. We discuss everything from why they seek these assets to how the tender process works. Hope you enjoy. York Wealth Management www.yorkwealth.com.au
S1 · E6
Mar 7, 2023
52:08

#5 - Romano Sala Tenna | Breaking The Mould In The Australian Share Market

Romano Sala Tenna is one of the founders and portfolio managers at Katana Asset Management to discuss their long-only, listed ASX investment strategy. Katana’s approach was setup to challenge artificially imposed constraints on managing money. They achieve this by not being limited to index weightings, sectors, thematic or company sizes, whilst being comfortable to remain weighted heavily in cash for extended periods until the right opportunities arise. The fund's IRR on average is 15.41% over 1 year, 14.78% over 3 years, 12.36% over 5 years and 10.13% since inception. Romano's investment style is predominately bottom-up investing with technical overlay, whilst targeting trend following contrarian opportunities.
S1 · E5
Feb 27, 2023
37:28
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