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FUND MONITORS PTY LTD

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Printed: 24 October 2023 5:38 AM
 
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on offer.

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COMPARE AND TRACK OVER 700 MANAGED FUNDS

Welcome to FundMonitors.com - Trusted, Targeted Research for Self-Directed
Investors and Financial Advisors.

Use the Peer Group Analysis to Compare Funds, and a free FACT Sheet covering
every fund for registered users.

--------------------------------------------------------------------------------

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COMPARE AND TRACK OVER 700 MANAGED FUNDS

Subscribers can access Narrative Performance Reports, Performance Summaries with
Peer Group Rankings, or full Performance Analysis.

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COMPARE AND TRACK OVER 700 MANAGED FUNDS

Check the Education videos at the bottom of this page to make the most of what's
on offer.

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FIND A FUND


FUNDS FOUND



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PEER GROUP ANALYSIS VIEW ALL»

Index Selector Links 1 Year 3 Year 5 Year
Alternatives
6.76%
8.70%
5.59%
Digital Assets
32.64%
63.18%
37.71%
Equity Alternative - Asia
4.60%
2.01%
1.46%
Equity Alternative - Australia
7.73%
10.39%
6.85%
Equity Alternative - Global
8.97%
9.73%
6.54%
Equity Long - Asia
6.32%
7.54%
4.40%
Equity Long - Large Cap - Australia
13.05%
11.19%
7.09%
Equity Long - Large Cap - Global
18.84%
9.83%
9.13%
Equity Long - Mid/Small Cap - Global
16.92%
7.81%
6.79%
Equity Long - Small/Mid Cap - Australia
10.07%
8.60%
6.46%
Fixed Income - Bonds
2.39%
-0.86%
1.33%
Fixed Income - Credit
6.11%
2.78%
3.68%
Fixed Income - Debt
10.58%
8.18%
7.71%
Fixed Income - Hybrid Credit
7.10%
6.13%
5.68%
Infrastructure
6.52%
9.06%
7.80%
Multi-Sector
4.94%
6.47%
5.08%
Property
0.69%
8.60%
6.99%


HEDGE CLIPPINGS

Hedge Clippings | 20 October 2023
20 Oct 2023 - FundMonitors.com
Last week Hedge Clippings noted that "Central Bank Speak" involves the
specialised art of covering all bases and potential outcomes, whilst not
actually confirming what you're really thinking, or going to do. The exception
of course is...
Read more...


20 OCT 2023 - HEDGE CLIPPINGS | 20 OCTOBER 2023

By: FundMonitors.com



    

Hedge Clippings | 20 October 2023

Last week Hedge Clippings noted that "Central Bank Speak" involves the
specialised art of covering all bases and potential outcomes, whilst not
actually confirming what you're really thinking, or going to do. The exception
of course is when they actually raise or cut rates, in which case they refer you
back to their previous comments, and basically say "I told you so", or "don't
say we didn't warn you."

So while US markets are tossing up between rates staying as they are, or
possibly rising one more time, Jerome Powell's overnight comment that "a range
of uncertainties, both old and new complicate our task of balancing the risk of
tightening monetary policy too much, against the risk of tightening too little"
didn't actually say anything we didn't know, except they haven't made their mind
up yet.

To be fair to Powell, and the RBA's Michele Bullock if it comes to that, the US
economy is evenly poised, balanced between trying to re-bottle inflation to get
it back to the 2% target, maintaining sufficient growth and employment, and
without risking "unnecessary harm to the economy" as he puts it. Powell's
problem is that achieving both is a very difficult balancing act. The market is
currently betting on the Fed holding the line at their upcoming meeting at the
end of this month, but has no such certainty looking forward to December.

Back home, the ABS released their Australian labour force figures, and on the
surface, little had changed. Unemployment decreased fractionally on seasonally
adjusted terms to 3.6%, with total employment edging up by just 6,600 but with
full-time jobs decreasing by 39,900 offset by part-time jobs increasing by
46,500.

The RBA wouldn't have been too pleased with those numbers in their efforts to
return the cash rate to their preferred 2-3% target band, having previously
indicated that unemployment around 4.5% is necessary to cool the economy, and
thereby tame inflation. Next week's September CPI figure, due on Wednesday,
followed by PPI results on Friday, will give a clearer picture of the outlook.
Meanwhile, the minutes of the RBA's September meeting revealed the board didn't
consider a rate cut as an option - it was either leave rates as they are, or
increase them by 0.25%. That's likely to be the case again at their next meeting
due on Cup Day.

At this stage, we'd still favour an extension of the "pause" but wouldn't want
to bet the house on it. As the previous governor was keen to say, "it's a very
narrow path."

--------------------------------------------------------------------------------

News & Insights

--------------------------------------------------------------------------------

10k Words | October 2023 | Equitable Investors

Market Commentary | Glenmore Asset Management

--------------------------------------------------------------------------------

September 2023 Performance News

Kardinia Long Short Fund

Delft Partners Global High Conviction Strategy

Quay Global Real Estate Fund (Unhedged)

Digital Asset Fund (Digital Opportunities Class)

Bennelong Concentrated Australian Equities Fund

Cyan C3G Fund

DS Capital Growth Fund

Emit Capital Climate Finance Equity Fund

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 * Insights and Fund News
 * Videos & Recordings

24 Oct 2023 Australian Secure Capital Fund - Market Update Author: Australian
Secure Capital Fund
The first weekend of October saw the number of auctions decline significantly on
the previous week (1215, down from 2,648), as is common on long...
Read more


24 OCT 2023 - AUSTRALIAN SECURE CAPITAL FUND - MARKET UPDATE

By: Australian Secure Capital Fund



Australian Secure Capital Fund - Market Update August

Australian Secure Capital Fund

October 2023

--------------------------------------------------------------------------------

The first weekend of October saw the number of auctions decline significantly on
the previous week (1215, down from 2,648), as is common on long weekends, caused
by the AFL Public Holiday and the King's Birthday. Sydney recorded the most
auctions of the capital cities, with 730 taking place, followed by Melbourne and
Brisbane with 203 and 110 respectively. Adelaide and Canberra just missed out on
triple digit figures, with 83 and 74 respectively, whilst just 13 and 2 auctions
occurred in Perth and Tasmania respectively.

Whilst the number of auctions declined for the week, clearance rates remained
strong at 70.3% across the combined capitals (up from 59.7% last year). This was
driven by Adelaide, Sydney and Brisbane all recording above 70% clearance rates
with 79.3%, 71.7% and 70.7% respectively. Melbourne and Canberra also had
moderate clearance rates of 66.0% and 62.5% respectively.

The property market continued to grow yet again with a 0.8% rise for the month
of September, taking quarterly growth to 2.2%. Adelaide experienced the largest
monthly growth of 1.7%, followed by Brisbane and Perth with 1.3% each. Sydney,
Melbourne, Canberra and Darwin all experienced growth with 1%, 0.3%, 0.2% and
0.1% respectively, whilst Hobart was the only capital city to fall in September
with -0.6%.

Quarterly data is similar, again with Adelaide leading the way (4.3%), closely
followed by Brisbane (3.9%), Perth (3.6%) and Sydney (2.5%). Melbourne and
Darwin both increased 1.3% for the quarter, with Canberra at 0.4%. Again, Hobart
is the only capital to not experience growth, falling by 0.2% for the quarter.

Whilst many economists predicted a softening in property prices in the later
stages of 2023, dwelling values have remained strong. As we head into the spring
and summer selling season, we may see supply increase slightly but the market
remains extremely tight.

Clearance Rates & Auctions Week of the 3rd of October 2023



Property Values as of 2nd of October 2023



 


MEDIAN DWELLING VALUES AS OF 2ND OF OCTOBER 2023

 


QUICK INSIGHTS


HIGHER BLOCKS MEANS LOWER COSTS

In defiance of its own planning rules and legislation a local council in
Melbourne has intervened to approve another two extra storeys on an apartment
building development. The move was done under pressure to triple the proportion
of affordable housing the development might offer.

As the urgency of a tight rental and housing market continues to grow we may
very well be seeing similar occurrences throughout the capitals as local
councils realise they have a role to play.

Source: Australian Financial Review


VACANCY LATENCY

Vacancy rates have once again dipped below the threshold and rents are likely to
rise once more in the next quarter.

Without more supply from inner city developers and less demand from migration
and those who cannot afford to buy, the situation will only continue. A suburb
of particular has been Ryde, in New South Wales which has recorded a
year-to-date rise of 17% in rents.

Source: Australian Financial Review


DEVELOP OR SELL

Dan Andrews stepped down as Victorian Premier last month and his replacement is
keen to make a name for herself.

Jacinta Allan's government has now widened the vacant land tax to include areas
outside Melbourne and long-abandoned plots in the inner city.

The tax now applies to residential properties which are unoccupied for more than
six months a year in the hope that homeowners will either develop the land or
sell to someone who will.

Source: Australian Financial Review

Author: Filippo Sciacca, Director - Investor Relations, Asset Management and
Compliance

--------------------------------------------------------------------------------

Funds operated by this manager:

ASCF High Yield Fund, ASCF Premium Capital Fund, ASCF Select Income Fund



23 Oct 2023 Performance Report: 4D Global Infrastructure Fund... Author:
FundMonitors.com
The 4D Global Infrastructure Fund (Unhedged) has risen by +15.6% over the past
12 months. Since inception in March 2016, the fund has returned +8.55%...
Read more


23 OCT 2023 - PERFORMANCE REPORT: 4D GLOBAL INFRASTRUCTURE FUND (UNHEDGED)

By: FundMonitors.com

[Current Manager Report if available]

23 Oct 2023 Investment Perspectives: The housing fate from... Author: Quay
Global Investors
As interest rates rise, investment activity falls, reducing activity across the
construction sector. This article discusses the impact interest rates...
Read more


23 OCT 2023 - INVESTMENT PERSPECTIVES: THE HOUSING FATE FROM INTEREST RATES

By: Quay Global Investors



ATTACHED FILESInvestment Perspectives: The housing fate from interest rates (pdf
format)
20 Oct 2023 Performance Report: Emit Capital Climate Finance... Author:
FundMonitors.com
The Emit Capital Climate Finance Equity Fund has returned +35.85% p.a. since
inception in August 2019, an outperformance of +26.38% relative to the...
Read more


20 OCT 2023 - PERFORMANCE REPORT: EMIT CAPITAL CLIMATE FINANCE EQUITY FUND

By: FundMonitors.com

[Current Manager Report if available]

20 Oct 2023 Performance Report: Bennelong Concentrated... Author:
FundMonitors.com
The Bennelong Concentrated Australian Equities Fund has risen by +5.29% over the
past 12 months. Since inception in February 2009, the fund has...
Read more


20 OCT 2023 - PERFORMANCE REPORT: BENNELONG CONCENTRATED AUSTRALIAN EQUITIES
FUND

By: FundMonitors.com

[Current Manager Report if available]

19 Oct 2023 Performance Report: DS Capital Growth Fund Author: FundMonitors.com
The DS Capital Growth Fund has risen by +13.88% over the past 12 months. Since
inception in January 2013, the fund has returned +12.29% per annum, an...
Read more


19 OCT 2023 - PERFORMANCE REPORT: DS CAPITAL GROWTH FUND

By: FundMonitors.com

[Current Manager Report if available]

19 Oct 2023 Australian Corporate Performance in Indigenous... Author: Tyndall
Asset Management
With the upcoming Voice referendum in Australia, the nation stands on the cusp
of a significant constitutional change, emphasising the acknowledgment...
Read more


19 OCT 2023 - AUSTRALIAN CORPORATE PERFORMANCE IN INDIGENOUS RECONCILIATION.

By: Tyndall Asset Management



Australian Corporate Performance in Indigenous reconciliation.

Tyndall Asset Management

October 2022

--------------------------------------------------------------------------------

With the upcoming Voice referendum in Australia, the nation stands on the cusp
of a significant constitutional change, emphasising the acknowledgment of
Aboriginal and Torres Strait Islanders as the original inhabitants and the
establishment of an Aboriginal and Torres Strait Islander Voice to Parliament.
Here we aim to assess Australian corporate performance in the context of the
indigenous reconciliation journey, particularly focusing on Reconciliation
Action Plans and their varying stages.


RECONCILIATION ACTION PLANS

Reconciliation Action Plans (RAPs) seek to enable organisations to take
meaningful action to advance reconciliation.

Based around the core pillars of relationships, respect and opportunities, RAPs
aim to provide tangible and substantive benefits for Aboriginal and Torres
Strait Islander peoples, increase economic equity and supporting First Nations
self-determination.


THE FOUR STAGES OF A RAP ARE AS FOLLOWS:

 1. Reflect: At this stage, organisations acknowledge the need for change and
    express their commitment to reconciliation. This stage, which normally takes
    around 12 months, involves building relationships and cultural awareness
    within the workplace.
 2. Innovate: The Innovate stage focuses on implementing specific initiatives
    and programs that promote meaningful engagement and partnerships with
    indigenous communities. This stage normally takes around two years.
 3. Stretch: Organisations at the Stretch stage are dedicated to integrating
    reconciliation into their core operations and actively seeking opportunities
    to advance indigenous participation, employment, and procurement. This stage
    normally takes around 2-3 years.
 4. Elevate: The Elevate stage signifies a comprehensive and sustained approach
    to reconciliation, incorporating significant changes in organisational
    policies, practices, and cultural competency, ultimately striving for
    measurable outcomes.


CORPORATE PERFORMANCE AND RAPS

There are presently 43 companies in the S&P/ASX 100 with RAPs in place. These
companies are distributed across the Reflect, Innovate, Stretch, and Elevate
stages. Notably, 57 companies in the ASX 100 do not have RAPs, suggesting that
there is room for growth in corporate engagement in indigenous reconciliation.

The breakdown of companies by RAP stage and their associated values in the ASX
100 is as follows:

 * Reflect: 12 companies with a total value of $300 billion
 * Innovate: 14 companies with a total value of $125 billion
 * Stretch: 10 companies with a total value of $400 billion
 * Elevate: 7 companies with a total value of $120 billion

Figure 1: S&P/ASX 100 RAP Breakdown (number)



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Figure 2: S&P/ASX 100 RAP breakdown (total market cap)



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Additionally, sector-wise analysis demonstrates varying levels of engagement
with RAPs:

 * Financial sector companies exhibit substantial engagement, with 12 out of 19
   companies having RAPs.
 * The industrial and property trusts sectors also demonstrate significant
   engagement, with 7 out of 14 and 6 out of 10 companies having RAPs,
   respectively.
 * Conversely, sectors including consumer discretionary, consumer staples,
   healthcare, and information technology lag behind in terms of RAP adoption.

Figure 3: S&P/ASX 100 RAP breakdown by industry



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Specifically relating to the Voice referendum, it is interesting to note that 14
of the top 20 listed companies in Australia have expressed public support for
the Voice. Somewhat surprisingly, of these 14 companies only 11 currently have
RAPs. Less surprisingly, none of those 11 companies are at the Reflect stage and
the majority are at the Elevate stage or beyond - essentially companies that are
more progressed in their own reconciliation journey.

Figure 4: S&P/ASX 20 Voice Support



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.


INCORPORATING RECONCILIATION INTO OUR ESG APPROACH

ESG has always been a critical part of the Tyndall investment process. More
recently we have added structure to the process via the development of an ESG
scorecard amongst other longstanding initiatives including active ESG engagement
and independent thought on ESG related matters. While social issues and
diversity and inclusion performance have always been considered, we have
recently updated our scorecard to specifically reflect where companies are at in
their RAP journey.

Conclusion

Regardless of the outcome of the Voice referendum, it is clear that corporate
Australia will play an increasingly significant role in progressing indigenous
reconciliation efforts. This includes fostering genuine relationships, creating
inclusive workplaces, and supporting initiatives that empower Aboriginal and
Torres Strait Islander peoples. The pre-Voice referendum assessment of
Australian corporate performance in the indigenous reconciliation journey
through RAPs reveals both progress and areas for improvement.

While a notable number of companies have embraced reconciliation through the RAP
framework, a significant proportion is yet to make a commitment. Encouragingly,
there appears a growing understanding and acknowledgment of the need to
meaningfully engage with indigenous communities.

Author: Michael Ward, Senior Research Analyst

--------------------------------------------------------------------------------

Funds operated by this manager:

Tyndall Australian Share Concentrated Fund, Tyndall Australian Share Income
Fund, Tyndall Australian Share Wholesale Fund



18 Oct 2023 Performance Report: Cyan C3G Fund Author: FundMonitors.com
The Cyan C3G Fund returned -3.28% in September, outperforming the ASX Small
Ordinaries by +0.76%. Since inception in August 2014, the fund has...
Read more


18 OCT 2023 - PERFORMANCE REPORT: CYAN C3G FUND

By: FundMonitors.com

[Current Manager Report if available]

18 Oct 2023 Performance Report: Digital Asset Fund (Digital... Author:
FundMonitors.com
The Digital Asset Fund (Digital Opportunities Class) rose by +0.37% in
September. Since inception in May 2021, the fund has returned +23.69% per...
Read more


18 OCT 2023 - PERFORMANCE REPORT: DIGITAL ASSET FUND (DIGITAL OPPORTUNITIES
CLASS)

By: FundMonitors.com

[Current Manager Report if available]

18 Oct 2023 European student accommodation: testing the theory Author: abrdn
As the new academic year kicks off, students in Europe are confronted with a
shortage of good-quality student accommodation. Relative to the UK, the...
Read more


18 OCT 2023 - EUROPEAN STUDENT ACCOMMODATION: TESTING THE THEORY

By: abrdn



European student accommodation: testing the theory

abrdn

October 2023

--------------------------------------------------------------------------------

As the new academic year kicks off, students in Europe are confronted with a
shortage of good-quality student accommodation. Relative to the UK, the
purpose-built student accommodation (PBSA) market in Europe is at a much earlier
stage in its evolution.

The demand for higher education in Europe is rising, driven by a steady increase
in domestic and international students. In 2002, only 22.5% of adults living in
the EU were educated to degree level. By 2021, that figure had risen to 40% -
the European Commission's long-term target [1]. Momentum remains strong, with
access to tertiary education still under the spotlight. In 2022, student
enrollments increased or remained stable in 87% of European cities. Rising
international student populations are further exacerbating the demand in Europe,
too.

With limited supply, these fundamental drivers are creating a compelling
opportunity for investors to source long-term stable cashflows from the sector.
Investment in European PBSA hit €15.4 billion in 2022. This was 47% higher than
2021, 37% higher than 2019 (pre-Covid levels), and 39% higher than the five-year
average. Our research on more mature PBSA markets, like the UK, demonstrates how
this opportunity can evolve. 

> The demand for higher education in Europe is rising, driven by a steady
> increase in domestic and international students


EXAMINING THE PROVISION RATE

In 2022, PBSA occupancy rates averaged 98% in Europe's major cities [2], a level
that far exceeds commercial real estate sectors. The demand has also been
counter-cyclical to gross domestic product. When there's a downturn in the
economy, the demand for student beds rises as more people either enter tertiary
education or extend their studies beyond undergraduate degrees. Even during the
pandemic and strict lockdowns, university admissions remained resilient and even
grew in some cases.

However, the provision rates tell the true story. The average provision rate
(defined as the student-to-bed ratio) in Europe is 25%. This ranges from 4% in
Italy to 33% in the UK. At a city level, London is 31%, Amsterdam is 29%,
Copenhagen is 21% and Munich is 15% [3]. With high inflation, debt and
construction costs, development activity is insufficient to absorb current and
future demand from both domestic and overseas students. Even if all planned
developments go ahead, the European provision rate will remain less than 15%.

This leaves students at the mercy of individual landlords in the private rental
market, which can mean they end up living further away from university campuses.
Private accommodation is often more costly because of open-market rents,
non-inclusive energy bills, travel, and extra costs for entertainment and
facilities. Importantly, a lesser 'student experience' means institutions risk
falling behind the current expectations of domestic and international students
in an increasingly competitive environment.


'INTERNATIONALISATION' IN HIGHER EDUCATION

'Internationalisation' is the process of integrating cross-border students into
European institutions [4]. The top 10 universities in Europe are in the UK and
Germany, of which international students account for between 19% and 73% (London
School of Economics 73%, University of Oxford 42%, ETH Zurich 41%, and LMU
Munich 19%) [5].

This proportion has grown considerably in recent years, owing to a rise in
English Taught Bachelors (ETBs), which accommodate a broader range of students.
The UK, Germany, the Netherlands and Italy comprise the largest population of
English-taught students. International students tend to want higher standards of
accommodation in bespoke premises, with higher security than domestic students.
A shortage of suitable PBSA stock is a limiting factor for institutions that
want to attract this important source of revenue. For investors, this type of
PBSA can provide scope for specialisation, with higher premium units and
longer-term lets available for overseas students.

Chart: Countries accounting for highest past enrolments

Source: Studyportals, abrdn, June 2023


DIVERSIFYING THE STUDENT BASE

For European PBSA assets, it is less common for investors to have a lease with a
university or a business operator. It is more typical to have exposure to
individual tenants and turnover. This is critical as the risk of higher void
rates can have a more direct impact on performance in European PBSA. Schemes
that are backed by a diverse range of international students tend to support
more resilient cashflows. Where there is a strong dependency on one source of
international student, there is a risk that the source slows or is diverted.

Brexit is a good example of a structural shift that can happen almost overnight.
The number of EU students coming to the UK plummeted by 50% in 2022, after
Brexit-related changes meant they lost their discount on tuition fees. Non-EU
international students have filled these places, but this has changed the
dynamic in the UK market. In addition, student visa reforms and anti-immigration
laws hinder future enrollment rates from Europe, in particular.

In the UK, the highest number of international students are from China, India
and the US. European student flows are more fragmented, though, driven by a
shared colonial history, languages, politics and geographical relationships. In
France, most students are from Africa, given the shared colonial ties; Portugal
has the most Brazilian students because of their colonial and economic links;
and Austria and Germany receive students from each other as they share a common
language and are neighbouring countries. The chart shows the differences in
student flows and the implied opportunities and risks within the international
student mix. The diverse range of international students is a distinct advantage
for European PBSA.

With the UK government introducing stricter policies, EU institutions are an
emerging alternative for international students. This trend could allow the EU
to close the gap on the UK. It's not a one-way ticket, though. The Netherlands
is another maturing PBSA market that is home to many top universities and
international students. But it could cap international student enrollment and
recruitment in the future. The tight housing market in major Dutch cities is a
major political issue and there are simply not enough beds to supply all
students with good-quality accommodation.


IT'S ALL ABOUT DISTINCTION

Given the demand and supply fundamentals, we believe there will be strong
potential opportunities for investors to grow meaningful allocations in
good-quality and well-located European PBSA.

The deglobalisation trend that has been fuelled by geopolitics, means investors
cannot simply 'wing it' when it comes to European PBSA. It is important to focus
on the best university towns and cities, backed by the most diverse range of
student flows, and a strong and growing domestic student population.

 1. 3-22042020-BP-EN.pdf (europa.eu)
 2.  Bonard report, 2022
 3. CBRE report (May 2023)
 4.   European Parliament study on internationalisation of higher education -
    EAIE
 5.   Times Higher Education

Author: Hong Bui, Real Estate Investment Analyst, Europe, abrdn

--------------------------------------------------------------------------------

Funds operated by this manager:

Aberdeen Standard Actively Hedged International Equities Fund, Aberdeen Standard
Asian Opportunities Fund, Aberdeen Standard Australian Small Companies
Fund, Aberdeen Standard Emerging Opportunities Fund, Aberdeen Standard Ex-20
Australian Equities Fund (Class A), Aberdeen Standard Focused Sustainable
Australian Equity Fund, Aberdeen Standard Fully Hedged International Equities
Fund, Aberdeen Standard Global Absolute Return Strategies Fund, Aberdeen
Standard Global Corporate Bond Fund, Aberdeen Standard International Equity
Fund, Aberdeen Standard Multi Asset Real Return Fund, Aberdeen Standard
Multi-Asset Income Fund



19 Oct 2023 Australian Corporate Performance in Indigenous... Author: Tyndall
Asset Management
With the upcoming Voice referendum in Australia, the nation stands on the cusp
of a significant constitutional change, emphasising the acknowledgment...
Read more


19 OCT 2023 - AUSTRALIAN CORPORATE PERFORMANCE IN INDIGENOUS RECONCILIATION.

By: Tyndall Asset Management



Australian Corporate Performance in Indigenous reconciliation.

Tyndall Asset Management

October 2022

--------------------------------------------------------------------------------

With the upcoming Voice referendum in Australia, the nation stands on the cusp
of a significant constitutional change, emphasising the acknowledgment of
Aboriginal and Torres Strait Islanders as the original inhabitants and the
establishment of an Aboriginal and Torres Strait Islander Voice to Parliament.
Here we aim to assess Australian corporate performance in the context of the
indigenous reconciliation journey, particularly focusing on Reconciliation
Action Plans and their varying stages.


RECONCILIATION ACTION PLANS

Reconciliation Action Plans (RAPs) seek to enable organisations to take
meaningful action to advance reconciliation.

Based around the core pillars of relationships, respect and opportunities, RAPs
aim to provide tangible and substantive benefits for Aboriginal and Torres
Strait Islander peoples, increase economic equity and supporting First Nations
self-determination.


THE FOUR STAGES OF A RAP ARE AS FOLLOWS:

 1. Reflect: At this stage, organisations acknowledge the need for change and
    express their commitment to reconciliation. This stage, which normally takes
    around 12 months, involves building relationships and cultural awareness
    within the workplace.
 2. Innovate: The Innovate stage focuses on implementing specific initiatives
    and programs that promote meaningful engagement and partnerships with
    indigenous communities. This stage normally takes around two years.
 3. Stretch: Organisations at the Stretch stage are dedicated to integrating
    reconciliation into their core operations and actively seeking opportunities
    to advance indigenous participation, employment, and procurement. This stage
    normally takes around 2-3 years.
 4. Elevate: The Elevate stage signifies a comprehensive and sustained approach
    to reconciliation, incorporating significant changes in organisational
    policies, practices, and cultural competency, ultimately striving for
    measurable outcomes.


CORPORATE PERFORMANCE AND RAPS

There are presently 43 companies in the S&P/ASX 100 with RAPs in place. These
companies are distributed across the Reflect, Innovate, Stretch, and Elevate
stages. Notably, 57 companies in the ASX 100 do not have RAPs, suggesting that
there is room for growth in corporate engagement in indigenous reconciliation.

The breakdown of companies by RAP stage and their associated values in the ASX
100 is as follows:

 * Reflect: 12 companies with a total value of $300 billion
 * Innovate: 14 companies with a total value of $125 billion
 * Stretch: 10 companies with a total value of $400 billion
 * Elevate: 7 companies with a total value of $120 billion

Figure 1: S&P/ASX 100 RAP Breakdown (number)



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Figure 2: S&P/ASX 100 RAP breakdown (total market cap)



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Additionally, sector-wise analysis demonstrates varying levels of engagement
with RAPs:

 * Financial sector companies exhibit substantial engagement, with 12 out of 19
   companies having RAPs.
 * The industrial and property trusts sectors also demonstrate significant
   engagement, with 7 out of 14 and 6 out of 10 companies having RAPs,
   respectively.
 * Conversely, sectors including consumer discretionary, consumer staples,
   healthcare, and information technology lag behind in terms of RAP adoption.

Figure 3: S&P/ASX 100 RAP breakdown by industry



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.

Specifically relating to the Voice referendum, it is interesting to note that 14
of the top 20 listed companies in Australia have expressed public support for
the Voice. Somewhat surprisingly, of these 14 companies only 11 currently have
RAPs. Less surprisingly, none of those 11 companies are at the Reflect stage and
the majority are at the Elevate stage or beyond - essentially companies that are
more progressed in their own reconciliation journey.

Figure 4: S&P/ASX 20 Voice Support



Source: IRESS, Reconciliation Australia, Tyndall AM, Oct 2023.


INCORPORATING RECONCILIATION INTO OUR ESG APPROACH

ESG has always been a critical part of the Tyndall investment process. More
recently we have added structure to the process via the development of an ESG
scorecard amongst other longstanding initiatives including active ESG engagement
and independent thought on ESG related matters. While social issues and
diversity and inclusion performance have always been considered, we have
recently updated our scorecard to specifically reflect where companies are at in
their RAP journey.

Conclusion

Regardless of the outcome of the Voice referendum, it is clear that corporate
Australia will play an increasingly significant role in progressing indigenous
reconciliation efforts. This includes fostering genuine relationships, creating
inclusive workplaces, and supporting initiatives that empower Aboriginal and
Torres Strait Islander peoples. The pre-Voice referendum assessment of
Australian corporate performance in the indigenous reconciliation journey
through RAPs reveals both progress and areas for improvement.

While a notable number of companies have embraced reconciliation through the RAP
framework, a significant proportion is yet to make a commitment. Encouragingly,
there appears a growing understanding and acknowledgment of the need to
meaningfully engage with indigenous communities.

Author: Michael Ward, Senior Research Analyst

--------------------------------------------------------------------------------

Funds operated by this manager:

Tyndall Australian Share Concentrated Fund, Tyndall Australian Share Income
Fund, Tyndall Australian Share Wholesale Fund



12 Oct 2023 Ferrari: The case for RACE (RACE IM) Author: Alphinity Investment
Management
Ferrari is one of the world's most iconic brands. It's also an amazing stock.
Ferrari was founded in Italy in the 1940s and was spun off from...
Read more


12 OCT 2023 - FERRARI: THE CASE FOR RACE (RACE IM)

By: Alphinity Investment Management



Ferrari: The case for RACE (RACE IM)

Alphinity Investment Management

September 2023

--------------------------------------------------------------------------------

Ferrari is one of the world's most iconic brands. It's also an amazing stock.
Ferrari was founded in Italy in the 1940s and was spun off from Stellantis in
2016 under the ticker RACE IM.



The IPO price was EUR43 and Ferrari is currently trading at ~EUR300 for a 600%
return since listing. The analysis below outlines the Case for RACE and
highlights 4 main reasons to why we love the stock.

RACE Stock Price Since Listing in 2016



Reason #1: High margin, high return, high growth business
Ferrari has achieved the holy trinity of high returns, high growth and a
reasonable valuation. RACE boasts gross margins of ~50%, net margins of over 20%
and an ROE of approximately 40%. This margin and non-cyclical earnings profile
is why Ferrari is typically considered a luxury stock like Hermes, rather than
an auto stock like GM, Ford or even Mercedes.



Point #2: A+ industry structure leads to earnings visibility and upgrades
When I was a student at Harvard Business School I did many case studies applying
the Porter's 5 Forces Framework. The 5 Forces is an analytical tool developed by
Michael Porter in the late 1970s to analyse industry structure and competitive
environments.

From this perspective, Ferrari is literally the textbook case of an A+ company.
They are a heritage brand with incredibly high barriers to entry, they have few
competitors, few substitutes, price insensitive customers with very little
bargaining power, and a supply chain that is localised and very difficult to
replicate.

The net result is that Ferrari has an immense level of control over its own
earnings and strong earnings visibility. Management upgraded its FY23 revenue
guidance, adjusted EBIT margin guidance as well as adjusted EPS and FCF
estimates at the last result. More importantly, this upgrade cycle is a
consistent pattern shown by RACE management since listing.



Reason #3: Impressive Brand Recognition and Unique Positioning Among Auto Peers
Ferrari is repeatedly recognised as one of the world's leading brands and they
are confident in what their brand stands for and who their target customer is.
Most auto meetings these days are focused on the transition to EVs and the rise
of autonomous driving (AD). While these are important strategic directions for
the auto sector as a whole, it often feels like the companies are in a RACE (no
pun intended) to out electrify and out tech each other.

Ferrari is refreshingly contrarian on both these fronts. Ferrari management has
made a strong commitment NOT to get into autonomous driving (AD). The whole
point of buying a Ferrari is to drive it yourself!

While Ferrari is a leader in hybrids with approximately 45% of deliveries
already in the hybrid space, it's first fully electric car will not be presented
until 2025 with the first deliveries the following year. They do not expect pure
EVs to be more than 5% of total shipments by 2026.  Part of this is strategic
positioning that one of the great joys (so I am told) of owning a Ferrari is the
vrooooom, sound it makes when you start the ICE engine. EVs don't vroom so
Ferrari plans to continue to develop ICE engines into the 2030s.

Reason #4: Technological leader
Technological leadership comes in part from the company's F1 racing pedigree.
Scuderia Ferrari has been racing in the Formula 1 World Championship since the
series was launched in 1950. RACE transfers technologies initially developed for
racing to its road cars, which reinforces the brand identity and the scarcity
value of the vehicles. Examples include steering wheel paddles for gear
shifting, the use and development of composite materials, which make cars
lighter and faster, and technology related to hybrid propulsion. RACE road cars
have also benefited from the know-how acquired in the wind tunnel by racing car
development teams, enjoying greater stability as they reach high speeds.

Investment Risks
Of course, no stock is without risks. For Ferrari, the main risks are that it is
a single brand, single product company and therefore lack the diversification of
a luxury stock like LVMH or a more diversified auto company like Mercedes or
Tesla. From a governance perspective, this is still to some extent a family
endeavour with the Agnelli family de facto controlling approximately 51% of the
voting rights of the company. Finally, Euronext Milan is not the most liquid
market so the Average Daily Traded Value (ADTV) of Ferrari as a EUR50 billion
market cap company, is less than it would be if it was traded in the US or
France.

Conclusion
The case for RACE is clear. Ferrari is a high margin, high return, high growth
company operating in a competitive environment with high barriers to entry, few
competitors, leading technology and loyal customers. What's not to like about
Ferrari?

--------------------------------------------------------------------------------

Funds operated by this manager:

Alphinity Australian Share Fund, Alphinity Concentrated Australian Share
Fund, Alphinity Global Equity Fund, Alphinity Sustainable Share Fund

--------------------------------------------------------------------------------

Disclaimer
The information on this website is general in nature and does not take into
account your personal circumstances, financial needs or objectives. Before
acting on any information, you should consider the appropriateness of it and the
relevant product having regard to your objectives, financial situation and
needs. In particular, you should seek independent financial advice and read the
relevant Product Disclosure Statement or other offer document and the relevant
Target Market Determination (available on the Apply Now page on this website)
before making a decision whether to buy or hold a financial product.



11 Oct 2023 Who will benefit from the energy transition? Author: Magellan Asset
Management
Net Zero is not a new ambition for governments and companies, with some sectors
like utilities focused on this climate risk for quite some time now. ...
Read more


11 OCT 2023 - WHO WILL BENEFIT FROM THE ENERGY TRANSITION?

By: Magellan Asset Management



Who will benefit from the energy transition?

Magellan Asset Management

September 2023

--------------------------------------------------------------------------------

Net Zero is not a new ambition for governments and companies, with some sectors
like utilities focused on this climate risk for quite some time now.  David
Costello,  CFA, Portfolio Manager - Energy Transition Strategy discusses the
opportunities we see from the energy transition and companies that may benefit
from this transition. 



--------------------------------------------------------------------------------

Funds operated by this manager:

Magellan Global Fund (Hedged), Magellan Global Fund (Open Class Units)
ASX:MGOC, Magellan High Conviction Fund, Magellan Infrastructure Fund, Magellan
Infrastructure Fund (Unhedged), MFG Core Infrastructure Fund

--------------------------------------------------------------------------------

Important Information: 

This material has been delivered to you by Magellan Asset Management Limited ABN
31 120 593 946 AFS Licence No. 304 301 ('Magellan') and has been prepared for
general information purposes only and must not be construed as investment advice
or as an investment recommendation.  This material does not take into account
your investment objectives, financial situation or particular needs. This
material does not constitute an offer or inducement to engage in an investment
activity nor does it form part of any offer documentation, offer or invitation
to purchase, sell or subscribe for interests in any type of investment product
or service. You should obtain and consider the relevant Product Disclosure
Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining
professional investment advice tailored to your specific circumstances before
making a decision about whether to acquire, or continue to hold, the relevant
financial product. A copy of the relevant PDS and TMD relating to a Magellan
financial product may be obtained by calling +61 2 9235 4888 or by visiting
www.magellangroup.com.au.

Past performance is not necessarily indicative of future results and no person
guarantees the future performance of any financial product or service, the
amount or timing of any return from it, that asset allocations will be met, that
it will be able to implement its investment strategy or that its investment
objectives will be achieved. This material may contain 'forward-looking
statements'. Actual events or results or the actual performance of a Magellan
financial product or service may differ materially from those reflected or
contemplated in such forward-looking statements.

This material may include data, research and other information from third party
sources. Magellan makes no guarantee that such information is accurate, complete
or timely and does not provide any warranties regarding results obtained from
its use. This information is subject to change at any time and no person has any
responsibility to update any of the information provided in this material.
 Statements contained in this material that are not historical facts are based
on current expectations, estimates, projections, opinions and beliefs of
Magellan. Such statements involve known and unknown risks, uncertainties and
other factors, and undue reliance should not be placed thereon. No
representation or warranty is made with respect to the accuracy or completeness
of any of the information contained in this material. Magellan will not be
responsible or liable for any losses arising from your use or reliance upon any
part of the information contained in this material.

Any third party trademarks contained herein are the property of their respective
owners and Magellan claims no ownership in, nor any affiliation with, such
trademarks.   Any third party trademarks that appear in this material are used
for information purposes and only to identify the company names or brands of
their respective owners. No affiliation, sponsorship or endorsement should be
inferred from the use of these trademarks. This material and the information
contained within it may not be reproduced, or disclosed, in whole or in part,
without the prior written consent of Magellan.



ATTACHED FILESThe three factors driving stock returns (pdf format)
3 Oct 2023 Webinar Recording 26 September 2023| Getting the... Author:
FundMonitors.com
To help you get a better understanding of the www.fundmonitors.com database,
watch this webinar recording to help you learn to navigate the database...
Read more


3 OCT 2023 - WEBINAR RECORDING 26 SEPTEMBER 2023| GETTING THE MOST OUT OF THE
FUND MONITORS DATABASE

By: FundMonitors.com



Webinar Recording | Getting the Most Out

of the Fund Monitors Database

FundMonitors.com

26 September 2023

--------------------------------------------------------------------------------



To help you get a better understanding of the www.fundmonitors.com database,
watch this webinar recording to help you learn to navigate the database and get
the most out of its powerful fund analytics. 

The webinar covered the following:

 * Accessing the site
 * Selecting and comparing funds
 * Peer group analysis
 * Building and managing a watchlist
 * Creating a portfolio
 * Building custom reports
 * FACTORS Research



28 Sep 2023 The Rate Debate - Ep 42: Inflation has peaked Author: Yarra Capital
Management
Outgoing Reserve Bank governor Philip Lowe finished his tenure as he began by
keeping rates on hold as inflation cools. With inflation...
Read more


28 SEP 2023 - THE RATE DEBATE - EP 42: INFLATION HAS PEAKED

By: Yarra Capital Management



 

The Rate Debate - Ep 42: Inflation has peaked

Yarra Capital Management

September 2023

--------------------------------------------------------------------------------

Outgoing Reserve Bank governor Philip Lowe finished his tenure as he began by
keeping rates on hold as inflation cools.

With inflation past its peak, can we expect rate cuts on the horizon, and could
a softening of China's economy bring them even closer, or will services
inflation drive the incoming governor Michele Bullock to deliver a rate rise
later this year?

Darren is joined by special guest Roy Keenan, Co-Head of Fixed Income, to
explore this and the outlook for credit markets in episode 42 of The Rate
Debate.

--------------------------------------------------------------------------------

Funds operated by this manager:

Yarra Australian Equities Fund, Yarra Emerging Leaders Fund, Yarra Enhanced
Income Fund, Yarra Income Plus Fund



13 Sep 2023 Quay podcast: How high rates are impacting REITs Author: Quay Global
Investors
Quay's Co-Principal and Portfolio Manager, Justin Blaess, speaks with Bennelong
Account Director, Jodie Saw, about the impact of high rates on REITs...
Read more


13 SEP 2023 - QUAY PODCAST: HOW HIGH RATES ARE IMPACTING REITS

By: Quay Global Investors



Quay podcast: How high rates are impacting REITs

Quay Global Investors

 September 2023

--------------------------------------------------------------------------------

Quay's Co-Principal and Portfolio Manager, Justin Blaess, speaks with Bennelong
Account Director, Jodie Saw, about the impact of high rates on REITs (less of an
issue than most expect), the mismatch between supply and demand (the main
drivers of return), the opportunities emerging globally, and Quay's long-term
earnings outlook.



Timestamps:
 * 0:46 - The impact of high rates on REITs
 * 4:01 - Quay's view on bank values and the risks across sectors
 * 7:33 - The mismatch between supply and demand in the real estate market
 * 8:51 - The opportunities for REITs in the USA, UK and Europe
 * 11:11 - ... and how Quay is capitalising on these opportunities
 * 11:58 - The team's long-term earnings outlook

--------------------------------------------------------------------------------

Funds operated by this manager:

Quay Global Real Estate Fund (AUD Hedged), Quay Global Real Estate Fund
(Unhedged)

For more insights from Quay Global Investors, visit quaygi.com

--------------------------------------------------------------------------------

The content contained in this audio represents the opinions of the speakers. The
speakers may hold either long or short positions in securities of various
companies discussed in the audio. This commentary in no way constitutes a
solicitation of business or investment advice. It is intended solely as an
avenue for the speakers to express their personal views on investing and for the
entertainment of the listener.



12 Sep 2023 Cultivating change - Nestlé's leading approach... Author: Magellan
Asset Management
In this episode, Magellan's Portfolio Manager Elisa Di Marco, and Investment
Analyst, Tracey Wahlberg discuss how environmental values are driving...
Read more


12 SEP 2023 - CULTIVATING CHANGE - NESTLÉ'S LEADING APPROACH ON SUSTAINABILITY
AND CREATING SHARED VALUE

By: Magellan Asset Management



Episode 37: Cultivating change - Nestlé's leading approach on sustainability and
creating shared value

Magellan Asset Management

August 2023

--------------------------------------------------------------------------------

In this episode, Magellan's Portfolio Manager Elisa Di Marco, and Investment
Analyst, Tracey Wahlberg discuss how environmental values are driving corporate
culture with Rob Cameron, Nestlé's Global Head of Public Affairs. They talk
through the company's net zero approach, and its commitment in leading its
supply chain to embrace regenerative agriculture, recycling, packaging
innovation and human rights. And Rob Cameron explains how these initiatives
benefit shareholders, through growth opportunities and cost discipline.

--------------------------------------------------------------------------------

Funds operated by this manager:

Magellan Global Fund (Hedged), Magellan Global Fund (Open Class Units)
ASX:MGOC, Magellan High Conviction Fund, Magellan Infrastructure Fund, Magellan
Infrastructure Fund (Unhedged), MFG Core Infrastructure Fund

--------------------------------------------------------------------------------

Important Information: 

This material has been delivered to you by Magellan Asset Management Limited ABN
31 120 593 946 AFS Licence No. 304 301 ('Magellan') and has been prepared for
general information purposes only and must not be construed as investment advice
or as an investment recommendation.  This material does not take into account
your investment objectives, financial situation or particular needs. This
material does not constitute an offer or inducement to engage in an investment
activity nor does it form part of any offer documentation, offer or invitation
to purchase, sell or subscribe for interests in any type of investment product
or service. You should obtain and consider the relevant Product Disclosure
Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining
professional investment advice tailored to your specific circumstances before
making a decision about whether to acquire, or continue to hold, the relevant
financial product. A copy of the relevant PDS and TMD relating to a Magellan
financial product may be obtained by calling +61 2 9235 4888 or by visiting
www.magellangroup.com.au.

Past performance is not necessarily indicative of future results and no person
guarantees the future performance of any financial product or service, the
amount or timing of any return from it, that asset allocations will be met, that
it will be able to implement its investment strategy or that its investment
objectives will be achieved. This material may contain 'forward-looking
statements'. Actual events or results or the actual performance of a Magellan
financial product or service may differ materially from those reflected or
contemplated in such forward-looking statements.

This material may include data, research and other information from third party
sources. Magellan makes no guarantee that such information is accurate, complete
or timely and does not provide any warranties regarding results obtained from
its use. This information is subject to change at any time and no person has any
responsibility to update any of the information provided in this material.
 Statements contained in this material that are not historical facts are based
on current expectations, estimates, projections, opinions and beliefs of
Magellan. Such statements involve known and unknown risks, uncertainties and
other factors, and undue reliance should not be placed thereon. No
representation or warranty is made with respect to the accuracy or completeness
of any of the information contained in this material. Magellan will not be
responsible or liable for any losses arising from your use or reliance upon any
part of the information contained in this material.

Any third party trademarks contained herein are the property of their respective
owners and Magellan claims no ownership in, nor any affiliation with, such
trademarks.   Any third party trademarks that appear in this material are used
for information purposes and only to identify the company names or brands of
their respective owners. No affiliation, sponsorship or endorsement should be
inferred from the use of these trademarks. This material and the information
contained within it may not be reproduced, or disclosed, in whole or in part,
without the prior written consent of Magellan.



ATTACHED FILESThe three factors driving stock returns (pdf format)
8 Sep 2023 Sorting bubbles from justified inflations! Author: Alphinity
Investment Management
Since Chat GPT3 crashed onto the scene at the end of 2022, the world has been
swept up in (generative) Artificial Intelligence (AI) euphoria. AI...
Read more


8 SEP 2023 - SORTING BUBBLES FROM JUSTIFIED INFLATIONS!

By: Alphinity Investment Management



Sorting bubbles from justified inflations!

Alphinity Investment Management

August 2023

--------------------------------------------------------------------------------

Since Chat GPT3 crashed onto the scene at the end of 2022, the world has been
swept up in (generative) Artificial Intelligence (AI) euphoria.  AI related
stocks have all rallied, companies have expanded their capital plans and gone to
great lengths to explain how and why they use AI, and analysts have sharpened
their bull case scenarios for future growth opportunities.

We've seen similar transformative technology breakthrough exuberance rise and
fall in the past, such as Web 3, the metaverse and crypto architecture last
year.  Is AI just another tech bubble about to implode? Or something much more
substantive? The answer is yes to both.

In this note, we expand on why we remain excited about the use cases and
subsequent earnings potential that can be built off the back of AI in the future
and why we believe this technology shift, and the value that it can create, is
real.  Investors however need to be very selective as the monetisation potential
of AI will flow through different elements of the chain at various levels an at
different times. Two clear early winners in our view are Microsoft and Nvidia.

The AI induced rally

The release of Chat GPT did bring the technology sector heavily back into focus
in the first half of the year with the Mega (or profitable) Tech index rallying
64% to the end of July. But this reborn tech euphoria also dragged the
Unprofitable Tech stocks 37% higher, to outperform the broader US market by more
than 40% and 15% respectively.

AI enthused rally has boosted profitable and unprofitable tech stocks YTD  



There is undoubtedly an element of AI froth that has come into the technology
sector, as some companies have seen AI potential wash into their share prices
before a clear articulation of how the earnings that will back these valuations
will emerge. And we have seen the downside of this where companies such as Data
Dog and Palantir have had solid falls after earnings disappointments, while some
of the air has also come out of other companies such as MongoDB, Snowflake and
Salesforce.

We expect the market to become more discerning in terms of wanting to see a
clearer monetisation path to determine who the key winners will be as opposed to
the broad lifting of almost all boats even tangentially brushing up against the
AI theme that we have seen so far this year.

Use cases of generative AI

In terms of winners in the AI space, it is all about a clear identification of
use cases. AI is not a new theme. The difference now is generative AI
developments expand these technological capabilities and put them within the
reach of hundreds of millions of new users each month.  The IDC estimates the
global AI market will see 19% compound annual growth between now and 2026 to
reach US$900bn while Goldman Sachs predicts generative AI alone could drive 7%
or an almost $7trn increase in annual global GDP growth over the coming decade.

There are various elements of the tech ecosystem where value will emerge to
varying degrees. At the front end you have the key enablers such as
semiconductor designers like Nvidia that will benefit along with foundry
businesses like TSMC and Samsung and the semiconductor equipment players such as
ASML, Applied Materials and Lam Research who supply them. Then you shift towards
the infrastructure names such as networks businesses like Arista, and the cloud
players that span Microsofts Azure, Amazons AWS and Googles GCP.

But the really exciting opportunities should emerge beyond the initial enablers
and infrastructure players and be in those businesses that can create
applications based on AI. Established businesses such as ServiceNow, Workday and
Salesforce are working to embed AI within their current offering, but the real
opportunity is likely to be in the emergence of a business that applies AI to a
deep revenue pool and owns that vertical. Whether that be in healthcare, finance
or customer service, there is potential for an AI leader to emerge that could be
the next big tech name in 5yrs.

AI offers a plethora of investment opportunities, but not all created equal



Source:  Alphinity, 31 July 2023

Two clear early winners currently - Microsoft & Nvidia

Investing in AI is like investing in any other idea for Alphinity; find the
investment ideas that are showing earnings leadership, come wrapped in a quality
business, and are bound by a reasonable valuation. In AI it comes down to
identifying a tangible use case and the monetisation potential that flows off
the back of this to driving earnings outperformance, exceptional returns and
valuation upside. Microsoft and Nvidia are two clear early winners in AI that
display these characteristics.

Microsoft (MSFT) - Well positioned for broad secular trends in technology and a
leader in AI

Microsoft has multiple legs of opportunity flowing from AI. At the front end, it
has announced pricing for its AI infused M365 co-pilot product at $30per user
per month. Applying this pricing to Microsoft's 250m commercial users of it's
higher value products, we estimate Co-pilot can drive an extra $27bn in revenue,
or 13%, over a 3-5yr period, assuming a conservative 30% penetration rate. There
is also the uplift in consumption that will run through Microsofts cloud
business Azure, a potentially simpler Ai product for the extra 200m commercial
users on simple product sets, plus incremental gains from any shift in search
traffic from Google to Bing.

Wrap this together and while the Microsoft share price has risen in 1H23,
investors are currently paying 30x Price to Earnings for a business that can
grow mid-teens over the next 3 with multiple growth drivers.

MSFT offers tangible AI monetisation



Source:  Alphinity, Bloomberg, 31 July 2023

Nvidia (NVDA) - Global leader in Graphics Processing Units with generative AI a
gamechanger

Nvidia is the other key initial beneficiary from AI, with their most recent
result generating an almost unprecedented upgrade in earnings expectations for a
business of its scale. Generative Ai is all about GPU's given their ability to
run calculations and simulations in parallel; the key tasks for AI. And Nvidia
sits front and centre as the leader in terms of GPU performance coupled with a
powerful software capability making their GPU's flexible and programmable.

The key to the Nvidia investment case is ensuring that the current demand is not
just a flash in the pan. To our mind, there is sustainability to this demand
given that generative AI has triggered a shift in data centre infrastructure
from CPU's towards GPU's. With around $1tr of datacentre infrastructure
installed, and this infrastructure turning over around every 4 years, this
provides rich structural tailwinds that should drive Nvidia earnings for years
to come.

On our estimates, NVDA should generate around $30bn in datacentre revenue this
year (2/3rds of total revenue). If we push the shift from CPU to GPU through our
discounted cashflow model, we estimate that datacentre revenues can increase to
$80bn CY27. Investors are paying c40x FY24 Price/Earnings, with what looks like
growth to come for the years ahead.

Revenue & margin uplifts driving unprecedented EPS upgrades over next two years



Source:  Alphinity, Bloomberg, 31 July 2023

In summary, AI is an exciting investment opportunity, with many growth tangents
still to be discovered.  But like any investment, investors need to be able to
have a line of sight to the earnings potential and be disciplined in terms of
what they pay for these companies to ensure that they are not riding a bubble
that may eventually pop.

Authors: Elfreda Jonker, Client Portfolio Manager & Investment Specialist
and Trent Masters, Global Portfolio Manager

--------------------------------------------------------------------------------

Funds operated by this manager:

Alphinity Australian Share Fund, Alphinity Concentrated Australian Share
Fund, Alphinity Global Equity Fund, Alphinity Sustainable Share Fund

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Disclaimer
The information on this website is general in nature and does not take into
account your personal circumstances, financial needs or objectives. Before
acting on any information, you should consider the appropriateness of it and the
relevant product having regard to your objectives, financial situation and
needs. In particular, you should seek independent financial advice and read the
relevant Product Disclosure Statement or other offer document and the relevant
Target Market Determination (available on the Apply Now page on this website)
before making a decision whether to buy or hold a financial product.



29 Aug 2023 The Rate Debate - Ep 41: Uncertainty abounds in... Author: Yarra
Capital Management
Amidst ongoing economic uncertainties, the RBA has seen fit to keep rates on
hold for a consecutive month and wait to see how the lagging effects of...
Read more


29 AUG 2023 - THE RATE DEBATE - EP 41: UNCERTAINTY ABOUNDS IN THE FACE OF
ECONOMIC CHALLENGES

By: Yarra Capital Management



 

The Rate Debate - Ep 41: Uncertainty abounds

in the face of economic challenges

Yarra Capital Management

August 2023

--------------------------------------------------------------------------------

Amidst ongoing economic uncertainties, the RBA has seen fit to keep rates on
hold for a consecutive month and wait to see how the lagging effects of 12 rate
hikes play out.

While inflation is decelerating, uncertainty abounds over consumer spending,
falling productivity and wage growth. Will the central bank's aim to deliver a
soft landing make it harder to get inflation back to target, meaning that this
pause is short-lived?

Darren is joined by special guest Phil Strano, Senior Portfolio Manager in
charge of credit research, to explore this and more in episode 41 of The Rate
Debate.

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Funds operated by this manager:

Yarra Australian Equities Fund, Yarra Emerging Leaders Fund, Yarra Enhanced
Income Fund, Yarra Income Plus Fund



28 Aug 2023 What really matters in investing Author: Magellan Asset Management
Global Portfolio Managers, Arvid Streimann and Nikki Thomas dissect what's
important and what's a distraction in the investment world. They talk us...
Read more


28 AUG 2023 - WHAT REALLY MATTERS IN INVESTING

By: Magellan Asset Management



What really matters in investing

Magellan Asset Management

August 2023

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Global Portfolio Managers, Arvid Streimann and Nikki Thomas dissect what's
important and what's a distraction in the investment world. They talk us through
where they are currently finding opportunities and how they are positioning the
portfolio to benefit from structural tailwinds. Investment Analyst, Emma
Henderson joins them to provide a deep dive into our restaurant holdings and why
we like them.



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Funds operated by this manager:

Magellan Global Fund (Hedged), Magellan Global Fund (Open Class Units)
ASX:MGOC, Magellan High Conviction Fund, Magellan Infrastructure Fund, Magellan
Infrastructure Fund (Unhedged), MFG Core Infrastructure Fund

--------------------------------------------------------------------------------

Important Information: 

This material has been delivered to you by Magellan Asset Management Limited ABN
31 120 593 946 AFS Licence No. 304 301 ('Magellan') and has been prepared for
general information purposes only and must not be construed as investment advice
or as an investment recommendation.  This material does not take into account
your investment objectives, financial situation or particular needs. This
material does not constitute an offer or inducement to engage in an investment
activity nor does it form part of any offer documentation, offer or invitation
to purchase, sell or subscribe for interests in any type of investment product
or service. You should obtain and consider the relevant Product Disclosure
Statement ('PDS') and Target Market Determination ('TMD') and consider obtaining
professional investment advice tailored to your specific circumstances before
making a decision about whether to acquire, or continue to hold, the relevant
financial product. A copy of the relevant PDS and TMD relating to a Magellan
financial product may be obtained by calling +61 2 9235 4888 or by visiting
www.magellangroup.com.au.

Past performance is not necessarily indicative of future results and no person
guarantees the future performance of any financial product or service, the
amount or timing of any return from it, that asset allocations will be met, that
it will be able to implement its investment strategy or that its investment
objectives will be achieved. This material may contain 'forward-looking
statements'. Actual events or results or the actual performance of a Magellan
financial product or service may differ materially from those reflected or
contemplated in such forward-looking statements.

This material may include data, research and other information from third party
sources. Magellan makes no guarantee that such information is accurate, complete
or timely and does not provide any warranties regarding results obtained from
its use. This information is subject to change at any time and no person has any
responsibility to update any of the information provided in this material.
 Statements contained in this material that are not historical facts are based
on current expectations, estimates, projections, opinions and beliefs of
Magellan. Such statements involve known and unknown risks, uncertainties and
other factors, and undue reliance should not be placed thereon. No
representation or warranty is made with respect to the accuracy or completeness
of any of the information contained in this material. Magellan will not be
responsible or liable for any losses arising from your use or reliance upon any
part of the information contained in this material.

Any third party trademarks contained herein are the property of their respective
owners and Magellan claims no ownership in, nor any affiliation with, such
trademarks.   Any third party trademarks that appear in this material are used
for information purposes and only to identify the company names or brands of
their respective owners. No affiliation, sponsorship or endorsement should be
inferred from the use of these trademarks. This material and the information
contained within it may not be reproduced, or disclosed, in whole or in part,
without the prior written consent of Magellan.



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