The Rate Of Change

In this episode of The Rate of Change, Murdoch Gatti sits down with Todd Warren, Portfolio Manager & Head of Research at Tribeca Investment Partners, to unpack a critical shift taking place across global commodity markets — and why the real story isn’t demand, but supply.If you are interested in uranium, oil, natural gas, LNG, copper, sulphur, lithium, rare earths, iron ore, coal, hydrogen, carbon markets, nuclear energy, titanium, advanced materials and broader strategic minerals, then you will enjoy this conversation.Over the past decade, commodities have been under-owned, underinvested and largely ignored as capital flowed into growth assets. ESG constraints and weak pricing suppressed new supply across energy and mining.That dynamic is now reversing.As Todd explains, we are entering a structurally different macro regime — one defined by constrained supply, geopolitical fragmentation and persistent inflation. Unlike prior cycles, this is not simply about stronger demand. The system itself is tight.A key insight from the conversation is the fragility of global supply chains.Critical inputs — including sulphur, essential for copper processing — are heavily reliant on global chokepoints such as the Strait of Hormuz. Disruptions here don’t just impact oil, but cascade through copper, fertilisers and broader industrial supply chains. In copper specifically, it is not just the availability of ore that matters, but the availability of inputs required to process it — creating an additional layer of supply constraint that is often overlooked.This is where the real risk — and opportunity — lies.Across oil, LNG, copper, uranium and key transition metals, years of under investment mean supply cannot respond quickly enough, while demand is reinforced by electrification, energy security and the re-emergence of nuclear power.Where commodities were once treated as tactical exposures, they are increasingly being viewed as strategic allocations — offering inflation protection and asymmetric upside.Todd also outlines how Tribeca Investment Partners expresses these views through its Global Natural Resources Strategy, a flexible long/short approach across equities, credit and commodities. The strategy has historically targeted 15–20% p.a. returns, while its listed vehicle, Tribeca Global Natural Resources Limited, returned approximately 60% in calendar year 2025.Companies Discussed:BHP.ASX – BHP GroupBOE.ASX – Boss EnergyBRE.ASX – Brazilian Rare EarthsBTL.ASX – Beetaloo Energy AustraliaCCO.TSX – Cameco1605.TYO – InpexILU.ASX – Iluka ResourcesIPX.ASX – IperionXLYC.ASX – Lynas Rare EarthsMEI.ASX – Meteoric ResourcesMP.NYSE – MP MaterialsNXE.TSX – NexGen EnergyOMA.ASX – Omega Oil & GasPDN.ASX – Paladin EnergyPLS.ASX – Pilbara MineralsRIO.ASX – Rio TintoSTO.ASX – SantosTBN.ASX – Tamboran Resources (CDI)TGF.ASX – Tribeca Global Natural Resources LimitedVMM.ASX – Viridis Mining and MineralsWDS.ASX – Woodside EnergyWPM.NYSE – Wheaton Precious Metals6KA.ASX – 6K Additives (CDI)

In this episode of The Rate of Change, Murdoch Gatti sits down with Ryan Bass, Founder of PanGen Capital, to discuss the repricing of institutional property and how capital is being deployed in a higher rate, more fragmented market environment.If you are interested in institutional real estate, income-focused investing, and how professional investors are accessing property opportunities typically reserved for large institutions, then you will enjoy this conversation.Over the past two years, rising interest rates have reshaped the property landscape. Valuations have reset, capital has become more selective, and many investors have stepped back from the asset class.But while sentiment has weakened, the underlying income story has not.High-quality retail assets — particularly shopping centres — have proven more resilient than expected. Centres remain well occupied, tenant demand is strong, and trading conditions are healthy. At the same time, higher construction costs are limiting new supply, reinforcing the value of existing assets.These dynamics are feeding directly into income.Retail leases are often linked to CPI or turnover, allowing landlords to pass through rising costs while benefiting from tenant performance. In many cases, rental income has remained resilient and continues to grow despite broader market uncertainty.This is where the opportunity is emerging.Where institutional property once delivered mid- to high-single digit returns, parts of the market are now presenting the potential for double-digit return profiles — driven by improved entry pricing, durable cashflows and reduced competition.Ryan explains why capital is rotating into retail, how office assets are becoming increasingly selective, and how his fund-of-funds model provides access to institutional-grade opportunities — including exposure to the Dexus Wholesale Property Fund and leading institutional retail property vehicles such as GPT Wholesale Shopping Centre Fund, Lendlease APPF Retail Fund, Dexus Wholesale Shopping Centre Fund and ISPT Retail Australia Property Trust — that are typically inaccessible to most investors.He also reflects on how the strategy has evolved from a focus on defensive income to capturing a more compelling return profile without necessarily increasing risk.In this conversation Murdoch and Ryan discuss:• How rising interest rates have driven a repricing across institutional property markets • The shift to a higher cost of capital and its impact on valuations • Why returns are moving from mid-single digits to potential double-digit opportunities • The disconnect between sentiment and underlying income • Why retail property, particularly shopping centres, has proven resilient • How strong occupancy, tenant demand and trading conditions are supporting assets • The impact of rising construction costs in limiting new supply • How CPI-linked leases and turnover rents allow landlords to pass through inflation • The rotation of capital away from office into higher conviction opportunities • The bifurcation within office markets and focus on high-quality assets • Exposure to institutional managers, including the Dexus Wholesale Property Fund • The structure of PanGen Capital’s fund-of-funds model • Differences between core, core-plus and value-add strategies • How capital scarcity is creating better acquisition opportunities • The importance of manager selection and asset quality • Managing liquidity and portfolio construction in unlisted assets • The role of institutional property for income and diversification • How investors are positioning in a higher rate, uncertain environmentEnjoy!

In this episode of The Rate of Change, Murdoch Gatti sits down with Michael Frazis, Founder and Portfolio Manager of Frazis Capital Partners, to discuss the shifting macro landscape and how capital is being deployed in an increasingly fragmented global market.If you are interested in war time markets, capital flows, artificial intelligence, and how professional investors are positioning portfolios in a changing world, then you will enjoy this conversation.Markets are no longer being driven by a single narrative. Geopolitics, energy shocks, inflation and technological disruption are colliding — creating a far more complex and uneven investment environment.In this environment, capital is not flowing evenly.It is concentrating into specific areas — AI infrastructure, semiconductors, defence, energy and large-scale platform businesses — while other parts of the market, particularly software and consumer-facing sectors, face increasing pressure.Frazis outlines how this shift is reshaping opportunity sets globally, and how his firm is navigating risk, volatility and changing market regimes through a combination of fundamental insight and quantitative risk management.In this conversation Murdoch and Michael discuss:• How war time dynamics and geopolitics are actively reshaping global markets and capital flows • The shift away from globalisation towards a more fragmented, multipolar world• Why capital is no longer flowing evenly — and instead concentrating into specific sectors and themes • Why energy, commodities and defence are emerging as structural beneficiaries in this environment • The pressure on consumers from higher fuel, labour and input costs — and how that flows through markets • Why Australia, as a commodity exporter, is relatively well positioned in this cycle • How currency movements, particularly the Australian dollar, impact offshore investing outcomes• The scale of AI capex and the infrastructure build-out required to support it • Why semiconductors and key bottlenecks (NVIDIA – NVDA, Broadcom – AVGO) are critical to the next phase of AI • The broader capex cycle spanning AI, energy, defence and industrial capacity• Why market returns are increasingly being driven by a small number of mega-cap companies (Alphabet – GOOGL, Microsoft – MSFT, Amazon – AMZN, Meta – META, Apple – AAPL) • How passive flows are reinforcing these winners and creating dispersion beneath the surface• The growing divergence between large platform businesses and traditional software companies • Why parts of software (Atlassian – TEAM, Adobe – ADBE, WiseTech – WTC.AX, Block – XYZ, Salesforce – CRM, GitLab – GTLB) may face structural pressure from AI • How AI is beginning to reshape business models, margins and competitive moats in real time• Lessons from companies like Costco (COST), Walmart (WMT), Tesla (TSLA), BlackBerry (BB) and DHL Group (DHL.DE) in understanding scale, disruption and durability• Why this is becoming a true stock picker’s market, with increasing dispersion in outcomes • The importance of risk management and portfolio construction in a volatile, late-cycle environment • How professional investors are positioning portfolios to navigate uncertainty and capture asymmetric opportunitiesFor investors and industry professionals, this episode provides a clear framework for understanding where capital is flowing, what is actually driving markets today, and how to position portfolios in a more fragmented and uncertain world.

In this episode of The Rate of Change, Murdoch Gatti sits down with Michael Campbell, Principal of McAlistair Capital, to discuss the structural changes reshaping the Australian financial advice profession.If you are interested in the future of financial advice, the economics of advisory firms, and how growth advisers are building larger businesses through acquisition, then you will enjoy this conversation.Over the past decade, adviser numbers have fallen dramatically as regulation, education requirements and compliance standards reshaped the industry. While the profession has become smaller, it has also become more professionalised — increasingly resembling other trusted professions such as law and medicine.At the same time, a new group of growth advisers is emerging.Rather than operating small lifestyle practices, these advisers are building scalable advisory firms through acquisitions, infrastructure and strategic capital. Campbell works directly with advisers navigating this transition, helping them source deals, structure transactions and grow their firms through mergers and acquisitions in the wealth management sector.In this conversation Murdoch and Michael discuss:• The dramatic decline in adviser numbers in Australia• Why financial advice is becoming a scarcity profession • The difference between lifestyle practices and growth advisory firms• How financial advice businesses are valued• Why scale changes valuation multiples• How advisers can grow by acquiring other practices• The mechanics of financing advisory firm acquisitions• Why consolidation is likely to reshape the advice industry over the next decadeFor advisers, investors and industry professionals, this episode offers a rare look inside the economics of financial advice businesses and the opportunities emerging as the industry evolves.

In this episode of The Rate of Change, host Murdoch Gatti sits down with investment strategist Jason Coggins, former Joint Head of a major wealth management firm and consultant to leading private-market firms including Aura Group, Elliston Capital, and IBEX Investors. Jason also serves on the investment committees for Australian Philanthropic Services and Third Link Growth Fund, providing him with a uniquely broad view across public and private markets.Murdoch and Jason explore the major macro forces shaping wealth creation in 2025 — from the rapid acceleration of AI and large language models, to evolving trends in global private credit, to the shifting dynamics of U.S.–China competition in technology, energy, and infrastructure investment.Together, they examine questions such as:In what way is the Australian private credit market structurally different to the U.S., and how do differences in creditor rights, recovery processes and loan duration shape risk?How is AI reducing business-formation timelines, and what does that mean for early-stage investors, founders, and legacy SaaS businesses?Could some private equity and SaaS business models be more exposed to disruption than previously understood?Why might seed-stage technology investing offer the cleanest expression of AI-driven upside, compared with later-stage deals?Could the U.S. CapEx boom — driven by data centres, AI infrastructure and geopolitical competition — create the conditions for a market melt-up despite elevated valuations?What structural challenges does Australia face around productivity, government spending, energy reliability, and housing supply?And which regions — including Asia, India and select frontier markets — may play a larger role in driving global growth over the next decade?This episode brings together forward-looking ideas and frameworks relevant to high-net-worth investors, private credit specialists, family offices, and anyone navigating one of the most dynamic investment landscapes in decades.If you want to understand the trends driving the rate of change across markets, technology and global macro — please have a listen and enjoy!You can reach me at [email protected] and www.yorkwealth.com.au

In today’s ROCast, Murdoch is joined by Ben Harrison, Co-Founder and Chief Investment Officer of Altor Capital, which as of February 2024 has been acquired by Prime Financial Group. Ben’s career began in engineering and project management on major infrastructure projects across Australia and Southeast Asia, before moving into finance with Wilsons — soon to be part of Canaccord — where he worked in equity research, ECM, and M&A. Nearly a decade ago, he co-founded Altor, building it into a specialist alternative asset manager with a focus on private credit and growth equity. What I find most interesting about Altor is that they’re not just lending to businesses. They want to get in alongside them, with both debt and equity, and work with founders to succeed. Their loans are senior secured, giving investors downside protection, but Altor often takes an equity stake too — putting them on the same side of the table as management and giving their investors a share in the potential upside. Their borrowers are typically operating companies with $20–100 million in revenue and $2–10 million in EBITDA, looking for capital to expand, make acquisitions, or invest in growth. Altor isn’t a property lender — they don’t fund land banking or development — but when a business owns property, or other hard assets, those assets are taken into account as part of the security package. In that sense, they use the full balance sheet to structure deals, but always through the lens of backing operating businesses. As of the time of recording, Altor’s flagship Private Credit Fund had delivered just under 12% per annum net of fees over its seven-year track record, paying quarterly distributions with a 10% cash yield target. That consistency comes from disciplined structuring, active involvement, and the additional upside created by equity positions. We also talk about Altor’s decision to join Prime Financial Group. The acquisition gave Altor the scale and infrastructure to accelerate growth, while opening up Prime’s sports and entertainment advisory business. Together, they’ve already completed several high-profile deals — most notably, the acquisition of the Tasmania Jack Jumpers NBL team — showing how sports franchises can be treated as platform assets with strong brands, loyal fans, and multiple streams of revenue. 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 [email protected] 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 Gatti is joined by Eric Chan, co-founder and Group MD of Aura Ventures & Aura Group. Eric shares what it takes to build a funds management business and their pursuit of backing Asia-Pacific’s next AI unicorn — through a disciplined process that blends private credit stability with high-conviction venture capital.We break down Aura’s two flagship strategies:Aura Private Credit Income Fund — an evergreen wholesale fund that has delivered ~9% p.a. since 2017 by financing SME-focused non-bank lenders. With short-duration loans, first-loss protection, and monthly liquidity, it offers stable income and strong risk controls.Aura Venture Fund — a seed-stage vehicle conditionally registered as an ESVCLP (Early Stage Venture Capital Limited Partnership), where investors commit capital via staged calls, gain tax benefits once fully registered, and back founders across Australia and Southeast Asia. A standout holding is Haast, an AI compliance platform already used by Telstra and Zurich. As Eric points out, the best measure of AI success is cost savings — and Haast has reduced compliance costs by ~60%, cut review times by 80%, and scaled rapidly from a $1.2m pre-seed in 2023 to a $6m raise in 2025 to drive international growth.Eric also explains why venture capital must be run as a portfolio, how to balance write-offs against fund-returners, the cyclical nature of venture markets, and where AI is already creating measurable business value — and where Aura is looking to invest next.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 [email protected] 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 is joined by Johann Kenny, CFA, Investment Director at Allcap Securities. Johann’s background spans capital markets, structured credit, and private equity—having held senior roles at ANZ, ING, Fitch Ratings, Equifax and Arowana. But what struck me most in this conversation is just how risk-averse and methodical he is—shaped, in part, by his early career navigating capital markets during the Sri Lankan civil war.In this episode, Johann breaks down the macro environment for construction in Australia—highlighting the difference between private sector development and government-funded infrastructure, particularly essential water projects tied to long-term public service delivery.And today we’re doing something different. Instead of a managed fund, we’re looking at a special purpose vehicle (SPV)—structured to acquire a Tier 2 builder delivering sewage plants, pump stations, filtration facilities, and stormwater infrastructure for local councils across NSW and QLD. The deal is:backed by NAB, targeting a 10%+ annual cash yield dividend distribution and target 2.5x return over three years, $14.5 million FY25 EBITDA forecast and a 5.0x acquisition multiple.What I found fascinating is how this ties into those moments where governments announce infrastructure spending to stimulate the economy. Ever wonder where that money actually ends up? Well, it’s firms like this—quietly delivering critical projects that ensure sewage doesn’t flow into rivers and towns have the systems they need to grow.This conversation covers a lot—from deal structure and risk management, to how Allcap thinks about governance, cashflow timing, and exit pathways.As always, this ROCast is for entertainment purposes only. Feel free to reach me at [email protected] that being said, I hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

Ryan Bass, Founder and Managing Director of PanGen Capital joins Murdoch Gatti from York Wealth Management on The Rate Of Change. Ryan spent 16 years at UniSuper, where he was involved in more than $8 billion in property transactions across direct real estate, unlisted property funds, and listed A-REITs. After completing his articles at a commercial law firm, Ryan started his career at MCS Property—one of Australia’s original and largest syndicators—and was one of the founding six behind iSelect, before choosing to focus on funds management and institutional real assets.At The Rate of Change, we love conversations with entrepreneurs who have operated at the highest level—and are now stepping out to solve a real problem they’ve seen up close. Ryan’s new venture, PanGen Capital, is doing exactly that. After decades inside major super funds, he observed a key issue: some of the best-performing, most stable property assets in the country—like prime grade core shopping centres, CBD office towers, and logistics hubs—are largely inaccessible to wholesale investors. These institutional-grade opportunities are typically locked behind $10 million minimums, strict mandates, and relationship-based entry.Through PanGen’s new fund-of-funds, the PanGen Australian Real Estate Fund (PAREF), Ryan is now making those opportunities available to wholesale investors. With target returns of 8–10% p.a., exposure to diversified unlisted property funds managed by top tier managers such as Dexus, GPT, Charter Hall, Lendlease and Mirvac, and a structure designed for monthly unit pricing and quarterly income, PAREF aims to deliver quality, stability, and long-term performance—with the flexibility to expand across other high-calibre managers as opportunities arise. This is about bringing institutional-grade real estate to investors who have historically been shut out.In this conversation, Ryan breaks down how the strategy works, why now is such an attractive time in the real estate cycle, and how his fund is positioned to benefit from the repricing in property markets, surging population growth, and tightening supply of premium commercial assets. We also touch on fund mechanics, risk management, the importance of manager independence, and what Ryan learned deploying capital at scale inside one of Australia’s largest super funds.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 [email protected] that being said, I hope you enjoy this conversation as much as I did. So sit back, relax, and enjoy.

Quarterly Insights with Jason Coggins. In today’s ROCAST, we’re bringing you something a little different. For those unfamiliar with Jason, he is one of the industry's leading minds in strategic asset allocation, wealth management, and macroeconomics. He’s worked with some of the biggest names in the industry—ANZ, CBA, Koda Capital—and currently advises five major institutions and family offices. We’re fortunate to have him as the Investment Committee Chair at Initium Capital and the Hayson & Huang Family Office, with whom York Wealth Management is proud to be partnered and I think you’re really going to benefit from Jason’s perspectives.This Insights series focuses on strategic asset allocation and macroeconomic themes. If you're a York client and were lucky enough to join us live last week, I hope you found Jason’s insights as valuable as we did. If you're not a client and would like to attend future sessions as this current episode will always be a delayed release, feel free to reach out—we’d love to have you at our next quarterly live broadcast.We're also pleased to introduce our soon-to-be wholesale client adviser and associate, Anthony Adlam, who will be introducing and organising the Insights series going forward.Before we get into the conversation, please remember this ROCast is made for entertainment purposes only. Past performance is not a reliable indicator of future returns, and today’s discussion is intended to help you better understand Macro Insights & Where to Strategically Allocate Your Assets. It is not in any shape or form personal investment advice.I encourage you to listen to the disclaimer at the end of this ROCast and, as always, keep your feedback coming.You can reach me at [email protected] that being said, I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy.

Welcome back to The Rate of Change with York Wealth Management. As advisors to some of the wealthiest families in the country, The Rate of Change is a podcast designed to help you in the pursuit of building long-term wealth through insights from some of the brightest minds in asset management. I’m your host, Murdoch Gatti, and in today’s ROCast, we sit down with Nick Thomson, Executive at Aquasia to exploring the world of private credit and structured finance. If you’re interested in how private credit funds are structured, how lending is approached outside of traditional banks, or simply want to better understand the alternatives sector, then I think you’ll really enjoy today's conversation with Nick. Nick brings over 25 years of experience across investment banking, property funds management, and broader funds management, having worked at institutions such as UBS, JP Morgan, and AMP before joining Aquasia almost a decade ago. His perspective offers a unique look into how capital flows, deal structuring, and investment access have evolved over the last two decades. In this conversation, we take a close look at the Aquasia Private Investment Fund — a wholesale fund that lends across sectors like real estate development, social infrastructure projects such as disability accommodation and childcare, hospitality, industrial and logistics facilities, as well as selective office and retail projects.Rather than looking at equity-style risk, the fund focuses on senior secured loans, mezzanine finance, and convertible notes, offering investors exposure to private market debt with a strong emphasis on capital protection. As of the time of recording — about two months ago — the fund was delivering robust returns. Based on the most recent data available as of March 2025, the Aquasia Private Investment Fund has produced a 1-year return of 10.38%, and a since-inception annualised return of 10.05%, net of fees.Throughout the discussion, Nick shares valuable insights into the dynamics driving private credit markets, the increased internationalisation of capital, and how private lending has evolved to become a mainstream allocation for many sophisticated investors.If you’ve been curious about how alternative debt structures work behind the scenes — and how funds like these manage borrower quality, deal flow, and credit risk — Nick’s commentary will give you a strong foundation. So, before we get into the conversation, please remember this ROCast is made for entertainment purposes only. It’s important to remember that past performance is not a reliable indicator of future returns, and today’s conversation is designed to help you learn more about the nature of private credit investing rather than provide investment 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 [email protected]. With that being said, I hope you enjoy this conversation as much as I did.Sit back, relax, and enjoy!

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 [email protected]. 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 [email protected]. 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 [email protected] 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 timeMichael 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 [email protected] 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 [email protected] that being said, hope you enjoy this conversation as much as I did, so sit back relax and enjoy.

Nicholas Chaplin is a Director & Senior Portfolio Manager for Seed Partnerships Hybrid Income Fund. Nicholas specialises in structuring and education of financial capital with a focus on Hybrid Notes. Nick spent 12 years building and leading NAB’s hybrid and structured capital origination business. Prior to Nab, he built Westpac's Hybrid capital business For Commsec he ran a hybrid securities portfolio with over $250 million and managed the HIF investment strategy within the Paraclete Funds Management Trust, which invested exclusively in prudentially regulated securities.Nicholas shares his thoughts on how Hybrids have evolved from 1990s, to the notable CBA PERLS to where we are today, his thoughts on the Hybrid securities space with ASIC, the role secondaries plays in this space and where he thinks markets are going. The fund was established in September 2015 and as of time of recording, the fund has an annualised average return since inception of 6.38% and for the past 12 months the fund has averaged 8.23%.I really enjoyed this conversation, and I encourage you to stick around for the disclaimer at the end of the ROCast. As always, feel free to share your thoughts by reaching me at [email protected] that being said, I hope you enjoyed this conversation as much as as I did, so sit back, relax, and enjoy!

Adrian Redlich is the CEO and founder of Merricks Capital. Adrian and I cover a wide range of fascinating topics, from Merricks Capital’s recent acquisition by Regal Partners to their strategic approach to lending against hard assets. We dive deep into sectors like commercial real estate, agriculture, and power, and to discuss how Merricks Capital’s flexible lending model has helped them capture high returns, with their Agricultural Credit Fund delivering up to 11% and the Partners Fund generating 9.5%.Adrian also shares his views on the importance of counter-cyclical lending, the impact of interest rate changes, and the synergies between different asset classes, from farmland to infrastructure projects. We also touch on their approach to ESG and how Merricks navigates challenges in the renewable energy and power sectors.I really enjoyed this conversation, and I encourage you to stick around for the disclaimer at the end of the ROCast. As always, feel free to share your thoughts by reaching me at [email protected] that being said I hope you enjoy this conversation as much as I did so sit back, relax, and enjoy!

Michael Frazis is the Managing Director and Portfolio Manager of Frazis Capital Partners, which has a focus on companies with explosive growth potential predominately in the Tech and life sciences space.Michael and I discuss a variety of fascinating topics, from his fund’s 80% performance this year (as of time of recording) to his thoughts on navigating the tech and biotech sectors. We dive into key stocks like Nvidia, DroneShield, Clarity Pharmaceuticals, Mercado Libre, Newbank and TransMedics.We also explore Michael’s AI-backed risk management tool, which has been integral in locking in future profits and avoiding large drawdowns in volatile markets.I really enjoyed this conversation, and I encourage you to stick around for the disclaimer at the end of the ROCast.As always, feel free to share your thoughts by reaching me at [email protected] that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

Bo Zhuang is one of the three Managing Partners at Initium within the Hayson & Huang Family Office. You may be thinking the name Hayson within the circles of property development rings a bell. You would be right, as the Hayson Group, founded by Ian Hayson, most notably was the first private developer to recognizse the potential of Darling Harbour. Their Darling Harbour development has been a catalyst for the transformation of the inner city and was formally opened by the Queen of England!Other high-profile projects include Sky Garden in Sydney’s Pitt Street Mall, the Manly Wharf retail development, Kogarah Town Shopping Centre, Cremorne’s Metropole Shopping Centre, and Hillsdale’s Southpoint Shopping Centre.On that note, you may not be familiar with the Huangs. With close to three decades of operation both internationally and domestically, they are just as well regarded. The Huang Group, founded by James Huang, stands as a multifaceted conglomerate, uniting various entities spanning property, financial investments, and community-based developments. The Huang Group has founded a strong legacy and reputation within the Chinese and Australian Chinese communities, marked by the creation of several renowned communities.Why I wanted to get Bo on is that, alongside his partners Max Hayson and Victor Huang, the sons of the prominent patriarchs mentioned, they are quite literally embracing the essence of next-gen multi-generational wealth through a joint family office. Join us and hear from Bo’s extensive experience in the banking space as we discuss how Initium has gone about forging this new generation whilst honouring family legacy.Bo also unpacks the how. Initium invests primarily in retail property centers, focusing predominantly on prime locations on the eastern seaboard such as Bondi, Mosman, Manly, and St Leonards. Meanwhile, the H&H Family Office has expanded its interests across nearly all financial services, creating solutions for High Net Worth families. These include:The Commercial Property Fund, which targets a return of 7.5% to 8.5% p.a., with FUM of $53 million, 100% weighted occupancy, 20% co-investment, and a 5-year weighted average lease expiry.The Private Credit Fund, with a direct deal approach, which targets double-digit returns p.a.The Mosman Development Project Fund, with $15 million raised, projects a 15% return p.a., with 30% to 50% co-investment and a 2 to 4-year period.Initium also provides access to other upcoming direct property development projects.Expansion via organic growth and acquisition into the High-Net-Worth Wealth Management and financial advisory space.So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice. Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming.You can reach me at [email protected] hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

Melissa Hosgood is the Managing Director, Portfolio Manager, and Founder of Labassa Capital. Labassa Capital is an Australian real estate credit fund, target return of 9%, annualized real return of 12.46%, with a 0.5% management fee. What I found interesting was Labassa's unique approach to funding projects. In particular they fund the entire lifecycle of real estate projects, from land subdivision to the rise of distribution centers and versatile business parks.Melissa delves into the intricacies of the credit fund, discussing its boutique-level operations and focus on high-potential property asset classes. We explore the evolving landscape of distribution centers, driven by the increasing demand for rapid delivery and the changing culture of the delivery business. We also touch on the "work anywhere" strategy, made more accessible by light industrial warehouses and business parks, allowing businesses to thrive in diverse locations.Join us as Melissa unpacks the credit fund's strategy, direct projects, and the risk management techniques employed to ensure positive outcomes for investors. Whether you're interested in real estate investment or seeking insights into innovative asset management, this episode offers valuable perspectives.So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice. Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming. You can reach me at [email protected] hope you enjoy this conversation as much as I did, so sit back, relax, and enjoy.

James McDonald is one of the portfolio managers for Pengana’s High Conviction Equities Fund. James brings extensive experience from his time at Hunter Hall and Bankers Trust and shares his journey of building and managing the High Conviction Fund, which was founded in 2014 and now manages roughly $58 million as of the time of recording.The fund, as of 28th June 2024, has an ethical framework and has returned on average 24.7% since inception, 14.4% over 5 years, 8.6% over 3 years, 33.6% over 2 years, and 55.8% for the past year. As a high conviction strategy, the fund holds roughly 20 companies at a time. The benchmark is the MSCI World Index, with roughly 50% in healthcare, 40% in materials, and the remainder across communication services and consumer discretionary.We discuss quite an array of topics and companies from healthcare and resources all the way to the Japanese market and where the investment opportunity may be. Also, if you are curious about exploring new areas like myself, then I think you are really going to enjoy diving into the world of titanium with James.In this ROCast, James unpacks the titanium market and manufacturing process. In particular, James delves into IperionX's groundbreaking technology to produce titanium metal more efficiently and sustainably. James explains how the traditional Kroll process for producing titanium is highly inefficient, losing around 60% to 80% of the material and making it impossible to recycle scrap effectively. In contrast, IperionX's patented, innovative hydrogen-based process converts scrap titanium into a powder that can be reused, drastically reducing scrap waste. You will learn about the potential for this technology to revolutionize various industries by making titanium more accessible and affordable. We also discuss the broader implications for the US supply chain, the environmental benefits of this new method, and the vast array of applications for titanium, from consumer electronics to military and aerospace.Companies Discussed:Pengana (PE1.ASX)Clarity Pharmaceuticals (CU6.ASX)Genetic Signatures (GSS.ASX)Roche Diagnostics (ROG.SW)Eli Lilly (LLY)Novo Nordisk (NVO)CSL (CSL.ASX)ResMed (RMD.ASX)Transmedics (TMDX)IperionX (IPX.ASX)Apple (AAPL)Boeing (BA)Airbus (AIR.PA)WA1 Resources (WA1.ASX)Brazilian Rare Earths (BRE.ASX)Tesla (TSLA)Subaru (7270.T)Hitachi (6501.T)Isuzu (7202.T)Toyota (7203.T)Nintendo (7974.T)Sony (6758.T)Spotify (SPOT)So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice.Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming.You can reach me at [email protected] hope you find this conversation as insightful as I did. So sit back, relax, and enjoy.

Russell Pillemer is the CEO of Pengana Capital Group. Russell brings extensive experience from his time as an investment banker at Goldman Sachs and shares his journey of founding and growing Pengana Capital Group, which now manages $3.5 billion across 12 strategies, ranging from domestic and global equities to domestic and global private credit.We delve into the how to of the strategies, in particularly their innovative approach to listed private credit and trying to solve the problem of having unlisted assets inside a Listed Investment Company or Trust vehicle trading at a discount to net asset value due to volatility from market uncertainty.If you are curious about how or why they have structured it this way? Then join us and hear Russel unpack everything from their bottom-up investment philosophy to their pioneering work in attempting to smooth the volatility for unlisted private credit in exchange traded markets for retail clients. If you are like me, then I trust you will be also eager to see how the industry responds to this new approach and curious whether it may become the new normal.So, before we get into this podcast, please remember this podcast is intended for entertainment purposes only and should not be taken as financial advice.Managed Funds Discussed:Pengana Capital GroupPengana equities funds (overview)Pengana Private Equity Trust (ASX: PE1)Pengana Global Private Credit Trust (ASX:PCX)Be sure to listen to the disclaimer at the end of this ROCast, and keep your feedback coming.You can reach me at:[email protected]

Andrew Mitchell is one of the founders at Ophir Asset Management. Andrew alongside Steven Ng and other colleagues manage four funds. Ophir has a fundamental, bottom up research approach aimed at identifying businesses domestically and internationally with the ability to meaningfully grow and compound earnings overtime. To put it another way, they want to find new companies before they end up in Vogue.For me I really enjoyed delving into the process of the how, in particular how they go about trying to be the first to discover a new business before it gets in Vogue. Andrew unpacks Transmedics and Life 360 and their process which enabled them to be confident to commence buying into the businesses before Mr Market .Also, before we get into the conversation let me ask you ask you this question Andrew asked me. How long does it take to make 10 times your money compounding at 22 % per annum? If you have worked it out…. Brilliant…. if you haven’t or you are wondering why this is relevant then join us and hear Andrew breakdown why its an exciting number for them.Companies Discussed:Transmedics (TMDX - NASDAQ)Life360 (360.ASX)You can reach me at [email protected] hope you find this conversation as much as I did. So sit back, relax, and enjoy.

Sunny Bangia is the Global Portfolio Manager at Blackwattle Investment Partners about the outlook for Global equities, U.S. housing, semiconductors, emerging markets like India & Brazil, advancements in AI and Memory, Machine Learning, and the economic shifts in China.For me I really enjoyed delving into the topic of Memory with Sunny. As the tech world buzzes with developments in AI and machine learning, and with companies like NVIDIA at the forefront, it prompts us to ask: What supports this growth?Join us as Sunny unpacks the critical role memory plays in powering these technologies. He discusses the increasing demands in smartphones, PCs, and data centers, and the long-term structural trends shaping this sector.Companies Discussed:Builders FirstSource (NYSE: BLDR)The Home Depot (NYSE: HD)NVR Inc (NYSE: NVR)NVIDIA Corporation (NASDAQ: NVDA)Taiwan Semiconductor Manufacturing Company (NYSE: TSM)Lam Research Corporation (NASDAQ: LRCX)Micron Technology (NASDAQ: MU)Samsung Electronics Co- (KRX: 005930)SK Hynix Inc (KRX: 000660)ASML Holding (NASDAQ: ASML)ICICI Bank (NYSE: IBN), (BSE: 532174), (NSE: ICICIBANK)Amazon (NASDAQ: AMZN)MercadoLibre(NASDAQ: MELI)Alibaba Group (NYSE: BABA)Tencent (HKEX: 0700)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 [email protected].

Vince Pezzullo is the Head of Australian Equities at Perpetual, to discuss the outlook for Aussie equities, the intricacies of gearing, and the impact of activist ownership investing.Perpetual Group, founded in 1886, is one of Australia's oldest asset management firms. The Australian equities division of the business manages roughly $12 billion. In this episode, we delve into the Australian Share Fund, the Geared Australian Share Fund, which mirrors the previous Aussie Shares fund with a 2-to-1 leverage, and their Strategic Capital Fund, launched towards the end of last year.One of the highlights for me was hearing Vince discuss activist investing, particularly how aligning the right remuneration packages in businesses is one of the simplest ways to create long-lasting positive change and returns for shareholders.Additionally, if you're curious about how the new weight loss drugs like Ozempic, Novo Nordisk, and Eli Lilly may impact Australia's healthcare sector, tune in to hear Vince share his insights on what has happened to companies like ResMed, CSL, and more.Companies Discussed:BlueScope Steel (BSL)Iluka ResourcesWoolworths Group (WOW.ASX)Flutter Entertainment PLCGoodman GroupLa Française des Jeux SAInsurance Australia Group (IAG)CSL LimitedResMed (RMD)Novo Nordisk (NVO)Eli Lilly & Company (LLY)Before we get into the conversation, please remember that this podcast is made for entertainment purposes only and should not 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 [email protected]

Jason Edwards is the CEO of January Capital, about venture debt and their unique database Alternatives.pe, which is used by 80% of Southeast Asia VC firms like Sequoia, Tiger Global, and more. If you’re familiar with private lending, like many Australians, and you have often wondered how to both generate income from lending to, say, $10 to $15 million high-growth B2B SaaS companies and “ALSO” participate in the potential upside, then I think you’re really going to enjoy Jason breaking down venture debt and their fund's strategy.If you’re not familiar with venture debt, it’s a form of lending to startups, senior secured, earning income from day one, backed by institutional investors with the unique ability to participate in a company’s growth success via warrants.January Capital has a capital call structure and, for Australian investors, the feeder fund has a 2-year lock-up with redemption's quarterly after this period ends. Regarding returns, the fund will be paying a 12% current yield, and then when the warrants kick in, they expect that investors will be getting closer to something like 17 to 19% total return, per annum average, net of fees.What’s a warrant? What’s venture debt, why Singapore, and how does it all work? Well, best join us and let Jason add color to this canvas.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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected].

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 [email protected]

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 [email protected]

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 atwww.yorkwealth.com.au

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 atwww.yorkwealth.com.au

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 atwww.yorkwealth.com.au

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.

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 [email protected] hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

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 [email protected] hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

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 [email protected] that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.

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 [email protected]

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 [email protected]

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 [email protected]

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 [email protected] that being said, I hope you enjoy this conversation as much as I did, so sit back, relax and enjoy.www.yorkwealth.com.au

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 Managementwww.yorkwealth.com.au

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 Managementwww.yorkwealth.com.au

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 Managementwww.yorkwealth.com.au

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.

Nick Thomson is the Portfolio Manager at Lakehouse Capital Global Growth Fund.Lakehouse Global Growth is an Australian based fund manager with a high conviction approach. The fund has a long term investing strategy targeting asymmetric outcomes in Mid to Large cap global growth companies, whilst holding 20-30 companies at a time.The strategy has averaged 13.6% in the past 5 years, up 10.9% in the past month, whilst being down -15.6% for the year to date.We dive into some interesting topics, Nick gives his thoughts on where they think markets are going in this rising rate environment, how the fund is positioned and we cover specific growth holdings in the portfolio from the US, South America all the way to China.For me I found the conversation regarding Google and Microsoft fascinating, in particular the potential impact of ChatGPT either directly on these companies or indirectly as a tool to be used by most industries and the impact on markets.Hope you enjoy.York Wealth Managementwww.yorkwealth.com.au

Joe Millward is a founding partner and portfolio manager for Epsilon Direct Lending. Joe joins us to discuss the origins and nuances of the strategy, the corporate lending environment, and the impact of rising rates on private credit markets.The fund is an Australian based, non-bank corporate lender and private credit manager, which specialises in providing loans of AUD $10m - $50m to Australian mid-market corporates for growth purposes. Epsilon targets an income return of 8.5% p.a. and as of 31st of August the monthly return was 86 basis points. The fund has a 90-day duration, current liquidity is at 20 months and according to Moody's, the funds’ credit rating is BB.I think you will really enjoy the discussion with Joe, and you may find his thoughts on lending for growth purposes and how it differs to other private credit lending very insightful.EnjoyYork Wealth Managementwww.yorkwealth.com.au