{"blockContentId":"72084","items":[{"title":"FY26 in review","summaryHtml":"

Investing with conviction through market concentration, finding opportunity others might overlook.

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Investing with conviction through change, finding opportunity others might overlook.

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Investing with conviction through change, finding opportunity others overlook.

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Rising markets reward discipline and a focus on genuine long-term value

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Shifting trade policies and escalating geopolitical tensions resulted in selloffs and equity market recoveries, rewarding adaptability and testing some investors.

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Concerns about global economic growth led to sell offs during the quarter, presenting new opportunities for investors.

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Investor optimism was a feature of financial markets in 2024.

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Having a strong valuation discipline means we can invest at more realistic prices during times of volatility.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg","imageWidth":896,"imageHeight":598,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/october/2410-invcom_triage-1728364892029.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/q1-fy25/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"FY24 in review","summaryHtml":"

While strong equity markets have buoyed investor portfolios, risk has come into focus as valuations remain elevated in some segments.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg","imageWidth":640,"imageHeight":426,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/july/2407-commentary_hero-mobile-1720571871779.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/fy24-in-review/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"March 2024","summaryHtml":"

We continue to find opportunities to put our capital to work while equity market valuations are broadly elevated. We believe the current environment suits our fundamental and active style with a focus on investing for a better world.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg","imageWidth":1440,"imageHeight":1080,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/april/2404-invcom_5050-1713162582973.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/q3-fy24/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"2023 in review","summaryHtml":"

We believe our future-focused portfolios are well placed to perform against a backdrop of lower expected interest rates. We continue to stick to our valuation discipline as we navigate economic and political uncertainties in 2024.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg","imageWidth":640,"imageHeight":426,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2024/january/2401-commentary_hero-mobile-1705880175186.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/2023-in-review/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"September 2023","summaryHtml":"

While uncertainty continued to be a feature of economies and financial markets in the second half of the 2023 calendar year, our portfolio managers continued to be alive to the opportunities ahead.

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Our latest investment commentary shares how, in the face of these unprecedented market conditions, our rigorous ethical assessment and disciplined, fundamental investment analysis showed its mettle, delivering investment returns for investors over the financial year.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg","imageWidth":640,"imageHeight":426,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/july/2307-commentary_hero-mobile-1690271226470.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/fy23-in-review/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"March 2023","summaryHtml":"

Equity markets rallied in the first quarter of 2023, in conjunction with an easing of interest rate rise forecasts. However, this contrasted with the story being told in bond markets, with the banking crisis signalling to bond investors an increased risk of recession.

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Whilst the first half of 2022 saw many Australians embracing the return of our freedoms, markets struggled to return to normal with an uncertain economic backdrop. Check out the latest commentary in our 2022 review.

","imageUrl":"/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg","imageWidth":640,"imageHeight":426,"imageCandidates":{"srcSet":"/cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 768w, /cdn-cgi/image/width=904,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 904w, /cdn-cgi/image/width=1024,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 1024w, /cdn-cgi/image/width=1440,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 1440w, /cdn-cgi/image/width=1920,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 1920w","mobileSrcSet":"/cdn-cgi/image/width=375,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 375w, /cdn-cgi/image/width=452,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 452w, /cdn-cgi/image/width=512,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 512w, /cdn-cgi/image/width=640,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 640w, /cdn-cgi/image/width=768,format=auto,quality=75/globalassets/0.-new-site-global-blocks/03.-managed-funds/11.-investment-commentary/2023/january/landing/fundupdate-landing_hero-mobile-1675143757606.jpg 768w","sizes":"(max-width: 767.98px) 95vw, (max-width: 1439.98px) 32vw, 452px"},"button":{"text":"Read more","linkUrl":"/investments/investment-commentary/2022-in-review/","hash":false,"target":"_self","linkStyle":"UnderlinedText","size":"Normal","inverse":false,"icon":"None","imageWidth":0,"imageHeight":0}},{"title":"September 2022","summaryHtml":"

While markets remained occupied with macroeconomic news, many companies reported their full-year results during the quarter. This provided a welcome opportunity to refocus on individual company fundamentals, which we believe are the most important driver of long-term returns.

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Whilst the first half of 2022 saw many Australians embracing the return of our freedoms, markets struggled to return to normal with an uncertain economic backdrop. Read more in our June quarter update and FY22 review.

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The first quarter of 2022 was challenging for markets with Russia’s invasion of Ukraine causing a global shock. Commodity prices also soared, which contributed to a surge in inflation.

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2021 began with optimism, but the persistence of COVID-19 remained the story of the year. For investors, this meant another 12 months of navigating a complex and fast-shifting global economy. Read more in our December quarter update and 2021 calendar year review.

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The world continued to navigate a range of challenges during the September quarter 2021. The emergence of a new COVID-19 variant, hurricanes, floods and strained supply chains saw climate change rise to the top of the agenda.

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Investment commentary

Investment commentary

September quarter in review

Quarterly commentary