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SNAPSHOT – CURRENCY IN A DIVERSIFIED PORTFOLIO

Perpetual
By Perpetual

Perpetual is one of Australia’s most experienced investment and trustee groups, with an enduring passion for protecting and growing our clients’ wealth.

Our vision is to be the leading provider of wealth management products and services to financially successful investors and their advisers, and to be the leading corporate trustee.

Founded in Sydney in 1886 as Perpetual Trustees, we’ve helped generations of Australians invest and manage their wealth through all market conditions.

Thu, 20 Mar 2014

Currency can play an important role in the overall results delivered by a diversified portfolio. Read more

It’s back-to-basics for Dick Smith Electronics

Sam Stobart
By Sam Stobart
Senior Portfolio Specialist

Sam Stobart is the Senior Portfolio Specialist for Perpetual's Australian equities capability, responsible for the communication of portfolio activity, direction and strategy to financial advisers and researchers. Sam began his career in asset management with Colonial First State Investments in 2000 after completing a bachelor of commerce. He was responsible for the distribution of CFS' range of equity investment funds (Australian and Global Equities) to financial advisers. He remained with Colonial for 3 years before joining Sealcorp Holdings (subsequently Asgard Wealth Solutions) where he worked in the NSW Adviser Distribution Team. During his 5 years at Asgard, he spent 3 years working with Securitor Financial Group and 2 with the Asgard's Managed Accounts Platform.

Wed, 19 Feb 2014

In December we took an allocation in the IPO of Dick Smith Electronics (DSH) which was floated by private equity firm Anchorage late last year... Read more

A new era for Oil Search

Andrew Blakely
By Andrew Blakely
Analyst

Andrew joined Perpetual in September 2008 as an Analyst focused on the global energy sector, specifically covering oil and gas, and service companies from around the world.

Prior to joining Perpetual, Andrew was the Senior Energy Analyst at Macquarie Securities (2004-2008) and the Senior Energy Analyst at JP Morgan (2002 -2004), after relocating from the UK.

Before becoming an equity analyst in Australia, Andrew worked in a variety of energy industry roles from 1991 to 2000. In his most recent role, Andrew spent five years with Global Energy Consultants, Wood Mackenzie (based in Edinburgh), focused on Latin America and West Africa.

Prior to this, Andrew spent a brief period with Tullow Oil, investigating investment opportunities in the Indian sub-continent. Andrew’s first role in the industry was at the well-site with Baker Hughes, primarily drilling wells in Europe and Africa.

Andrew has a Bachelor of Science Geology (Honours) from Queen’s University Belfast and a Masters of Science in Petroleum Geology from University College Dublin.

Thu, 12 Dec 2013

Oil Search is an oil and gas exploration and development company that’s been operating in Papua New Guinea since 1929 Read more

Jewel in the crown

Paul Skamvougeras
By Paul Skamvougeras
Portfolio Manager

Paul is the Portfolio Manager for the SHARE-PLUS Long-Short strategy, the Pure Equity Alpha strategy and the Concentrated Equity strategy.

Paul rejoined Perpetual Investments in February 2010 as a Portfolio Manager, having previously spent seven years with Perpetual. He began his career with Perpetual in 1994 in a back office role, moving into a dealing role after three years, working his way up to the Head Dealer role.

Between stints at Perpetual, Paul spent seven years working at CPH/Ellerston Capital, where he had portfolio management responsibilities for an Australian long/short strategy for the first four years and a global long/short strategy for the last three years.

Paul has a Bachelor of Economics from Macquarie University and is a Member of the Institute of Chartered Accountants.

Fri, 15 Nov 2013

The key for us continues to be quality... Read more

Freedom Foods - Healthy eating leads to healthy returns

Jack Collopy
By Jack Collopy
Portfolio Manager

Jack is the Portfolio Manager of the Smaller Companies strategy and an Analyst covering small cap companies across a range of sectors.

Jack joined Perpetual in November 2001 as an Investment Administrator and Equity Dealer. After four years, he moved into an Analyst role focusing on small cap industrial companies. Jack took on portfolio management responsibilities in June 2010.

Prior to joining Perpetual, Jack gained two years industry experience working in London as an Equities Dealer and Investment Administrator at both Salomon Smith Barney and Goldman Sachs Asset Management.

Jack has a Bachelor of Economics from the University of Sydney.

Mon, 11 Nov 2013

Increased awareness around healthy eating has meant many people are now feeling the benefits of eating better. Read more

Evolution is the key for STW Communications

Jack Collopy
By Jack Collopy
Portfolio Manager

Jack is the Portfolio Manager of the Smaller Companies strategy and an Analyst covering small cap companies across a range of sectors.

Jack joined Perpetual in November 2001 as an Investment Administrator and Equity Dealer. After four years, he moved into an Analyst role focusing on small cap industrial companies. Jack took on portfolio management responsibilities in June 2010.

Prior to joining Perpetual, Jack gained two years industry experience working in London as an Equities Dealer and Investment Administrator at both Salomon Smith Barney and Goldman Sachs Asset Management.

Jack has a Bachelor of Economics from the University of Sydney.

Mon, 11 Nov 2013

STW Communications (STW) is the largest communications group in Australasia... Read more

SPOTLIGHT ON TREASURY WINE ESTATES

Vince Pezzullo
By Vince Pezzullo
Portfolio Manager / Senior Analyst

Vince is the Portfolio Manager for 30% of the Industrial Share strategy and Senior Analyst covering mainly large cap industrial companies, in particular banks, property trusts and telecommunications.

He joined Perpetual in July 2007 as an Analyst and since that time has covered the chemicals, diversified financials, banking, telecommunications, building materials and REITS sectors.

Prior to joining Perpetual, Vince was a senior portfolio manager / analyst in the large cap Australian equities team at Deutsche Asset Management and led the top 100 equities team. In addition, he had stock research responsibilities across a large number of sectors. He also worked in corporate finance and foreign currency for Monte Paschi Australia Limited.

Vince has a Bachelor of Commerce with a major in Economics and Finance.

Thu, 17 Oct 2013

While you may not have heard of Treasury Wine Estates (TWE),you’ve probably heard of many of its famous and awarded wine brands, such as ... Read more

The benefits of active asset allocation – Part 2

Adam Curtis
By Adam Curtis
Senior Portfolio Specialist, Income and Multi Sector

Adam has over 12 years’ experience in the financial markets. Having graduated with an International Business degree in 1997, Adam joined Bankers Trust, working in the funds management and margin lending business. In 2000, Adam moved to London and joined the Bank of New York for the next two years, where he worked on the fixed income desk and serviced a range of institutional clients across mainland Europe.

Upon returning to Australia, Adam was hired by CPG Advisory, a specialised Asset Consultancy based in Sydney. He worked there for nearly five years, providing advice and assistance in managing the investment portfolios of some of the firm's largest wholesale clients. In August 2008, Adam was recruited as Senior Portfolio Specialist at Perpetual in the Income and Multi Sector business where he represents Perpetual's capabilities across multi sector, fixed income and alternatives investment strategies.

Fri, 30 Aug 2013

In Part 1 of this piece, we discussed tactical asset allocation (TAA) and how it can be used to reduce risk and drive results. Read more

The benefits of active asset allocation – Part 1

Adam Curtis
By Adam Curtis
Senior Portfolio Specialist, Income and Multi Sector

Adam has over 12 years’ experience in the financial markets. Having graduated with an International Business degree in 1997, Adam joined Bankers Trust, working in the funds management and margin lending business. In 2000, Adam moved to London and joined the Bank of New York for the next two years, where he worked on the fixed income desk and serviced a range of institutional clients across mainland Europe.

Upon returning to Australia, Adam was hired by CPG Advisory, a specialised Asset Consultancy based in Sydney. He worked there for nearly five years, providing advice and assistance in managing the investment portfolios of some of the firm's largest wholesale clients. In August 2008, Adam was recruited as Senior Portfolio Specialist at Perpetual in the Income and Multi Sector business where he represents Perpetual's capabilities across multi sector, fixed income and alternatives investment strategies.

Thu, 29 Aug 2013

Diversified funds have dual objectives – to both generate returns and manage risk for investors. Read more

Separately Managed Accounts: Now is the time

Sam Stobart
By Sam Stobart
Senior Portfolio Specialist

Sam Stobart is the Senior Portfolio Specialist for Perpetual's Australian equities capability, responsible for the communication of portfolio activity, direction and strategy to financial advisers and researchers. Sam began his career in asset management with Colonial First State Investments in 2000 after completing a bachelor of commerce. He was responsible for the distribution of CFS' range of equity investment funds (Australian and Global Equities) to financial advisers. He remained with Colonial for 3 years before joining Sealcorp Holdings (subsequently Asgard Wealth Solutions) where he worked in the NSW Adviser Distribution Team. During his 5 years at Asgard, he spent 3 years working with Securitor Financial Group and 2 with the Asgard's Managed Accounts Platform.

Wed, 21 Aug 2013

As an adviser to clients with direct equities or as a self-directed investor, you probably enjoy the thrills of the market Read more

Smart Beta – Not Just Quant in Disguise

Darren Beesley
By Darren Beesley
Portfolio Manager

Darren joined Perpetual in February 2012. His focus is on the research and development of investment strategy for Perpetual’s multi-asset class funds and Smart Beta strategies. He has portfolio management responsibility for two of Perpetual’s Smart Beta strategies and assists Michael Blayney in the day-to-day portfolio management of the multi-asset class funds.

Darren joined Perpetual from Ankura Capital, where he was a portfolio manager for a domestic quantitative equity fund and also oversaw dealing and implementation. Prior to that, Darren worked at Towers Watson as an Investment Analyst specialising in investment strategy and asset allocation.

Darren is a qualified actuary specialising in Investments (Fellow of the Institute of Actuaries Australia) and has a Bachelor of Commerce from UNSW.

Thu, 01 Aug 2013

It is often suggested that smart beta is simply another form of quantitative investing, and it is easy to understand why. Read more

Video: Reporting season outlook

Paul Skamvougeras
By Paul Skamvougeras
Portfolio Manager

Paul is the Portfolio Manager for the SHARE-PLUS Long-Short strategy, the Pure Equity Alpha strategy and the Concentrated Equity strategy.

Paul rejoined Perpetual Investments in February 2010 as a Portfolio Manager, having previously spent seven years with Perpetual. He began his career with Perpetual in 1994 in a back office role, moving into a dealing role after three years, working his way up to the Head Dealer role.

Between stints at Perpetual, Paul spent seven years working at CPH/Ellerston Capital, where he had portfolio management responsibilities for an Australian long/short strategy for the first four years and a global long/short strategy for the last three years.

Paul has a Bachelor of Economics from Macquarie University and is a Member of the Institute of Chartered Accountants.

Mon, 29 Jul 2013

Paul Skamvougeras, shares his expectations heading into the reporting season. Read more

US financial markets changing the game

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Thu, 11 Jul 2013

Investors have just experienced a very volatile month in credit and fixed income markets. Read more

Financial year 2014 in focus

Perpetual
By Perpetual

Perpetual is one of Australia’s most experienced investment and trustee groups, with an enduring passion for protecting and growing our clients’ wealth.

Our vision is to be the leading provider of wealth management products and services to financially successful investors and their advisers, and to be the leading corporate trustee.

Founded in Sydney in 1886 as Perpetual Trustees, we’ve helped generations of Australians invest and manage their wealth through all market conditions.

Tue, 09 Jul 2013

What’s in store for the financial year 2014? Find out what our experts. Read more

Clicks n Bricks vs Pure Online Retail

Vince Pezzullo
By Vince Pezzullo
Portfolio Manager / Senior Analyst

Vince is the Portfolio Manager for 30% of the Industrial Share strategy and Senior Analyst covering mainly large cap industrial companies, in particular banks, property trusts and telecommunications.

He joined Perpetual in July 2007 as an Analyst and since that time has covered the chemicals, diversified financials, banking, telecommunications, building materials and REITS sectors.

Prior to joining Perpetual, Vince was a senior portfolio manager / analyst in the large cap Australian equities team at Deutsche Asset Management and led the top 100 equities team. In addition, he had stock research responsibilities across a large number of sectors. He also worked in corporate finance and foreign currency for Monte Paschi Australia Limited.

Vince has a Bachelor of Commerce with a major in Economics and Finance.

Tue, 25 Jun 2013

There are now some shrewd investment opportunities available to investors. Read more

Credit market volatility heats up

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Thu, 20 Jun 2013

Credit markets have seen an increased amount of volatility. So what does this mean for investors? Read more

Spotlight on industrials

Vince Pezzullo
By Vince Pezzullo
Portfolio Manager / Senior Analyst

Vince is the Portfolio Manager for 30% of the Industrial Share strategy and Senior Analyst covering mainly large cap industrial companies, in particular banks, property trusts and telecommunications.

He joined Perpetual in July 2007 as an Analyst and since that time has covered the chemicals, diversified financials, banking, telecommunications, building materials and REITS sectors.

Prior to joining Perpetual, Vince was a senior portfolio manager / analyst in the large cap Australian equities team at Deutsche Asset Management and led the top 100 equities team. In addition, he had stock research responsibilities across a large number of sectors. He also worked in corporate finance and foreign currency for Monte Paschi Australia Limited.

Vince has a Bachelor of Commerce with a major in Economics and Finance.

Wed, 19 Jun 2013

Over the past 6 months, the industrial sharemarket in Australia rose approximately 20%. Read more

Credit issuers rush to market in May

Vivek Prabhu
By Vivek Prabhu
Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Fri, 14 Jun 2013

After a brief period of relative inactivity, May turned out to be an extremely busy month in new domestic credit issuance. Read more

A fork in the road for Australian equities?

Matt Williams
By Matt Williams
Head of Equities

Matt is Head of Equities and responsible for the strategic direction of the equities business and oversight of all investment strategies. He also provides support and mentoring to the analysts and portfolio managers in the team. Matt is the Portfolio Manager for the Australian Share strategy, the Pure Value Share strategy and the Global Resources strategy. In the past he has managed the Smaller Companies strategy and 50% of the Industrial Shares strategy.

Matt joined Perpetual Investments in August 1993 as an Equities Dealer, before becoming an Analyst in 1997 and Portfolio Manager in 1998.

Prior to joining Perpetual, he worked as a Board Broker on the Australian Option Market and as a Cash/Bills Dealer at Lumley Corporation.

Matt has a Bachelor of Economics from the University of New England.

Mon, 03 Jun 2013

While the state of the market has been strong overall, with index up 23% over the past 12 months, it’s important to note that within that, there is quite a bit of divergence. Industrial companies are up 33%, and with dividends on top of that, means the returns for that sector are closer to 40% over the past year. While resources on the other hand, and in particular the larger mining companies, are down 3% - so quite a divergent result. Read more

Investment clock strikes 11: Asset price risks for income-starved investors

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Mon, 13 May 2013

Many investors have looked to the Investment Clock, first published by London's Evening Standard in 1937, to determine the next move in asset pricing. A study of trade cycles over 150 years told the story of the relationship between interest rates, money, share prices and real estate. The current cycle however, has been a little different in that instead of following the path through numbers four to six where money gets tighter at the depth of a recession, central banks of the world united to take us straight through to seven. Read more

An Australian perspective on multi-asset investing

Darren Beesley
By Darren Beesley
Portfolio Manager

Darren joined Perpetual in February 2012. His focus is on the research and development of investment strategy for Perpetual’s multi-asset class funds and Smart Beta strategies. He has portfolio management responsibility for two of Perpetual’s Smart Beta strategies and assists Michael Blayney in the day-to-day portfolio management of the multi-asset class funds.

Darren joined Perpetual from Ankura Capital, where he was a portfolio manager for a domestic quantitative equity fund and also oversaw dealing and implementation. Prior to that, Darren worked at Towers Watson as an Investment Analyst specialising in investment strategy and asset allocation.

Darren is a qualified actuary specialising in Investments (Fellow of the Institute of Actuaries Australia) and has a Bachelor of Commerce from UNSW.

Mon, 22 Apr 2013

Australian based investors with multi-asset class funds have a number of advantages, most notably a cash rate that is above the rate of inflation. However there are a number of specific issues in portfolio construction that need to be considered, including increasingly limited diversification within the local economy and sharemarket, a (generally) volatile currency that is correlated with commodity prices, and a limited opportunity set within some domestic asset classes, such as inflation linked bonds. Below are a few insights of how we think about multi-asset investing. Read more

Interest rate cuts back on the agenda?

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Wed, 17 Apr 2013

During the March quarter, Australian shares rose 6.8%, which makes it the third best March quarter over the past two decades, continuing the positive trend seen in global and Australian equities since June 2012. Unusually, this equity market rally is being driven by the defensive sectors such as healthcare, telcos and the banks as investors continue their search for yield. Given the defensive surge during a cyclical rally, it is clear that investors remain cautious as expected earnings continue to decrease and global problems remain unresolved. Read more

A 'Rock' solid investment

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Fri, 12 Apr 2013

Investors regularly ask how some of our funds have been able to perform strongly despite what have been quite challenging market conditions. Put simply, our equities process centres around actively choosing companies that will deliver returns stronger than the market and investing in quality companies to provide strong downside protection. What this means in practice is selecting companies for our investors based on comprehensive fundamental research and analysis; so amongst other things it’s about visiting lots and lots of companies to find the best ones in which to invest. Read more

The year in credit – Groundhog Day for global defaults

Vivek Prabhu
By Vivek Prabhu
Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Thu, 11 Apr 2013

The past four years have been a rocky ride for investors in financial markets to say the least. Swift action from policy makers brought us back from the edge of the abyss in late 2008 but this has been at the expense of the creditworthiness of sovereigns, ensuring it hasn’t all been smooth sailing since then. Read more

March quarter update

Matt Williams
By Matt Williams
Head of Equities

Matt is Head of Equities and responsible for the strategic direction of the equities business and oversight of all investment strategies. He also provides support and mentoring to the analysts and portfolio managers in the team. Matt is the Portfolio Manager for the Australian Share strategy, the Pure Value Share strategy and the Global Resources strategy. In the past he has managed the Smaller Companies strategy and 50% of the Industrial Shares strategy.

Matt joined Perpetual Investments in August 1993 as an Equities Dealer, before becoming an Analyst in 1997 and Portfolio Manager in 1998.

Prior to joining Perpetual, he worked as a Board Broker on the Australian Option Market and as a Cash/Bills Dealer at Lumley Corporation.

Matt has a Bachelor of Economics from the University of New England.

Mon, 08 Apr 2013

At the end of the third quarter, the market is up around 25% financial year to date – so it’s been quite a solid market over the financial year so far. So where are we still seeing opportunities in this market, and what does this level of growth mean for the outlook for the remainder of 2013? Read more

Rationality to return to bank deposit pricing

Vivek Prabhu
By Vivek Prabhu
Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Fri, 22 Mar 2013

In the aftermath of the financial crisis, investors sought the safety of cash, as return of their capital took priority over return on their capital. This phenomenon saw deposits in the Australian banking system rise from 53% of bank funding in mid-2007, to nearly 57% in early 2008. This increase took place despite 3 year term deposit rates falling to a 3% discount below the 3 month bank bill rate; a barometer against which banks measure their funding costs. Read more

Spotlight on Royal Wolf

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Thu, 21 Mar 2013

Royal Wolf is a company that has been one of the largest contributors to the stellar performance of our Ethical SRI Fund over the past 18 months. It is a company that we have held since its debut on the ASX in May 2011 – but a number of investors have never heard of this lesser known company. So who are Royal Wolf and how have they helped investors achieve solid returns over the past few years? Read more

Bank hybrid debt – A wolf in sheep's clothing?

Vivek Prabhu
By Vivek Prabhu
Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Wed, 20 Mar 2013

In today’s low interest rate environment, bank hybrids have been a fertile hunting ground for yield hungry investors. Hybrids are a blend of debt and equity. However following the global financial crisis, requirements from banking regulators and ratings agencies have tilted hybrids away from their debt-like characteristics and more towards equity. We all know the cautionary tale about the wolf disguised in sheep's clothing. So are hybrids equity risk masquerading as bonds? Read more

Bond yields on the rise

Adam Curtis
By Adam Curtis
Senior Portfolio Specialist, Income and Multi Sector

Adam has over 12 years’ experience in the financial markets. Having graduated with an International Business degree in 1997, Adam joined Bankers Trust, working in the funds management and margin lending business. In 2000, Adam moved to London and joined the Bank of New York for the next two years, where he worked on the fixed income desk and serviced a range of institutional clients across mainland Europe.

Upon returning to Australia, Adam was hired by CPG Advisory, a specialised Asset Consultancy based in Sydney. He worked there for nearly five years, providing advice and assistance in managing the investment portfolios of some of the firm's largest wholesale clients. In August 2008, Adam was recruited as Senior Portfolio Specialist at Perpetual in the Income and Multi Sector business where he represents Perpetual's capabilities across multi sector, fixed income and alternatives investment strategies.

Wed, 13 Mar 2013

Keen-eyed investors may have noticed that 3 year bond yields have now moved higher than the cash rate for the first time since the Reserve Bank of Australia (RBA) started its most recent round of rate cuts in November 2011. So what does this mean for investors searching for income, and how can advisers take advantage of this to benefit their clients? Read more

Reporting season wrap-up

Paul Skamvougeras
By Paul Skamvougeras
Portfolio Manager

Paul is the Portfolio Manager for the SHARE-PLUS Long-Short strategy, the Pure Equity Alpha strategy and the Concentrated Equity strategy.

Paul rejoined Perpetual Investments in February 2010 as a Portfolio Manager, having previously spent seven years with Perpetual. He began his career with Perpetual in 1994 in a back office role, moving into a dealing role after three years, working his way up to the Head Dealer role.

Between stints at Perpetual, Paul spent seven years working at CPH/Ellerston Capital, where he had portfolio management responsibilities for an Australian long/short strategy for the first four years and a global long/short strategy for the last three years.

Paul has a Bachelor of Economics from Macquarie University and is a Member of the Institute of Chartered Accountants.

Mon, 11 Mar 2013

This video snapshot examines key themes from reporting season, detailing the challenges companies face in achieving revenue growth for investors and how they intend to remove costs from their businesses. Read more

Spotlight on the RMBS market

Thomas Choi
By Thomas Choi
Portfolio Manager / Credit Analyst

Thomas joined Perpetual in March 2008 and joined the credit team in May 2010.

Thomas’ focus is on cash dealing and management of liquidity within portfolios.  He also supports Perpetual’s TAA process which includes quantitative analysis and sector rotation, as well as analytical support for our Credit Scoring process. 

Thomas’ most recent role was within Perpetual’s Research and Analytics Team. In this role he was dedicated to supporting the Credit Team, provision of investment analytics such as attribution and portfolio analysis, and the active asset allocation process for Perpetual’s balanced funds.

Thomas comes from an investment management background having previously worked in a number of investment roles, including time at the hedge fund manager Prodigal as an Investment Analyst, and CMC Markets where he was a dealer on the trading desk.

Thu, 07 Mar 2013

Investors may have been hearing a lot of talk about the residential mortgage backed securities (RMBS) market in Australia in recent weeks. So what’s caused the resurgence of this sector and more generally, what are the implications for the Australian credit market? Read more

This week in fixed income

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Thu, 21 Feb 2013

The past week has seen a couple of interesting developments in domestic credit and fixed income markets. Firstly, ANZ New Zealand became the first major bank to not call a perpetual hybrid security when expected to, which could set a precedent for other banks to follow suit. The NZ$835 million tier-one hybrid notes were issued in April 2008 and will be allowed to run for another five years, at the end of which time a coupon step-up will come into effect if the notes are not called. The credit spread on the coupons remains at 200 basis points, well below current market value for tier one capital issues. Read more

All eyes on Aurizon

Matt Williams
By Matt Williams
Head of Equities

Matt is Head of Equities and responsible for the strategic direction of the equities business and oversight of all investment strategies. He also provides support and mentoring to the analysts and portfolio managers in the team. Matt is the Portfolio Manager for the Australian Share strategy, the Pure Value Share strategy and the Global Resources strategy. In the past he has managed the Smaller Companies strategy and 50% of the Industrial Shares strategy.

Matt joined Perpetual Investments in August 1993 as an Equities Dealer, before becoming an Analyst in 1997 and Portfolio Manager in 1998.

Prior to joining Perpetual, he worked as a Board Broker on the Australian Option Market and as a Cash/Bills Dealer at Lumley Corporation.

Matt has a Bachelor of Economics from the University of New England.

Tue, 19 Feb 2013

One of the companies that has recently been adding to the performance of our equity funds and benefiting our investors is the Queensland rail freight services company, Aurizon. Aurizon operates three main businesses including coal, freight and network services and are primarily involved in the transportation of coal from mines to ports for export purposes. Better known to many investors as its’ previous name, QR National, the company is Australia’s largest rail freight company with services operating across five states and over 100 years of history. Read more

Dutch hybrids bailed in

Greg Stock
By Greg Stock
Senior Portfolio Manager

Greg has been Portfolio Manager/Credit Analyst since joining Perpetual in August 2004. He is responsible for running the weekly credit process, researching non-structured issues (eg corporates, banks, infrastructure) and trades fixed rate securities.

Greg has over 14 years industry experience and prior to joining Perpetual worked at Macquarie Bank in financial operations, debt markets research and fixed income investment management. Prior to that he worked as an accountant at PriceWaterhouseCoopers.

Thu, 14 Feb 2013

Arguably the biggest story last week in credit and fixed income markets was the Dutch nationalisation of SNS REAAL (along with group bank SNS Bank). This bancassurance group was a middle tier competitor in Holland and well established and recognised. Unfortunately that in itself did not insulate it from the troubles of the credit crunch and global financial crisis, nor the long aftermath of European banking balance sheet distress. Read more

Investing for real returns in today’s environment

Darren Beesley
By Darren Beesley
Portfolio Manager

Darren joined Perpetual in February 2012. His focus is on the research and development of investment strategy for Perpetual’s multi-asset class funds and Smart Beta strategies. He has portfolio management responsibility for two of Perpetual’s Smart Beta strategies and assists Michael Blayney in the day-to-day portfolio management of the multi-asset class funds.

Darren joined Perpetual from Ankura Capital, where he was a portfolio manager for a domestic quantitative equity fund and also oversaw dealing and implementation. Prior to that, Darren worked at Towers Watson as an Investment Analyst specialising in investment strategy and asset allocation.

Darren is a qualified actuary specialising in Investments (Fellow of the Institute of Actuaries Australia) and has a Bachelor of Commerce from UNSW.

Fri, 08 Feb 2013

Real return funds, objective based investing, multi asset strategies, dynamic asset allocation funds… Advisers and their clients may have noticed the emergence of this new investment style lately, and a whole new lexicon to accompany it. But not many understand what these new types of funds are. What are they? Why do we need them? And who should invest in them? Read more

Sequencing Risk – clear and present danger

Vivek Prabhu
By Vivek Prabhu
Senior Portfolio Manager - Strategy & Risk

Vivek has been Portfolio Manager/Credit Analyst since joining Perpetual Investments in August 2004 and is responsible for credit analysis, portfolio construction and trading.

Vivek has over 15 years industry experience and prior to joining Perpetual worked for eight years at Macquarie Bank as an Analyst, Compliance Manager, Assistant Portfolio Manager (Fixed Interest & Currency) and Credit Analyst. Prior to that he spent four years as an accountant/auditor at Coopers & Lybrand (PwC).

Wed, 06 Feb 2013

Many investors would be familiar with the main types of risks involved in investing, and through careful planning can identify and manage these risks. However, one of the lesser known risks is that of sequencing risk – and is of particular interest for advisers and their clients nearing retirement age. Read more

Spotlight on GE

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Wed, 23 Jan 2013

Today I thought it was worth concentrating on a particular company that has been active in both the equity and the debt markets this week – and focus on GE. Earlier this week, GE reported their earnings, which showed fairly strong results and in addition to that, yesterday, GE priced an Australian dollar issue. Read more

Australia’s top performing share fund for 2012

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Fri, 18 Jan 2013

The Perpetual Wholesale Ethical SRI Fund was the top-performing equity fund last year, achieving a 39.7% return for investors in the 12 months to December 2012. According to Mercer's latest investment return figures, over the same period the average equities fund manager posted 20.3% in comparison. Read more

Strong demand for credit continues

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Wed, 16 Jan 2013

For investors keen to better understand the returns their fixed income portfolios are generating, it's worth reviewing the supply/demand dynamic that currently exists in credit markets and its effect on credit spreads. Read more

Swiss clocks wind back – The inevitable easing of bank liquidity requirements

Greg Stock
By Greg Stock
Senior Portfolio Manager

Greg has been Portfolio Manager/Credit Analyst since joining Perpetual in August 2004. He is responsible for running the weekly credit process, researching non-structured issues (eg corporates, banks, infrastructure) and trades fixed rate securities.

Greg has over 14 years industry experience and prior to joining Perpetual worked at Macquarie Bank in financial operations, debt markets research and fixed income investment management. Prior to that he worked as an accountant at PriceWaterhouseCoopers.

Fri, 11 Jan 2013

The global banking supervisor, the Bank for International Settlements (BIS, based in Switzerland), has reduced some liquidity requirements for banks by increasing the range of eligible securities, and increasing the timeframe for compliance (winding back some seemingly strict requirements devised after the credit crunch). So what does this inevitable easing of bank liquidity requirements mean? Read more

Some real value health insurance

Jack Collopy
By Jack Collopy
Portfolio Manager

Jack is the Portfolio Manager of the Smaller Companies strategy and an Analyst covering small cap companies across a range of sectors.

Jack joined Perpetual in November 2001 as an Investment Administrator and Equity Dealer. After four years, he moved into an Analyst role focusing on small cap industrial companies. Jack took on portfolio management responsibilities in June 2010.

Prior to joining Perpetual, Jack gained two years industry experience working in London as an Equities Dealer and Investment Administrator at both Salomon Smith Barney and Goldman Sachs Asset Management.

Jack has a Bachelor of Economics from the University of Sydney.

Fri, 23 Nov 2012

Despite a turbulent year for the health insurance industry, one company we like and are currently holding large positions in across a number of our portfolios is NIB Holdings. Read more

The trifecta of concerns for markets

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Wed, 14 Nov 2012

A trifecta of concerns – the US fiscal cliff, Greece’s financial woes and the softening global outlook – are currently taking a toll on market sentiment. Adding to this is the prolonged uncertainty about the next generation of Chinese leadership and the associated clarity of policy direction and the associated trajectory of the Chinese economy, whose absence is sapping the market of any potential tailwinds. Read more

Hybrid issuances – Call for liquidity?

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Fri, 09 Nov 2012

In big news the Bank of Queensland (BBB+/stable) has become the first bank to decide not to redeem a hybrid issue on the first optional call date. In a statement to the ASX on Wednesday it said holders of its Perpetual Equity Preference Shares (PEPS), which have a call date of December 17, have the option of reinvesting in a new issue of convertible preference shares (CPS) or continuing to hold the PEPS. Read more

US election race closes and markets rally

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Wed, 07 Nov 2012

Global stock markets have risen as voting is underway in all 50 US states. National opinion polls suggest that race remains very tight, with Mitt Romney ahead with the popular vote with President Obama ahead in the estimated College system of voting. These polls don’t really matter as in 2000, Al Gore trailed for the last month of the campaign in the popular vote, but led in the College vote, only for the result to be reversed on election day and 36 days later in the US Supreme Court (who voted 5-4 to uphold the appeal of Republican Party that the recount of only Democrat regions was unconstitutional). This goes to show that far too much attention and money is wasted on polls. Read more

Good data drives global markets higher

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Fri, 02 Nov 2012

In Asian markets yesterday, the major regional news was that China's PMI returned marginally to expansion territory (50.2). This prompted a marked rise in Chinese share prices, but the result was in line with expectations and the remainder of the region did not think much of it, and continued to be little moved. Overall, the MSCI Index (-0.1%) closed slightly lower on Thursday with gains in China (+1.7%), Hong Kong (+0.8% to a fresh high for 2012), India (+0.3%), Taiwan (+0.2%) and Japan (+0.1%) outweighed by declines in Singapore (-0.4%) and Korea (-0.7%). Read more

Bega and better opportunities

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Wed, 31 Oct 2012

A fundamental of equity investing is the ability to identify quality businesses that can achieve growth and that are trading at attractive valuations. One company we like that fits this description, and meets our quality filters of quality of business, conservative debt levels, sound management and recurring earnings is Bega Cheese. Read more

State of Origin rivalry in bond markets

Greg Stock
By Greg Stock
Senior Portfolio Manager

Greg has been Portfolio Manager/Credit Analyst since joining Perpetual in August 2004. He is responsible for running the weekly credit process, researching non-structured issues (eg corporates, banks, infrastructure) and trades fixed rate securities.

Greg has over 14 years industry experience and prior to joining Perpetual worked at Macquarie Bank in financial operations, debt markets research and fixed income investment management. Prior to that he worked as an accountant at PriceWaterhouseCoopers.

Tue, 30 Oct 2012

October is shaping up to be another solid month for credit markets with corporate credit spreads extending their rally even further. In the rates space, points along the Australian curve have shifted upwards, but have offered some good relative value opportunities to position our portfolios with in the debt offerings of QLD and NSW. Read more

The new structural forces affecting markets

Nathan Parkin
By Nathan Parkin
Portfolio Manager

Nathan is the Portfolio Manager for the Ethical SRI strategy and an Analyst, covering mainly small cap industrial companies across a range of sectors.

Nathan rejoined Perpetual in October 2010 as an Analyst, having previously spent six years with the company from 1997 to 2003 in relationship management and business development roles. In July 2011 he took on portfolio management responsibilities.

Nathan has 11 years experience outside of Perpetual, which most recently included a seven-year period with 452 Capital from 2003 to 2010. At 452 Capital he began as a Dealer, and after two years, moved into an Analyst role where he covered industrials, financials and small caps over the next five years. Nathan’s career in financial markets began in 1994 at the Australian Stock Exchange, where he was an Index Analyst.

Nathan has a Bachelor of Economics from Macquarie University, a Graduate Diploma of Applied Finance from FINSIA and is a Fellow of FINSIA.

Tue, 23 Oct 2012

con-fi-dence: Noun: 1. The feeling or belief that one can rely on someone or something; firm trust. There are new structural forces at play in markets worldwide. And as the chart below shows, one of them is a lack of confidence. Read more

The week in fixed income

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Mon, 22 Oct 2012

In this past week in fixed income, we saw several new issuances in the form of Westfield Retail Property (A+) pricing a A$150 million 5.00% bond with an Oct 2019 maturity at ASW + 190bps, and Nordic Investment Bank (AAA) pricing a A$175 million 5.00% bond with an April 2022 maturity at ACGB + 77.5bps. Read more

Markets consolidate recent gains upon more positive US housing data

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Thu, 18 Oct 2012

Recent strong gains from Europe and Wall Street again supported share prices in Asia with the market caught in a positive feedback loop where price gains across regions feed into each other as investors take advantage of attractive valuations and slightly improved outlook for the global economy. Yesterday the MSCI Asian Index (+0.9%) advanced for the second consecutive day with gains dominated by exporting-based markets including Japan (+1.0%), Hong Kong (+1.0%), Australia (+0.8%) and Korea (+0.7%). Read more

How Much Policy Ammunition Does the RBA Truly Have?

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Mon, 15 Oct 2012

The Reserve Bank of Australia (RBA) lowered its target cash rate in October, stating that the mining investment boom is set to end earlier and at a lower peak. With the Australian economy slowing and the RBA Cash Rate nearing its global financial crisis (GFC) low, more stimuli is clearly required. But how much policy ammunition does the RBA truly have? Read more

Sentiment weakens across the board

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Thu, 11 Oct 2012

Sentiment weakened across global markets yesterday – with the majority of Asian and European markets, as well as the US, all weighed down by signs of weakening global growth and expectations of lower US corporate profits. The MSCI Asia index was driven south by Japanese manufacturers who were hit by lingering Sino-Japanese diplomatic tensions, which forced Japan's sharemarket down to two month lows as a combination of an exporting-based economy, exporting-based sharemarket, weakening global growth and an appreciating exchange rate proves toxic for Japanese earnings and investor sentiment. Other regional markets were also lower led by Korea, Singapore and India. Read more

Spotlight on BHP 5 year bonds

Greg Stock
By Greg Stock
Senior Portfolio Manager

Greg has been Portfolio Manager/Credit Analyst since joining Perpetual in August 2004. He is responsible for running the weekly credit process, researching non-structured issues (eg corporates, banks, infrastructure) and trades fixed rate securities.

Greg has over 14 years industry experience and prior to joining Perpetual worked at Macquarie Bank in financial operations, debt markets research and fixed income investment management. Prior to that he worked as an accountant at PriceWaterhouseCoopers.

Wed, 10 Oct 2012

Yesterday BHP Billiton issued a 5 year AUD bond at a yield of 3.96%, paying a coupon of 3.75%, through its financing subsidiary BHP Billiton Finance Limited. Why did investors buy that when the cash rate is 3.25%? Well, even though the cash rate is 3.25%, the Australian government bond curve resembles a famous sports shoe brand's swoosh - pricing in lower 'risk free' rates over the next few years (to a low yield of 2.42% in April 2015) then gradually sloping higher to a high of 3.40% in April 2027. So, the alternative in a bond fund might be the July 2017 bond which is currently yielding 2.52%. Read more

Markets mixed as Spain weighs on sentiment

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Wed, 03 Oct 2012

Asian markets were mixed yesterday and investors decided the glass was too cloudy to be half full or half empty. Some investors were buoyed by yesterday's US ISM Manufacturing survey, but others (including this analyst) believe that the softish export orders result in the survey means the rise has no real global significance. Read more

Back to the future for asset allocation

Adam Curtis
By Adam Curtis
Senior Portfolio Specialist, Income and Multi Sector

Adam has over 12 years’ experience in the financial markets. Having graduated with an International Business degree in 1997, Adam joined Bankers Trust, working in the funds management and margin lending business. In 2000, Adam moved to London and joined the Bank of New York for the next two years, where he worked on the fixed income desk and serviced a range of institutional clients across mainland Europe.

Upon returning to Australia, Adam was hired by CPG Advisory, a specialised Asset Consultancy based in Sydney. He worked there for nearly five years, providing advice and assistance in managing the investment portfolios of some of the firm's largest wholesale clients. In August 2008, Adam was recruited as Senior Portfolio Specialist at Perpetual in the Income and Multi Sector business where he represents Perpetual's capabilities across multi sector, fixed income and alternatives investment strategies.

Tue, 02 Oct 2012

Understanding that the investment world is changing – with the re-emergence (and stubborn continuation) of economic volatility – is leading to a substantial change in the way investors think about portfolio construction and as a result, the importance of asset allocation. Read more

Markets rise on Spanish budget release and Chinese liquidity injection

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Fri, 28 Sep 2012

Analysts concerns of the health of the Chinese economy were confirmed yesterday, after China's Central bank announced a record $US58 billion liquidity injection into its financial system, aimed at easing a widely anticipated seasonal liquidity crunch. Market sentiment improved off the back of this action, outweighing the impact of Beijing’s National Bureau of Statistics informing markets that China's industrial company profits declined further in August; its fifth consecutive monthly decline, and an earlier Reuters report that 40% of China’s iron ore mines have been closed due to declining commodity prices, making them unprofitable. Read more

Australia's 'AAA' credit rating a hit with offshore investors

Warwick Boys
By Warwick Boys
General Manager - Institutional Business

Warwick joined Perpetual in January 2009.

He has over 16 years of financial services industry experience and prior to joining Perpetual worked as Director, Institutional Sales at ABN AMRO Bank NV, spending five years servicing both domestic and overseas institutions specialising in the distribution of all fixed income products.

Prior to this at ANZ Investment Bank, Warwick was Senior Credit Trader for a number of years and before this as Senior Dealer, Institutional Sales. Earlier, he spent six years as Dealer, Fixed Income with Westpac Institutional Bank.

Warwick has a Bachelor of Economics from the University of Newcastle and a Graduate Diploma of Applied Finance & Investment from the Securities Institute of Australia.

Tue, 25 Sep 2012

With the attention of fixed income managers turning once more to Europe this week – with the pending release of Spain’s audit of its banking sector and the release of a further package of structural reform, and Greece bracing for further delay in the disbursement of its next bailout tranche (€31.5 billion) until November – it is easy to overlook the domestic market, and the proverbial elephant in the (fixed income) room. Read more

Investors focus on weakening economy

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Wed, 19 Sep 2012

After soft European and US sessions on Monday night, Asian markets were down yesterday with the MSCI Asia Index recording its second decline in a row led by losses in China, Japan, Singapore, Hong Kong and Australia, whereas India bucked the regional trend in response to policy announcements. The overall performance during the Asian sentiment reflected what has been part of an emerging trend, where with major central bank policy decisions behind us, investors are increasing focusing on the state of the global economy, where every region is either weak or is slowing down. Read more

QEIII Launches

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Tue, 18 Sep 2012

So helicopter Ben decided to push the QEIII button, with an unlimited amount of money ($US 40 billion per month, until US unemployment declines to an undisclosed level) to be injected into the US financial system. Even though it had been mostly factored into prices, even though it will do nothing to lift the anaemic US economy and even though market had rallied for three months on expectation of continued central bank support, the announcement was like a shot of adrenalin into global sharemarkets and Asian markets have experienced large rises over the past two trading sessions. Read more

Europe rallies like there's no tomorrow

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Fri, 07 Sep 2012

European markets opened positively and were up 0.5% a few minutes after the bell as the market awaited the details of the ECB's bond buying program called the Outright Monetary Transactions (OMT). They were not disappointed. The plan basically came out as was leaked, with the key features including unlimited capacity, sterilised, purchases out to 3 years, and no explicit limit on interest rates. Read more

China, Europe eye off stimulus

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Tue, 04 Sep 2012

Asian markets were mixed on Monday with the MSCI Asia Index flat as gains in China, Hong Kong, Korea, and Australia were offset by declines in Japan and Singapore. Asian markets were under early pressure as investors noted how China's slowdown was impacting regional supply chains – and taking its toll on exporters in the process. Read more

Banking highs and lows in Europe continue

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Thu, 30 Aug 2012

The highs and lows in Europe continue. Overnight, European markets opened once again in the red and in the first hour were down at their daily lows. But the release of an opinion piece by European Central Bank President Mario Draghi in a German newspaper strengthened expectations that a major announcement on measures to address the European debt crisis was imminent and sparked a rally after Mr Draghi wrote that “exceptional measures” were occasionally needed by the ECB to ensure monetary policy was effective. Read more

Markets waiting for Europe to do more than talk

Matthew Sherwood
By Matthew Sherwood
Head of Investment Market Research

Matt Sherwood is Perpetual’s Head of Investment Markets Research and is responsible for Global Financial Markets and Economics Research.

In this role, Matt is chief spokesperson for Perpetual on forecasts and trends in the Australian financial markets and its interaction with the Australian and global economies. He is responsible for monitoring, analysing, and forecasting trends in the Australian economy, financial markets and domestic monetary policy. Matt joined Perpetual in 2005.

Matt’s viewpoints and analysis of international developments are frequently sought by policymakers, opinion leaders and investors in Australia and aired in the media. These include television news and current affairs networks such as Sky News, SBS, and ABC in Australia; and CNN, Bloomberg and Reuters in Asia. His opinions have appeared in many newspapers including the Wall Street Journal, the Washington Post as well as The Australian, The Australian Financial Review and Sydney Morning Herald. He has also conducted radio interviews for both national and regional ABC stations.

Having authored several research papers for the Commonwealth Treasury Department and ex-World Bank officials in relation to the current deleveraging cycle, Matt’s current research focus is on global macroeconomics, monetary economics and the financial markets. Matthew travels extensively, presenting to clients and stakeholders in the major financial centres in addition to his commitments across Australia.

Matt began his career as a Senior Economist at the Reserve Bank of Australia, where he gained significant experience in monetary policy formulation and undertook detailed research into the equity risk premium, currency markets and business investment.

Matt has a Bachelor of Business from the University of Newcastle and a Masters Degree in Economics (Finance and Econometrics) from the University of Sydney. Matthew has also held a lecturing position with Kaplan Education (formally FINSIA) since 1997 and has lectured MBA classes at Case Western Reserve University in the United States. 

Fri, 10 Aug 2012

Despite a strong Asian session (in which stocks in Hong Kong and Japan rose +1.0% following data from China which suggests that the economic boost remains elusive, but inflation dropped again, providing the Bank of China with more scope to support growth), the performance on the London and European stock exchanges, last night, was a complete repeat of the night before. The German and UK markets were down early (the former troughing at -1.0%) before staging a late surge to close flattish for the second day in succession. Read more

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