Welcome to the Perpetual’s Investment Insights webinars hub, where our Portfolio Managers exclusively share insights on the funds they manage, discuss their views on markets, cover where they are seeing opportunities and the fundamentals are affecting investment portfolios today, talk about portfolio construction and much more.
Australian Equities - May 2020
Multi Asset - April 2020
Multi Asset - February 2020
Multi Asset - October 2019
Australian Equities - September 2019
Welcome to the Perpetual Adviser Hub Fund Resources section. Check out the range of collateral to help you with your clients, download fund profiles and get easy access to our key fund webpages for more details.
For your interest – and for sharing with your clients – we’ve selected some of our best thinking on markets, economics and individual securities.
Perpetual publishes a range of newsletters to give you and your clients more information on our flagship investment funds. Don’t forget to sign-up if you want to receive these newsletters automatically – and to sign up to our Investing Matters newsletter which pulls together our latest investment articles across the asset class range.
Read bi-monthly insights and updates from Perpetual’s investment experts on a range of topical investment themes.
This newsletter looks at stock picks of ethical and socially responsible companies, investment trends and market moves.
Keep up to date with the latest investment opportunities we see for the Perpetual SHARE-PLUS Long-Short Fund.
This newsletter covers the market, stocks and economic updates from the investment team of the Perpetual Pure Equity Alpha Fund.
Keep up to date with the latest microcap stock picks from the managers of Perpetual’s Pure Microcap Fund.
Find out more about the stock picks and strategy of Perpetual’s Pure Value Share Fund.
Read the Global Share Fund newsletter for stock and market commentary from Garry Laurence and his team.
Check out the Fund newsletter for market updates and fund insights into Perpetual’s Diversified Real Return Fund.
Vivek Prabhu, Portfolio Manager of the Perpetual Diversified Income Fund shares his latest investment insights and portfolio updates.
Hear from Thomas Rice, Portfolio Manager of Perpetual’s Global Innovation Share Fund about his latest stock picks and portfolio insights.
After a flurry of activity in the March quarter, there were fewer changes to the holdings within the portfolio. In this edition, we take a deep dive into our key holding "AUB Group", general Fund activity and outline our outlook on what lies ahead.
The emergence of COVID-19 has given rise to incredible volatility in global financial markets, as we have all grappled with uncertainty regarding the duration and severity of the disease with regards to both, health and economic impacts. We discuss how the portfolio is positioned in aggregate and what changes have been made, given the magnitude of market moves over the last weeks.
Unsurprisingly, given a strong 2019, in early 2020 most people are now bullish and risks that dominated the headlines such as trade war, recession, and political uncertainty have seemingly faded to be little more than distant memories. In this newsletter, we discuss key contributors and detractors over the quarter and current portfolio positioning.
Download the March newsletter to find out about the latest performance of the strategy, interesting themes that arose from the recent interim reporting season and our views on the potential impact of the upcoming federal election on ESG and the Fund.
Experience enables us to identify quality companies in Australia and overseas; mistakes can sharpen our focus and present new opportunities. Portfolio Manager Anthony Aboud takes a deep dive into a recently uncovered opportunity.
The last month has been a particularly challenging period for a lot of market participants. As a fund manager, volatility spikes can be disconcerting especially after a decade of relatively benign volatility. We unpack the impacts of COVID-19, discuss how this could play out across different industries, consequences of current policies, political motivations and how we are looking to invest in times like these.
At this time of the year, many economists, investors and market observers will provide forecasts and outlook statements for the year ahead. After a 23.7% gain in the ASX 300 Accumulation index in 2019, it is unsurprising to observe that the general view is 2020 will be a positive year for markets with lower interest rates supporting equity valuations.
Agriculture as a sector is largely uncorrelated to, and unaffected by, COVID-19. There have been other pressures, notably the severe drought on Australia’s east coast. As many companies started to feel the impact of the drought, the share prices fell to levels well below our assessment of fair value. Anthony Aboud explains where he sees investment opportunities
Agriculture as a sector is largely uncorrelated to, and unaffected by, COVID-19. There have been other pressures, notably the severe drought on Australia’s east coast. As many companies started to feel the impact of the drought, the share prices fell to levels well below our assessment of fair value. Anthony Aboud explains where he sees investment opportunities.
This quarter’s holding In focus: QANTM IP (QIP) is a leading Australian intellectual property services group with a growing presence in Asia.
Mosaic Brands (MOZ) is a special situation investment with management having proven to be excellent at turning around and growing under-performing retail businesses. Over the past 5 years, the company has grown to become the largest women’s apparel retailer in Australia with just under 1,400 stores across 9 brands including Millers, Noni B, Rockmans and W.Lane.
Our fund only invests in profitable, well capitalised and well managed businesses. By conducting our own in depth, bottom up analysis we seek the best opportunities for our investors.
Johns Lyng Group is an integrated building services company, providing building and restoration services as well as commercial building services throughout Australia.
Through late June we built a position in Incitec Pivot. IPL is an international manufacturer, marketer and distributor of a range of industrial chemicals. The company has three major divisions: Dyno Nobel Americas, Dyno Nobel Asia-Pacific and Fertilisers Asia-Pacific.
Stock market levels remain quite away off recent highs despite a market rebound which has been extraordinary. Interestingly, during this period of heightened market volatility, the divergence between expensive and cheap stocks has continued to grow.
March was an incredible month in the market. The S&P ASX 200 peaked on the 20th of February at almost 7,200 yet by the 23rd of March was almost 40% lower. We have subsequently seen a 26% bounce as at mid-April, though law of numbers at this point still saw us 23% below prior peak levels.
The Perpetual Global Innovation Share Fund returned 5.1% net of fees for the December quarter, slightly ahead of the 4.5% return of the MSCI AC World Index. For the 2019 calendar year, the Fund returned 31.7%, ahead of the MSCI AC World Index return of 26.8%.
In this newsletter, we discuss a key holding in the fund in which we have increased in position - Siemens.
In this newsletter we discuss a key holding in the fund Disney (NYSE:DIS) in which we have increased position in.
In this newsletter, we discuss two key holdings in the fund Huya and E Link holdings as well as share our long-term outlook.
What an extraordinary financial year. We started off with accelerating economic growth which continued into the end of January. However, COVID-19 shut down China and then turned into a pandemic around the world.
What an extraordinary decade global markets have enjoyed since coming out of the global financial crisis in 2009. Global markets have been driven by the US market, with the S&P 500 up 256% in USD while the MSCI emerging markets index was only up 49% in USD.
2020 has started off in the most unexpected fashion. Economic fundamentals were picking up in January and were particularly strong. However, the pace of the spread of COVID-19 globally has been faster than many had expected or could have feared. Read the full update.
What a difference three months can make in sentiment and performance in equity markets. While the MSCI world index was down 11% for the December quarter, all these loses were made back in the March quarter.
The recovery in financial markets over the quarter has been dramatic. Supported by aggressively expansionary monetary and fiscal policies, equities and credit performed very strongly. Volatility subsided slightly but remains high in comparison to long term averages. Click on the button below to read this month's insights.
The Diversified Real Return Fund returned 0.6% (gross) in the December quarter. Over the past year, the Fund has returned 8.0% (gross) and over the past 5 years the Fund has returned 5.4% (gross) per annum compared with the objective of 6.8% (CPI plus 5%) over rolling 5 years.
Market conditions in the quarter were particularly challenging, but returns were cushioned by a relatively low weight to equities and other risk assets, as well as positive contributions from Foreign currency exposure including through an AUDUSD put option, Global Equity put options and allocation to gold. Read more.
The past six months have provided a clear example of the Fund meeting a key investment objective, as returns were protected on the downside.
The global economic outlook is delicately poised at present. Growth has slowed notably and there are some signs that recession risks are increasing in the US with the yield curve inverting and the cyclical parts of the share-market under-performing. The unresolved trade war is also a key risk for the outlook.
In March, we saw a broad-based sell off across most risk assets, as the COVID-19 pandemic expanded in its reach and severity. Credit markets weren’t immune, with credit spreads widening significantly. We talk about Hybrid exposures within the portfolio, risk management and positive steps taken offshore.
Australia hasn’t been immune as global interest rates head ever lower and conventional monetary policy reaches its limits. Over recent months, the Reserve Bank of Australia (RBA) has publicly contemplated at what point and how they would implement unconventional monetary policy or quantitative easing (QE).
In an environment where investment return expectations are low and many defensive assets are expensive, investors are faced with either accepting lower returns or increasing their risk tolerance in order to maintain returns. We understand that investors who are making an allocation to fixed income are attracted by the defensive characteristics fixed income offers, including liquidity, low capital volatility and income.
Like many sports, a good defence is critical to winning the long game when it comes to investing. A good offence will get you on the scoreboard but a good defence will help you win the game. As strong as your offence is, if your defence is weak, you won’t get very far.