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
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.
Pleasingly, the portfolio performed well during the August reporting season, with many core holdings meeting or exceeding market expectations. However, our focus is not on near term “meets” or “beats”, but rather how companies and management teams continue to position themselves for the medium to longer term.
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.
When it comes to value investing the best opportunities generally come from sectors which are either being ignored or are not popular. We like finding situations where the share price factors in a lot of the bad news and does not consider any positive surprises. Generally, there is no obvious positive catalyst which can be very frustrating for non-value investors. Read more.
When analysing if a company could be a core long term investment, we believe we need to make a call on the quality of the management team and the company culture. Two questions we ask ourselves are: Is the management team the best in their industry? Is there a good culture within the company? These questions are subjective but extremely important in our investment decision for our core long term positions.
According to some recent reports, value investing is dead - a widow-maker. There are a few points though, which we think are important and need to be made. Anthony Aboud discusses them in detail.
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.
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.
Johns Lyng Group is an integrated building services company, providing building and restoration services as well as commercial building services throughout Australia.
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.
November saw the value trade roar back. The catalyst for rotation during the month was news flow around the vaccines. Over the month value out-performed growth by 11.7%, which equates to its 3rd best month on record. Read more.
October saw AGM season kick off. To date trading updates indicate that the operating environment is not as bad as feared and stocks have generally outperformed on the back of these updates. One such stock in the portfolio was Orora (ASX:ORA). Read more.
Medibank (ASX:MPL) is one stock which we view as being left behind in the recent market recovery. It trades on ~20x FY20 EPS, is the clear leader in its industry, is growing policy numbers and has a great balance sheet. Read more.
This month we share our insights into the overall theme from the August reporting season, which was better than feared. Read More.
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.
The key drivers of return over the quarter were equity exposures as equity markets continued their recovery through July and August before selling off in September. Australian equity stock selection contributed to performance as value and quality biases outperformed through the rally and subsequent selloff.
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.
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 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.
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.
Vivek Prabhu, Portfolio manager for the Perpetual Diversified Income Fund gives an update on the Fund and explains why time was of the essence over the last quarters and investors had to act quickly to not miss opportunities.
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.