Australian value equities webinar

This webinar is intended for financial advisers only.

Summary

The Australian market rose 1% in August, but the average masked a very wide gap between sectors. Healthcare rose 20% while the banks fell 10%. Dougal Maple-Brown, Head of Australian Value Equities, explains how the portfolio was positioned for that split and what he is doing now.

In this update:

03:33 Valuation discipline in practice. Moving the portfolio as the facts change, illustrated by the round trip in resources from one times book value to four times and back again.

07:59 The global backdrop. US valuations back at levels last seen in 2000, and market concentration at a point that warrants caution.

11:00 Australian valuations and cash. Why the market still looks a little expensive to us, and why we are holding 8% cash.

13:23 The de-rating of the darlings. Cochlear and CSL fell a long way from their peaks, while Commonwealth Bank and Wesfarmers have barely moved. Dougal explains which falls created genuine opportunities and which names still look expensive to us.

16:50 Australian technology. Still trading at roughly twice the multiple of US technology stocks, and why that gap is hard to justify.

20:30 Healthcare, from nothing to overweight. For the first time in decades, Australian healthcare stocks traded in line with their global peers. CSL is now the portfolio’s largest overweight position.

25:45 The lowest bank weighting in our history. Slowing credit growth, sticky costs and credit charges rising from very low levels. Why flat earnings may be the best case.

35:25 Resources and energy. Trimming into strength, and why Ampol’s Brisbane refinery has gone from an unwanted asset to national infrastructure.

42:15 What August told us. The result of that positioning, and what we have bought and sold since.

48:15 Performance, franking credits and turnover. The benefits that sit above the reported performance numbers.

51:30 Questions. Index investing and Commonwealth Bank, offshore listings, oil, and copper.

Disclaimer
This video is prepared and issued by Maple-Brown Abbott Limited ABN 73 001 208 564, AFSL 237296 (‘MBA’) as the Responsible Entity of the MBA Australian Value Opportunities Fund (ARSN 091 138 233) (‘Fund’) and the MBA Australian Share Fund – Wholesale (ARSN 087 294 504) (‘Fund’). This video contains general information only, and does not take into account your investment objectives, financial situation or specific needs. Before making any investment decision, you should seek independent financial advice. This document does not constitute an offer or solicitation by anyone in any jurisdiction. Past performance is not a reliable indicator of future performance. Neither MBA, nor any of its related parties, directors or employees, make any representation or give any guarantee as to the return of capital, performance, any specific rate of return, or the taxation consequences of, any investment.

Any views expressed on individual stocks or other investments, or any forecasts or estimates, are not a recommendation to buy, sell or hold, they are point in time views and may be based on certain assumptions and qualifications not set out in part or in full in this document. Individual stocks referred to  may or may not be currently held by the Fund. Information derived from sources is believed to be accurate, however such information has not been independently verified and may be subject to assumptions and qualifications not described in this document. To the extent permitted by law, neither MBA, nor any of its related parties, directors or employees, make any representation or warranty as to the accuracy, completeness, reasonableness or reliability of this information, or accept liability or responsibility for any losses, whether direct, indirect or consequential, relating to, or arising from, the use or reliance on this information.  Before making a decision whether to acquire, or to continue to hold an investment in the Fund, investors should obtain and consider the current PDS and Target Market Determination (TMD) or any other relevant disclosure document. For the Fund, the PDS, AIB and TMD are available at maple-brownabbott.com/document-library or by calling T +61 2 8059 7671. This information is current as of 23 September 2026 and is subject to change at any time without notice. © 2026 Maple-Brown Abbott Limited.