What if one of Australia's biggest growth stocks lost more than half its value, while a bank once considered cheap nearly tripled? In our latest video, Dougal Maple-Brown unpacks one of the most striking valuation reversals in recent Australian market history and explains how our valuation-driven approach positioned portfolios to benefit.

Australian small caps are well positioned for the year ahead — and this reporting season reinforced why. In this video, Phillip Hudak breaks down the key themes from reporting season including where positive surprises emerged, why mission-critical software businesses proved their resilience against the AI narrative, and why the team remains constructive on the smaller end of the market going forward. With Australian small caps trading at a ~15–20% discount to large caps and superior earnings growth expected through FY26 and into FY27, the opportunity set looks attractive.

Cell towers are among the most compelling valuation opportunities we're seeing in listed infrastructure today. Despite essential, long-term contracted cash flows, listed tower companies are trading at significant discounts to comparable private market valuations, despite similar underlying economics. In this webcast, our infrastructure team unpacks the opportunity in European tower companies, addresses consolidation concerns largely misunderstood by the market, and explains why we see strong long-term compounding returns ahead.

We are living through a period of profound economic uncertainty, marked by a cost-of-living crisis and widening income inequality. These pressures are reshaping consumer behaviour, labour dynamics and political priorities—creating a complex risk landscape for investors. While corporate governance has long been central to our investment process, an emerging risk is gaining traction: social license to operate. Rising living costs, wage pressures and affordability challenges can trigger labour unrest, regulatory intervention and reputational damage. By understanding these dynamics, investors can better anticipate emerging risks and position for resilience.

Australian equity valuations have shifted since 2020, with some areas cooling off while others remain unexpectedly elevated. It’s a market full of contrasts, and Dougal Maple‑Brown discusses one of the key drivers: De-rating of the Darlings.

Australian equities have begun shifting away from the momentum-driven extremes of recent years, with valuation gaps narrowing as once‑popular market darlings undergo meaningful de‑rating. In an environment where headline multiples remain elevated, value investor Dougal Maple‑Brown sees the most compelling opportunities emerging beneath the surface as overstretched stocks reset and long‑term fundamentals reassert themselves. From select names like CSL and Woolworths, where expectations have sharply recalibrated, to areas such as energy that still trade below long‑run pricing assumptions, Maple‑Brown argues that valuation discipline is finally being rewarded—while caution remains essential in parts of the market where prices continue to imply unrealistic growth.

Insider trading often draws investor attention, but interpreting these moves isn’t always straightforward. Insider buying is generally seen as a vote of confidence, while selling is more ambiguous. Large, non-routine, and coordinated sales can signal caution, yet many disposals are driven by personal reasons like tax obligations or portfolio diversification. Studies show insider selling can precede weaker returns, especially when multiple insiders sell significant stakes. Routine or small trades, however, usually carry little weight. For investors, context is key - size, timing, and intent matter. Insider activity should therefore prompt deeper due diligence, rather than be an automatic verdict on a company’s outlook.

The UK water sector faces a critical challenge: reversing decades of underinvestment while managing customer affordability. For our holdings United Utilities and Severn Trent, the path forward requires simultaneously addressing environmental degradation and keeping bills manageable during a cost-of-living crisis. This article examines how both companies are navigating this transformation as the sector enters AMP8 (2025-30) with significantly larger capital programmes and intensifying regulatory scrutiny.

We enter 2026 with investment optimism. While growth risks linger and inflation remains sticky, these conditions historically favour infrastructure assets. At the same time, powerful secular trends, decarbonisation and digitalisation, are creating significant opportunities across the sector. Valuations for listed infrastructure look fair on an absolute basis and attractive relative to broader equity markets and private transactions. Our focus remains on actively managing a portfolio of high quality infrastructure assets with high barriers to entry and strong strategic positions, delivering inflation-linked cash flows and attractive risk-adjusted returns through the economic cycle.