Australian small cap resource stocks are often viewed as more speculative relative to their industrial counterparts. While historical returns generated by Australian small resources have been more volatile, periods of ‘super-normal’ returns have been demonstrated, resulting from outperformance in select commodity cycles. The ability to consistently pick commodity cycles is inherently difficult and not a focus of our investment process. However, we believe there is significant alpha-generating potential at a stock specific level, although investors need to be selective at the smaller end of the Australian small resources market.

Gold prices have been on an upward trajectory for the past two years, with a weak Australian dollar boosting the price in local currency even further. While we don’t foresee this rapid rise continuing in the short term, the investment proposition for many Australian small cap gold stocks still appears attractive, even if prices were to pull back 10-20%.

Maple-Brown Abbott Limited ABN 73 001 208 564 AFSL 237296 (us, we) as responsible entity of the Maple-Brown Abbott Funds set out in Table 1 (collectively, the Funds and individually, a Fund) is required to provide Fund members (Investors), and Investors are entitled to receive, the following documents (among others): documents that relate to meetings of Investors; Annual Reports of the Fund (comprising the financial report, directors' report and auditor's report for the relevant financial year); and other documents which may be prescribed by relevant regulations from time to time, collectively, the Documents. Unless the law requires otherwise, where Investors…

The March quarter saw considerable economic and political turmoil following the inauguration of President Trump and unsurprisingly markets responded accordingly. During the quarter, we saw a strong reversal of performance where the laggards of 2024 performed strongly in the the recent market correction.

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At the 2025 Pinnacle Insights Series, Dougal Maple-Brown posed the question, "Do you have enough Value in your portfolio?" Heightened market volatility and geopolitical uncertainty has many advisers considering whether they should be more defensive with the Australian equities part of their client portfolios.

Dougal Maple-Brown, Head of Australian Value Equities provides his detailed summary of the March reporting season.

Many of the popular investment themes and crowded stock holdings driving the Australian small cap market in the 2024 calendar year have reversed in the March 2025 quarter. Given the expectation of lower domestic interest rates going forward, many of the high-flying technology, quality and growth exposed companies have been used as funding sources as investors rotate into cheaper quality stocks and/or value/cyclical exposed companies with improving earnings momentum. The question for investors is whether this is just a blip or is the rotation more sustainable? This thematic shift and heightened market volatility is creating increased value adding opportunities for…

The information on this page has been prepared in response to the Sustainable Finance Disclosure Regulation (SFDR) requirements and applies to Maple-Brown Abbott Global Infrastructure Fund, which has been categorised as Article 8 under the regulation. Please note the relevant disclosures for the AMX UCITS CCF – Maple-Brown Abbott Global Infrastructure Fund are available on the AMX by Carne website.Sustainability risks within the SFDR are environmental, social and governance (ESG) events or conditions whose occurrence could have an actual or potential principal adverse impact on the value of the investment. Sustainability risks can affect all known types of risk (for example, market…