Finding Alpha

Inflation has finally arrived in Japan, so what’s next?

Between the unwinding of the Yen carry trade, the first interest rate hikes since 2007 and a new prime minister, the Japanese market changed dramatically in 2024.  After attracting attention and flows from foreign investors in recent years, Japan is back on investors’ radar.
In this episode, Yuichi Murao, CIO of Nomura Asset Management shares his views on the Japanese equity market in a year of change for the world’s fourth largest economy.

Applying learnings from Australia’s Earnings Season

Despite concerns about the impact of higher interest rates and the health of the Australian consumer, August’s earnings season was broadly in line with expectations. However, that doesn’t mean that it wasn’t full of surprises. Outlook statements were worse; leading to earnings downgrades and a continuation of low earnings growth in Australia. In this episode, Andrew Martin from Alphinity Investment Management unpacks reporting season and shares his insights on where he is finding stocks that have their own growth drivers and are not dependent on lower interest rates nor a resurgence of growth in China.

The inside scoop on Commercial Real Estate

Rising interest rates, construction costs, labour costs and hybrid working.  It’s been a challenging environment for real estate over the last few years. Yet performance moves in cycles and green shoots abound.  Particularly for existing stock in quality locations purchased at attractive valuations. Elanor’s Head of Investments, David Burgess, joins Finding Alpha to share the geographies, sectors and assets that are looking compelling as well as the alternative investments on their radar.

Too good to be true?

Private credit is attracting a lot of attention. A combination of higher base rates, a credit margin, and an illiquidity premium are appealing to investors looking for income. This demand is being met by private credit as an increasing amount of lending activity is taken away from banks, increasing the supply of deals looking for financing. Challenger Investment Management has been investing in this market for almost 20 years and has lived through credit cycles, including the GFC.
In this episode, Portfolio Manager Justin Voller from Challenger Investment Management unpacks the private credit opportunity, and the red flags investors should look out for.

Exploiting the valuation gap

Fears over China’s property market and slowing growth has led many to avoid allocating to the world’s second largest economy.  This has created a compelling valuation gap that Ox Capital’s Dr Joseph Lai thinks is ripe with opportunities.  In this episode, Jo talks about the global franchises that are attractive right now and why he thinks that China’s equity market is flashing green.

Beyond the Magnificent 7

The Magnificent 7 dominated US equity market returns in 2023 but while some continue to thrive, others have experienced negative returns this year.  We talk to Alphinity Investment Management’s Jeff Thompson about which of the tech giants still represent good value, where the next AI winners will come from and where he is seeing opportunities in other sectors.  We also discuss the other themes that investors should consider having in their portfolios and what is driving the pickup in M&A activity.  As investors question whether the dominance of US equity markets can continue, this is an episode not to be missed.

Amplifying the diversification benefits of Fixed Income

Given the uncertainty created by a looming US election, interest rate expectations constantly readjusting and geopolitical risks, having additional sources of diversification in portfolios can provide protection during periods when volatility spikes and markets are stressed.  In this episode, Gopi Karunakaran shares how a pure relative value investing approach can play a defensive role in portfolios without relying on duration and credit. 

Reporting season, what you need to know

With February’s reporting season in the rear view mirror, Catherine Allfrey from WaveStone Capital describes it as a roller coaster.  In this episode, Catherine shares her view on the banks, resources and M&A activity as well as what to look out for in the months ahead.

Avoiding pitfalls in the small cap market

Successful investing in small caps is as much about what you don’t invest in, as what you do.  Stephen Wood, Principal at Eiger Capital, has built his successful track record on taking a prudent approach.  As markets rally and reporting season begins, we discuss Eiger’s view of the market and how to find value.

The Future of Sustainable Investing

In our latest episode, Sinéad speaks to Hubert Aarts, Deputy CIO of Impax Asset Management on the tailwinds for environmental investing led by technological innovation and the transition to Net Zero.