The Point: Professional investing in Australia with Perpetual

Perpetual Group
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Perpetual Group is an international asset manager including boutiques such as Perpetual, Pendal, Barrow Hanley, Regnan and Trillium. Each week our portfolio managers share the most interesting things they've heard from CEOs, industry leaders and analysts.

  1. Amy Xie Patrick: How inflation risks are reshaping bond markets

    17 APR

    Amy Xie Patrick: How inflation risks are reshaping bond markets

    In this new podcast, Amy Xie Patrick, head of income strategies at Pendal, unpacks how geopolitical tensions, sticky inflation and higher oil prices are reshaping bond markets.  She explains why inflation expectations — rather than growth fears — are driving yields higher, and why investors need to be selective as credit spreads fail to fully reflect downside risks. "Even if all of the Middle Eastern issues were to go away tomorrow, I think naturally the oil market would just embed a higher level of structural risk premia in its price. And as a result, what I would be looking for the direction of bonds in the very near term is for more of those inflation fears to play out," Amy says.  The podcast also explores lingering AI‑related credit concerns, liquidity risks, and what this complex backdrop means for duration, credit exposure and equities.   Listen to the full podcast to hear Amy’s insights on traversing the fixed income markets in uncertain times. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    13 min
  2. Tim Hext: What the Iran war means for fixed-income investors

    7 APR

    Tim Hext: What the Iran war means for fixed-income investors

    Heightened geopolitical risks and rising oil prices have re-ignited inflation concerns, creating uncertainty for central banks and markets. Pendal head of government bond strategies Tim Hext explains why second round inflation effects matter more than petrol prices themselves, and why the RBA faces a difficult balancing act on rates. Despite the volatility, government bond yields are at levels not seen since 2011, presenting compelling medium to long term value, particularly for investors seeking inflation protection. Listen to the full conversation to understand why fixed income may deserve a closer look in portfolios right now. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    10 min
  3. Social bonds: How to make an impact – not just a return

    25 MAR

    Social bonds: How to make an impact – not just a return

    More and more social bonds are issued in Australia each year, yet demand is still surpassing availability. Social bonds are fixed-income securities with proceeds allocated to defined social outcomes such as social and affordable housing, specialist disability accommodation and education access. In this podcast, Pendal sustainable finance and impact investing director Murray Ackman explains social bonds – what's available, how to access them and what they do.  Listen to this latest podcast to find out more about impact investing and the opportunities. --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    10 min
  4. Amy Xie Patrick: How tariffs, tech and rates are shaping 2026

    4 FEB

    Amy Xie Patrick: How tariffs, tech and rates are shaping 2026

    As 2026 gears up, the economic outlook in Australia, the US and around the globe is far from clear. There is talk of K-shaped economies, interest rates rising in some economies and falling in others, and the ever-present geopolitical challenges. In this podcast, Amy Xie Patrick, head of income strategies at Pendal, explains why Liberation Day tariffs didn't play out as predicted, what a K-shaped economy is and how investors should be thinking about it. “Markets did have a very severe downturn… but why this didn't lead to the fears of a continued bear market… is twofold… a lot of Chinese producers had to eat the cost of tariffs… and the US economy has again surprised us with how resilient it's been all through 2025," says Amy. “I just wouldn’t be too fearful here at this stage buying into the K shaped economy narrative and waiting for that other shoe to drop, because if you're too defensive… you’re sacrificing all this income, which fixed income is really about.” Want more insight on how to navigate market uncertainty? Tune in now.  --//--Find out more about Pendal's fixed income strategies at pendal/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    11 min
  5. Tim Hext: Why 2026 could favour bond investors

    09/12/2025

    Tim Hext: Why 2026 could favour bond investors

    With rate cuts looking like they are coming to the end of the cycle, Pendal's head of government bond strategies Tim Hext provides his insights on the outlook for 2026. "It is an unclear picture, but definitely the global rate cutting cycle - which was a feature of late 2024 and most of this year - is now over," explains Tim.  He says rate cuts in Australia are highly unlikely at least for the next six to nine months based on the latest inflation data. However, Tim is optimistic that inflation will not hit a level that is unsettling for the bond market. "If you think back to last decade, we had inflation consistently slightly undershooting to 2% at the bottom of the RBA band, and we're going to see inflation consistently shooting above 3% for the first half of next year, but not at a level which will make things unsettled," he says.  How does this rate uncertainty shape portfolio construction? Tim explains in this podcast. --//--Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    9 min
  6. Elise McKay: What’s driving rotation in equities right now

    26/11/2025

    Elise McKay: What’s driving rotation in equities right now

    What’s driving the rotation in equities around the globe at the moment? Pendal portfolio manager Elise McKay points to the evolving flow of money. “The rise of passive, the rise of systematic trading have contributed to an increase of volatility in our market," Elise explains in our latest podcast. “During the extreme market moves we saw last week, ETFs were accounting for 38% of market volumes compared to a historical average of around 28%.”  With the market crowding into long-duration growth stocks, any sign of uncertainty in the economy or questions over the easing cycle help drive heavy rotation into cyclicals and financials. How should investors approach this volatile period? Elise explains in this podcast. --//--Find out more about Pendal's Australian equities strategies here. --//-- *Pendal has a position in the stocks mentioned in this podcast. This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    10 min
  7. Tim Hext: Tariff uncertainty means opportunity for active investors

    20/08/2025

    Tim Hext: Tariff uncertainty means opportunity for active investors

    As tariff news has died down, markets have come flying back in the last few months. “But we do have a world now where the US tariff rate on average is around 18%,” observes Pendal’s head of government bonds Tim Hext. “That is not a world we have seen for almost 100 years, not since World War II." It’s an environment made for active investors, says Tim in this new short podcast. It can take years to understand the full impact of trade tariffs, yet markets tend to be very short-term focused, he says. "That does present a lot of opportunities for an active manager," says Tim. "It gives does give us plenty of good opportunities to add value in active portfolios, and that's what we're doing at the moment." --//--Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    9 min
  8. Amy Xie Patrick: An investor's guide to the outlook for US and China

    16/06/2025

    Amy Xie Patrick: An investor's guide to the outlook for US and China

    After two days of talks in London, China and the US last week agreed in principle to de-escalate trade tensions. How that plays out is unclear. But in this new podcast, Pendal’s head of income strategies Amy Xie Patrick explains the outlook for the world's two biggest economies and what it means for investors. --//--Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is a global asset manager. Find out more at pendalgroup.com --//-- This podcast is for general information purposes only, should not be considered as a comprehensive statement on any matter and should not be relied upon as such. It’s been prepared without taking into account any recipient’s personal objectives, financial situation or needs. Because of this, recipients should, before acting on the information, consider its appropriateness having regard to their or their clients’ individual objectives, financial situation and needs. The information is not to be regarded as a securities recommendation. The information in this podcast may contain material provided by third parties, is given in good faith and has been derived from sources believed to be accurate as at its issue date. While such material is published with necessary permission, and while all reasonable care has been taken to ensure that the information in this presentation is complete and correct, to the maximum extent permitted by law neither Pendal nor any company in the Pendal group accepts any responsibility or liability for the accuracy or completeness of this information. Any projections contained in this podcast is predictive and should not be relied upon when making an investment decision or recommendation. While we have used every effort to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The actual results may differ materially from these projections. Performance figures are calculated in accordance with the Financial Services Council (FSC) standards. Performance data (post-fee) assumes reinvestment of distributions and is calculated using exit prices, net of management costs. Performance data (pre-fee) is calculated by adding back management costs to the post-fee performance. Past performance is not a reliable indicator of future performance. For more information, please call Customer Relations on 1300 346 821 8am to 6pm (Sydney time) or visit our website www.pendalgroup.com See omnystudio.com/listener for privacy information.

    10 min
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About

Perpetual Group is an international asset manager including boutiques such as Perpetual, Pendal, Barrow Hanley, Regnan and Trillium. Each week our portfolio managers share the most interesting things they've heard from CEOs, industry leaders and analysts.

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