The Rate Of Change Murdoch Gatti

In today’s ROCast Murdoch sits down with Andrew Mitchell, one of the founders at Ophir Asset Management.

Andrew alongside Steven Ng and other colleagues manage four funds. Ophir has a fundamental, bottom up research approach aimed at identifying businesses domestically and internationally with the ability to meaningfully grow and compound earnings overtime. To put it another way, they want to find new companies before they end up in Vogue.

For me I really enjoyed delving into the process of the how, in particular how they go about trying to be the first to discover a new business before it gets in Vogue. Andrew unpacks Transmedics and Life 360 and their process which enabled them to be confident to commence buying into the businesses before Mr Market .

Also, before we get into the conversation let me ask you ask you this question Andrew asked me. How long does it take to make 10 times your money compounding at 22 % per annum? If you have worked it out…. Brilliant…. if you haven’t or you are wondering why this is relevant then join us and hear Andrew breakdown why its an exciting number for them.

Companies Discussed:
Transmedics (TMDX - NASDAQ)Life360 (360.ASX)
You can reach me at mgatti@ywm.com.au.

I hope you find this conversation as much as I did. So sit back, relax, and enjoy.

In today’s ROCast, Murdoch speaks with Sunny Bangia, Global Portfolio Manager at Blackwattle Investment Partners about the outlook for Global equities, U.S. housing, semiconductors, emerging markets like India & Brazil, advancements in AI and Memory, Machine Learning, and the economic shifts in China.

For me I really enjoyed delving into the topic of Memory with Sunny. As the tech world buzzes with developments in AI and machine learning, and with companies like NVIDIA at the forefront, it prompts us to ask: What supports this growth?

Join us as Sunny unpacks the critical role memory plays in powering these technologies. He discusses the increasing demands in smartphones, PCs, and data centers, and the long-term structural trends shaping this sector.

Companies Discussed:

Builders FirstSource (NYSE: BLDR)The Home Depot (NYSE: HD)NVR Inc (NYSE: NVR)NVIDIA Corporation (NASDAQ: NVDA)Taiwan Semiconductor Manufacturing Company (NYSE: TSM)Lam Research Corporation (NASDAQ: LRCX)Micron Technology (NASDAQ: MU)Samsung Electronics Co- (KRX: 005930)SK Hynix Inc (KRX: 000660)ASML Holding (NASDAQ: ASML)ICICI Bank (NYSE: IBN), (BSE: 532174), (NSE: ICICIBANK)Amazon (NASDAQ: AMZN)MercadoLibre(NASDAQ: MELI)Alibaba Group (NYSE: BABA)Tencent (HKEX: 0700)
Before we get into the conversation, please remember this podcast is made for entertainment purposes only and not to be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.

You can reach me at mgatti@ywm.com.au.

In today's episode of ROCast, Murdoch Gatti sits down with Vince Pezzullo, Head of Australian Equities at Perpetual, to discuss the outlook for Aussie equities, the intricacies of gearing, and the impact of activist ownership investing.

Perpetual Group, founded in 1886, is one of Australia's oldest asset management firms. The Australian equities division of the business manages roughly $12 billion. In this episode, we delve into the Australian Share Fund, the Geared Australian Share Fund, which mirrors the previous Aussie Shares fund with a 2-to-1 leverage, and their Strategic Capital Fund, launched towards the end of last year.

One of the highlights for me was hearing Vince discuss activist investing, particularly how aligning the right remuneration packages in businesses is one of the simplest ways to create long-lasting positive change and returns for shareholders.

Additionally, if you're curious about how the new weight loss drugs like Ozempic, Novo Nordisk, and Eli Lilly may impact Australia's healthcare sector, tune in to hear Vince share his insights on what has happened to companies like ResMed, CSL, and more.

Companies Discussed:
BlueScope Steel (BSL)Iluka ResourcesWoolworths Group (WOW.ASX)Flutter Entertainment PLCGoodman GroupLa Française des Jeux SAInsurance Australia Group (IAG)CSL LimitedResMed (RMD)Novo Nordisk (NVO)Eli Lilly & Company (LLY)Before we get into the conversation, please remember that this podcast is made for entertainment purposes only and should not be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.

You can reach me at mgatti@ywm.com.au

In today’s ROCast, Murdoch speaks with Jason Edwards, CEO of January Capital, about venture debt and their unique database Alternatives.pe, which is used by 80% of Southeast Asia VC firms like Sequoia, Tiger Global, and more.

If you’re familiar with private lending, like many Australians, and you have often wondered how to both generate income from lending to, say, $10 to $15 million high-growth B2B SaaS companies and “ALSO” participate in the potential upside, then I think you’re really going to enjoy Jason breaking down venture debt and their fund's strategy.

If you’re not familiar with venture debt, it’s a form of lending to startups, senior secured, earning income from day one, backed by institutional investors with the unique ability to participate in a company’s growth success via warrants.

January Capital has a capital call structure and, for Australian investors, the feeder fund has a 2-year lock-up with redemption's quarterly after this period ends. Regarding returns, the fund will be paying a 12% current yield, and then when the warrants kick in, they expect that investors will be getting closer to something like 17 to 19% total return, per annum average, net of fees.

What’s a warrant? What’s venture debt, why Singapore, and how does it all work? Well, best join us and let Jason add color to this canvas.

Before we get into the conversation, please remember this podcast is made for entertainment purposes only and not to be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.

You can reach me at mgatti@ywm.com.au

In today’s ROCast Murdoch speaks with Cameron Brownjohn the CEO at Federation Asset Management about investing in mid-tier Australian private equity.
 
If you’re an investor familiar with private equity or this is your first time exploring this asset class, then I think you are really going to benefit from Cameron’s experience and insights.
 
Federation has roughly $2 billion of funds under management, in which institutional investors such as Blackrock, KKR, Goldman Sachs, Suncorp, Hesta, family offices and more, comprise of roughly 85%, whilst the remaining 15% is wealth management investors. Cameron unpacks some of their investments such as they have Australia’s 3rd largest childcare REIT, a disability housing REIT, one of Australia’s largest batteries, wind farms, financing businesses targeting ageing population, mid-market private equity as a whole and we discuss whether nuclear energy is a viable solution for Australia. The institutional business has been targeting a return on investment, per asset of 60% for the life of the asset, whilst the Federation Alternative Invest Fund II for both Wholesale & Retail has averaged 17% over the past 12 months as of time of recording.
 
Before we get into the conversation, please remember this podcast is made for entertainment purposes only and not to be construed as any form of advice. I encourage you to listen to the disclaimer at the end of this ROCast and to keep your feedback coming.
 
You can reach me at mgatti@ywm.com.au

In today’s ROCast, Murdoch speaks with James Williamson, the Chief Investment Officer at Wentworth Williamson, about their equity fund and their stable income fund.

The equity fund is a "go-anywhere" strategy, investing in deep-value Australian listed companies with $60 million of funds under management. Meanwhile, their stable income fund, which is a private credit fund, targets a return of 5% above the RBA cash rate and has $100 million of funds under management.

If you are a value investor, then you may have had a tough number of years investing in current markets. On this point, I think you are really going to benefit from James's experience and insights. For me, the biggest question I have been wondering is, has the winter finally thawed for Aussie deep-value companies? James digs into how he thinks the health of a number of companies in deep-value territory is now healthier than ever.

He also shares his outlook and what he thinks it means when value companies begin seeking mergers and acquisitions at the bottom of the market cycle.

Companies discussed: Fleetwood, Servcorp, BHP, Rio Tinto, Woodside, Uranium companies, MRM, and more.

You can reach me at mgatti@ywm.com.au