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  • Daily Market Update: 20 November 2025

    Daily Market Update: 20 November 2025

    Selloff deepens, but light in the materials sector, Northern Star (ASX:NST), BHP (ASX:BHP) rally, and Droneshield (ASX:DRO) tanks

    The local market posted another loss, deepening the correction to date, falling 0.2 per cent on Wednesday. While the headlines were poor, five of the 11 sectors finished higher, led by materials, as both gold and iron miners were winners. BHP (ASX:BHP) rallied strongly, adding 1 per cent, while Northern Star (ASX:NST) managed a near 3 per cent gain as investors once again big the gold price higher amid growing uncertainty and poor sentiment towards market valuations. The mess at Droneshield (ASX:DRO) continues, with the share price sinking another 17 per cent, taking losses to more than 45 per cent just in the last month. This time the driver was the unexpected and immediate departure of US CEO Matt McCrann from the business with no warning.

    KMD Brands (ASX:KMD) surge on Kathmandu, WebJet (ASX:WEB) delivers weak result, but Helloworld (ASX:HLO) lobs bid

    The owner of Rip Curl and Kathmandu brands, KMD Brands (ASX:KMD) had a strong session, turning the corner for the retail sector, with shares gaining more than 5 per cent on a better than expected update. The firm reported 7.9 per cent same store sales growth for the quarter, driven by Rip Curl, which grew 6.6 per cent and a massive jump in sales of Kathmandu clothing, which was up 13.9 per cent. Shares in Webjet (ASX:WEB) were likely flat after the company reported another 1 per cent drop in revenue, but a 16 per cent increase in profit to $7.8 million. Struggling under weaker bookings and increasing competition, the share price rallied 17 per cent after competitor Helloworld (ASX:HLO) lobbed a 90 cent per share bid during the session.

    Markets rally as NVIDIA (NYSE:NVDA) result nears, US job data cancelled for October, rate cut hopes take a hit

    It was a positive day for markets ahead of the long anticipated NVIDIA (NYSE:NVDA) result, with shares in the chip maker gaining more than 2 per cent, and pushing the Nasdaq to a 0.6 per cent gain. The Dow Jones gained 0.1 per cent and the S&P500 added 0.4 per cent. It was bad news for those betting on a rate cut, as the US government will not release the October jobs report after a long delay. Shares in Alphabet (NYSE:GOOGL) posted a solid gain on reviews of its latest Gemini AI model. Adobe (NYSE:ADBE) fell more than 2 per cent, as the company announced it had agreed to buy marketing software company Semrush, for US$1.9 billion, as it seeks to diversify amid growing pressure against its key business line. Target (NYSE:TGT) saw its weak sales continue to fall in the third quarter, amid growing competition and a weakening economy.

    Australian IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    ASX 200-0.3-3.9-5.8-3.84.7
    Financials-1.2-4.1-5.3-3.55.0
    Resources1.0-3.2-2.49.121.4
    Information Technology-1.5-8.1-14.6-19.5-10.4
    Global IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    US 5000.4-2.6-0.73.113.1
    Europe-0.9-3.2-1.40.325.4
    Japan-0.7-3.1-0.50.422.4
    China top 50-0.5-3.40.82.332.2
    India top 50-0.10.70.10.43.2
    Fixed InterestDaily %Weekly %1 Month %3 Month %1 Year %
    Australian Treasury Bond0.1-0.1-1.40.25.2
    Australian Corporate Bond0.0-0.1-1.20.35.9
    US Treasury0.1-0.2-0.81.84.8
    Cash0.00.10.30.94.1
    Commodities & CryptoDaily %Weekly %1 Month %3 Month %1 Year %
    Gold1.5-1.0-3.921.253.2
    Silver2.6-1.6-7.131.562.2
    Crude Oil2.13.86.50.10.4
    Bitcoin1.6-11.0-14.3-21.2-5.4
  • INFIN Awards shortlist unveiled to recognise the next-gen financial advisers

    INFIN Awards shortlist unveiled to recognise the next-gen financial advisers

    Will Hamilton, CEO and founder of HWP, said the awards arrive at a pivotal moment for the advice profession.

    “There’s a real gap emerging between today’s leaders and the future of leadership. If we don’t create pathways for younger advisers to step up, the profession risks losing its momentum. Supporting events like INFIN helps keep that pipeline strong and keeps the profession moving forward,” he noted.

    The awards span 10 areas from financial advice, including investment, research, responsible investing, technology, community engagement and client experience. Each category highlights the innovation, ambition and integrity that are reshaping the future of wealth management.

    Finalists were selected based on both the volume of votes received and the strength of their nomination summaries, with the panel of judges assessing how well each candidate demonstrated alignment with the award criteria.

    The advisory committee overseeing the process comprises young leaders from the financial advice, asset consulting, asset management and public relations sectors, ensuring a broad and contemporary perspective when evaluating nominees.

    Meet the shortlist finalists here:

    Ashley Ryburn, account director and head of community at The Inside Network, highlighted the rigorous and collaborative nature of the selection process.

    “We were overwhelmed with the response to the over 400 entries received. In choosing the winners, the advisory committee is balancing the quantitative elements of the nominations with the qualitative, and evaluating the competing merits of so many impressive stories. Not only are they investing considerable time in selecting the winners, but they will also play a key role in designing and delivering the interactive workshops on the day. It’s a true celebration of innovation, ingenuity and lifelong learning across wealth management.”

    Several award advisory committee members emphasised the importance of community, collaboration and adaptability as the next generation steps forward.

    Josh Lee, director and financial adviser at Link Wealth Advice, said the INFIN event comes at a transformative moment for the profession.

    “What I’m most excited about is connecting with others in a similar age bracket. The advice industry is going through a lot of change, we’ve seen many advisers leave the industry, but the future is bright. I’m super bullish on the industry. It’s great to see INFIN event fostering growth and helping mentor the next generation,” he said.

    Josh Rubera, business development manager at Colonial First State, emphasised the value of shared learning. “At the INFIN: Future Financial Leaders Forum, we hope attendees get the best of both worlds, from insights from industry experts and the chance to hear how their peers are tackling the same challenges,” said Rubera.

    Holly Brenchley, investment specialist at Escala, said the industry’s evolution presents both opportunities and demands for future leaders.

    “Technology is reshaping how markets work, how advice is delivered and how we invest. The greatest challenge and opportunity for future financial leaders is embracing these changes and staying at the forefront,” she said.  

    Please view more information here.

    Media Contact

    Simrita Virk, Capital Outcomes

    simrita@capitaloutcomes.co

  • Daily Market Update: 19 November 2025

    Daily Market Update: 19 November 2025

    Here are three dot points summarising your update:

    • All Ordinaries (ASX:XAO) snaps four-day losing streak, rising 0.1 per cent as Pro Medicus (ASX:PME) jumps on a $40m contract, while IperionX (ASX:IPX) falls on a short report.
    • Elders (ASX:ELD) surges on stronger livestock prices; Fleet Partners (ASX:FPR) gains on acquisition news; BHP (ASX:BHP) steady despite UK court ruling.
    • US markets drop 1.2 per cent ahead of key data, with NVIDIA (NYSE:NVDA) result in focus; Berkshire (NYSE:BRK.B) buys US$5b of Alphabet (NYSE:GOOGL) as Bitcoin slumps 30 per cent.

    ASX (ASX:XJO) sinks as tech, crypto sell off gather steam, GQG Partners (ASX:GQG) outperforms, CommBank (ASX:CBA) hits 6 month low

    The local market felt the brunt of a turn in sentiment around the world, as investors brace for a correction following months of positive sentiment. The All Ordinaries (ASX:XAO) fell 2 per cent on Tuesday, as every sector finished lower, with technology the hardest hit down by 6 per cent for the day. Healthcare and consumer staples were the only places to hide, down 0.5 and 0.2 per cent respectively, as investors turn to the likes of ResMed (ASX:RMD) and CSL (ASX:CSL)amid times of volatility. GQG Partners (ASX:GQG) was a rare winner with the fund manager gaining 3.5 per cent as the underlying funds they manage are set to outperform after calling for a reset in technology valuations. Commonwealth Bank (ASX:CBA) and the banking sector more broadly continues to be hit by the turn in sentiment, with shares hitting a 6 month low during the session. The bad news from overseas comes as the RBA predicted inflation to remain above 3 per cent and thus limiting the chance of a further rate cut.

    James Hardie (ASX:JHX) surges on strong result, TechnologyOne (ASX:TNE) tanks on slowing growth

    Building products supplier James Hardie (ASX:JHX) overcame the broadening volatility, posting a near 10 per cent gain after delivering second quarter net sales of US$1.29 billion, a massive 34 per cent jump on the prior year, driven by the Azek acquisition, and improving sales in its outdoor living division. Profit was weaker, down 84 per cent, as the company flagged writedowns and struggles in its core US siding business. Shares in TechnologyOne (ASX:TNE) a software provider to government and community organisations was smashed by nearly 20 per cent, despite the company reporting ‘in line’ results, that showed a 19 per cent increase in profit, and annual recurring revenue growth of 18 per cent. It wasnt enough to offset concerns about valuations within the technology sector, with investors selling off the stock in response, while management also delivered a special division. Plenti (ASX:PLT) was another winner with shares surging on a significant jump in loan originations, but 26 per cent, and contributing to a near 150 per cent increase in cash profit.

    S&P500 sell off extends to four days, NVIDIA (NYSE:NVDA) drops again, Apple (NYSE:AAPL) outperforms on China sales

    All three US benchmarks fell for a fourth straight day overnight, with the S&P500 and Nasdaq both finishing 0.7 per cent lower, taking the losing streak to the worst since August. While the weakness was focused on the technology sector, with a Magnificent 7 index falling 1 per cent, the market rallied into the close. NVIDIA (NYSE:NVDA) fell more than 1 per cent ahead of results that will come after market close tomorrow, while Apple (NYSE:AAPL) outperformed, gaining 0.3 per cent, as the company reported a 37 per cent increase in sales in China, and a shift to 25 per cent market share in the key market following the release of the iPhone 17. Microsoft (NYSE:MSFT) and NVIDIA (NYSE:NVDA) have agreed to invest another US$15 billion into OpenAI competitor Anthropic as the AI arms race continues. Home Depot (NYSE:HD) has cuts its earnings guidance as they flagged consumers were slowing down on big ticket purchased amid weakening sentiment.

    Australian IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    ASX 200-1.9-3.8-5.5-4.24.4
    Financials-1.9-3.2-3.6-1.26.6
    Resources-3.00.90.812.724.9
    Information Technology-3.1-8.6-13.4-17.8-9.6
    Global IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    US 500-0.8-2.3-0.23.414.2
    Europe-1.0-1.20.12.527.7
    Japan-2.10.12.33.325.5
    China top 50-0.4-1.42.34.135.0
    India top 500.81.10.21.63.8
    Fixed InterestDaily %Weekly %1 Month %3 Month %1 Year %
    Australian Treasury Bond0.3-0.2-1.5-0.25.2
    Australian Corporate Bond0.1-0.2-1.30.05.8
    US Treasury0.1-0.2-0.91.65.0
    Cash0.00.10.30.94.1
    Commodities & CryptoDaily %Weekly %1 Month %3 Month %1 Year %
    Gold-0.8-1.0-4.021.754.9
    Silver-1.7-0.2-6.033.462.7
    Crude Oil-1.85.0-2.7-1.6
    Bitcoin-4.9-9.8-11.8-19.80.4

  • Daily Market Update: 18 November 2025

    Daily Market Update: 18 November 2025

    Here are three dot points summarising your update:

    • All Ordinaries (ASX:XAO) snaps four-day losing streak, rising 0.1 per cent as Pro Medicus (ASX:PME) jumps on a $40m contract, while IperionX (ASX:IPX) falls on a short report.
    • Elders (ASX:ELD) surges on stronger livestock prices; Fleet Partners (ASX:FPR) gains on acquisition news; BHP (ASX:BHP) steady despite UK court ruling.
    • US markets drop 1.2 per cent ahead of key data, with NVIDIA (NYSE:NVDA) result in focus; Berkshire (NYSE:BRK.B) buys US$5b of Alphabet (NYSE:GOOGL) as Bitcoin slumps 30 per cent.

    All Ords (ASX:XAO) ends losing streak, Pro Medicus (ASX:PME) rallies on contract win, IperionX (ASX:IPX) smashed by short report

    The local market ended its worst losing run since June this year, gaining 0.1 per cent Monday, as a negative lead from the US and more weakness in the technology sector threatened to send the All Ordinaries (ASX:XAO) lower for a fifth straight day. The energy sector, up 1.1 per cent, was a rare gainer, with the likes of Woodside (ASX:WDS) rallying 0.9 per cent as the oil price was pushed higher by conflict in Russia that impacted a major port. Commonwealth Bank (ASX:CBA) continues to come back to the pack, losing another 1 per cent as investors push the likes of ANZ (ASX:ANZ) closer to all-time highs. Pro Medicus (ASX:PME) which provides radiology software, was a big winner, gaining 4.2 per cent after announcing a more than $40 million deal with another radiology group. Little known titanium producer in the US, IperionX (ASX:IPX) fell by more than 3 per cent after the company exited a trading halt following the release of a short report by Spruce Point Capital which questioned the delivery of its planned capabilities.

    Elders (ASX:ELD) surges on sheep, cattle prices, Fleet Partners announces expansion

    Agricultural retailer Elders (ASX:ELD) posted a more than 6 per cent gain as the company overcame a weak second half, thanks to stronger sheep and cattle prices, as drought hit both Victoria and South Australia. Earnings were 12 per cent higher with profit jumping 34 per cent to $86 million allowing a boost to the dividend. Real estate advertising and livestock sales were central to the better than expected result. BHP (ASX:BHP) was broadly flat despite the UK High Court finding the company liable for the 2015 Samarco dam collapse, a decade after the devastating event. Fleet Partners (ASX:FPR) posted a 5.2 per cent gain despite a 4 per cent fall in profit to $84 million, with news of the acquisition of Remunerator, another salary packing provider, boosting sentiment on the day.

    Benchmarks, S&P500 slide ahead of NVIDIA (NYSE:NVDA), jobs report, Berkshire (NYSE:BRK.B) big new buy

    All three benchmarks fell sharply on Monday, down 1.2 per cent respectively, as markets brace for a delayed jobs report and the latest quarterly result from NVIDIA (NYSE:NVDA) which has become the most important company in the world. The largest holding in most index tracking ETFs, the market direction will be determined by the result with data showing hedge fund managers are split, with half increasing and half decreasing their positions in the third quarter. Bitcoin’s struggles continue with the digital currency now giving up all gains made in 2025, falling 30 per cent since October and losing some US$600 billion in value for investors, despite an increasingly supportive regulatory environment. Walmart (NYSE:WMT) and Target (NYSE:TGT) are both set to report this week, which will offer insights into the underlying strength of the US economy. Berkshire (NYSE:BRK.B) flagged a significant new buy, adding a US$5 billion holding in Alphabet (NYSE:GOOGL) during the month. While Ford (NYSE:F) has been the first company to partner with Amazon (NYSE:AMZN) to offer used car sales through the online platform.

    Australian IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    ASX 2000.1-2.0-3.7-2.17.4
    Financials-0.1-4.7-3.4-0.37.8
    Resources0.22.00.611.825.1
    Information Technology0.8-5.6-10.6-14.4-4.1
    Global IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    US 500-0.9-1.80.24.314.4
    Europe-0.90.50.22.926.8
    Japan-0.20.62.74.425.1
    China top 50-1.8-1.22.65.235.2
    India top 500.20.5-0.82.32.5
    Fixed InterestDaily %Weekly %1 Month %3 Month %1 Year %
    Australian Treasury Bond-0.1-0.4-1.7-0.55.2
    Australian Corporate Bond-0.1-0.3-1.5-0.35.8
    US Treasury-0.2-0.3-0.81.25.3
    Cash0.00.10.30.94.1
    Commodities & CryptoDaily %Weekly %1 Month %3 Month %1 Year %
    Gold-3.0-0.9-4.621.454.1
    Silver-4.13.4-4.837.166.8
    Crude Oil-0.4-0.25.2-1.4-1.4
    Bitcoin-2.5-10.5-11.1-20.00.7

  • A living legacy: How institutional investors use credit to build intergenerational wealth

    A living legacy: How institutional investors use credit to build intergenerational wealth

    Lauren Ryan, national manager for investments at Thinktank, believes the lessons of institutional investing in credit markets are highly relevant for private wealth clients aiming to build resilient, income-generating portfolios. Drawing from her experience in the debt capital markets and the world of non-bank lending, Ryan outlines how institutions use credit not simply to enhance yield, but to create multi-generational wealth strategies.

    At the core of her message is a simple idea. All investors, whether institutions or individuals, are in the business of building wealth. But institutions approach that challenge through a long-term lens, targeting dependable, recurring income rather than short-term capital gains. “Pension funds have to pay retirees for decades. Insurers need reserves for future claims. Retail banks are balancing assets and liabilities. They invest for cash flow, not for hype,” Ryan told The Inside Network’s recent Alternatives Symposium.

    Over the past two decades, the structure of lending has changed. Banks, once the dominant force in credit provision, have pulled back due to post-GFC regulation, higher capital requirements and risk aversion. This vacuum has given rise to non-bank lenders, specialist credit providers that operate outside the traditional system, and institutional capital has followed them into the space.

    The interest is not coincidental. Ryan notes that institutional investors have allocated billions into non-bank lending strategies, typically via private credit funds or structured debt instruments like asset-backed securities. Their objective is not to take speculative risks but to secure enhanced risk-adjusted returns by targeting credit niches underserved by the banks.

    These niches span from invoice finance and equipment leasing to SME mortgages and self-managed super fund lending. Many are backed by real assets or receivables, which offer downside protection. Structured deals often include credit enhancements, allowing investors to choose where they sit in the capital stack. This flexibility lets institutions match investments to specific risk mandates.

    Beyond returns, institutional credit investing introduces valuable diversification. Non-bank lending strategies, particularly those accessed via the debt capital markets, offer low correlation to traditional equities and bonds. “Institutions are always searching for assets that perform when markets fall or inflation rises,” Ryan said. “Private debt can be that asset.”

    To illustrate, Ryan pointed to a real-world portfolio comprising $7.5 billion in small-ticket residential and commercial mortgages. Built over 19 years, the portfolio is diversified by region, borrower profile, repayment structure and asset type. These are not speculative developments or vacant land but income-producing, existing properties. Such breadth and balance are difficult to replicate outside of institutional markets.

    Importantly, the originator of these loans bears the initial credit risk. “In most securitised transactions, the non-bank lender absorbs losses before investors do,” Ryan explained. The layered structure helps protect investors while still allowing them to access the predictable cash flows generated by the underlying loan pool.

    That predictability is key. Most structured credit investments pay monthly, quarterly or semi-annual income. With loans typically floating-rate in nature, investors also gain some protection against interest rate risk and inflation. “These are real-world cash flows, not market sentiment-driven returns,” Ryan said. This profile aligns well with the needs of retirees and family offices who want to draw from, not just grow, their capital.

    Trust and due diligence are essential to this approach. Institutions spend months assessing non-bank lenders before committing capital. They pore over credit policies, underwriting files, historical performance and management track records. Publicly rated securitisations offer an entry point, while direct warehouse funding or private placements deepen the relationship over time.

    Diversification is not just a feature of the loan portfolios, but also of the funding base. Ryan stressed the importance of non-bank lenders having multiple institutional backers, rather than being reliant on a single investor. The presence of a healthy secondary market and engagement with credit ratings agencies adds further layers of transparency and accountability.

    Although many of these structured vehicles are not directly accessible to retail investors, Ryan pointed out that credit funds can provide exposure to similar strategies. Some non-bank lenders also offer direct investment opportunities. “It’s not about choosing one or the other,” she said. “It’s about finding the right exposure and structuring it to fit your client’s objectives.”

    For advisers, Ryan believes the biggest challenge is education. Many clients remain unfamiliar with private credit or structured debt. Helping them understand how these instruments work, how risk is priced, what collateral is involved, and how income is generated, is critical to building confidence and long-term portfolio resilience.

    Ultimately, what institutions have tapped into is a highly effective way of preserving and growing capital across generations. Structured debt investing, particularly through the debt capital markets, delivers stable income, capital preservation and inflation protection. These are not abstract features. They are the foundation for sustainable, purposeful wealth.

    Ryan concluded with a challenge for advisers. “By learning from institutions, you can help clients go beyond accumulation. You can help them build portfolios that don’t just ride the market. They shape futures.” For clients thinking beyond their own lifetime, that shift from income to legacy may be the most valuable outcome of all.

  • Have we been positioning retirement advice all wrong? New report plots the way forward

    Have we been positioning retirement advice all wrong? New report plots the way forward

    Financial advisers need to reframe their presentation of retirement advice to overcome entrenched client behavioural biases and “choice paralysis” caused by complex options and myriad products, according to
    research by Industry Fund Services (IFS) and developed with Challenger, the listed funds management company specialising in retirement income.

    The study, which has been exclusively obtained by The Inside Adviser, highlights client lack of understanding of the retirement system, which contributes to behavioural biases about complex, long-term decisions, such as feeling the impact of losses twice as much as that of gains, and focusing on immediate gains over long-term security and flexibility.

    Dan Monheit, a behavioural scientist who worked on the report, says advisers need to be aware that advisers “cannot avoid” influencing preferences and shaping outcomes and use it to “frame choices in a way that aligns with people’s underlying preferences.”

    Adrian Gervasoni, executive manager of advice services at IFS (pictured), says: “Retirement planning is about more than just financial modelling – it’s about helping retirees make confident decisions in the face of uncertainty. We want to move the conversation from product features and benefits to focus on consumer preferences, such as certainty and flexibility. Ultimately, the goal is to deliver greater confidence when entering into retirement.”

    Gervasoni says “too few” clients coming up to retirement have previously seen a planner or understand the subject well enough to make well-informed decisions.

    “The situation is not helped with superannuation benefits in most cases being represented as an account balance, rather than a projected retirement income,” he adds.

    For example, according to University of NSW research, 57 per cent of retirees are unaware of lifetime income streams.

    The research, titled “Have we been positioning retirement advice all wrong?”, was undertaken by IFS, whose members collectively manage up to $1.35 trillion, and Challenger, which has about $126 billion under management.

    The focus on retirement planning is intensifying as around 2.5 million Australians, with about $3.25 trillion in assets, are expected to retire over the next decade.  Research by market research company YouGov, in partnership with Challenger, found that 85 per cent of retirees are seeking greater clarity about their financial future, with nearly 80 per cent happier with a guaranteed income for life.

    In addition to income, retirees are also often seeking answers to managing longevity, inflation and sequencing risks, access to capital, estate planning and possible Centrelink entitlements.

    Similar research in the US found that income, rather than wealth, is the key outcome for retirees.

    Retirees are confronted with a potentially bewildering range of income strategies including account-based pensions, transition to retirement pensions, lifetime annuities, hybrid income products and the age
    pension.

    There are also dozens of retirement products on offer from super and life insurers and, according to the regulator the Australian Prudential Regulation Authority (APRA), more than 600 multi-sector investment options.

    “Rather than making it easier, it creates choice paralysis,” says Gervasoni. He says advisers should identify a client’s retirement income preferences. “For some, having certainty of income may be more
    important than maximising income,” he says.

    “We must account for behaviours and a client’s state of mind in the advice we provide,” he adds. “While income maximisation should be a core focus, we must account for the client who might panic and switch
    to cash during a volatile market period. Theory and practice need to be considered together.”

    The report recommends a strategy called “choice architecture,” which arranges options so that clients are discreetly directed towards a particular decision “without restricting choice”.

    It involves addressing  three issues, according to the report. They are:

    1.    Certainty:  Balancing flexibility and certainty, while prioritising long-term income.

    2.    Balance: Providing access to capital, particularly for retirees who are less concerned about outliving their income.

    3.    Flexibility: Access to an account-based pension, where super savings are converted into a pension stream and drawn down. The trade-off can be a lack of income certainty and greater longevity
    risk.

    Adrian Aardoom, head of retirement partnerships at Challenger, says the approach helps remove complexity, simplify-decision-making and improve delivery, “while ensuring the trade-offs are easily understood and considered.”

    Paul Moran, a financial adviser and principal of Moran Partners, warns: “Framing can be done to encourage to purchase, just as much to advise. Framing must be done in a way that takes on board all
    objectives and goals.”

    IFS’ Gervasoni says care must be taken to ensure choice framing is done ethically, but is confident that regulatory standards will prevent behavioural science being used to manipulate clients.

    Andrew Saikal-Skea, of Saikal-Skea Independent Financial Advice, says the use of behavioural tools depends on the individual client. “You need to be aware of psychology and clients’ relationship with money,” he says. “But circumstances vary.”

    David Pitt, executive advisor at Viridian Financial Group, adds: “I have seen a number of clients that struggle with investors’ biases, due the complexity of the Australian superannuation system. A lot of
    them end up reverting to the ‘status quo bias,’ as they feel that if they do nothing, it can’t get any worse. Yet the benefit of using behavioural psychology will enable them to get past some of these
    inherent biases to reach better outcomes.”

    Pitt adds one of his favourite questions is to ask retiree clients: “What sort of grandparents do you want to be?” — a question he says “reframes retirement from numbers to values.”

    “It moves the discussion beyond financial targets to the personal motivations that shape retirement outcomes – from helping grandchildren financially to prioritising time and connection over travel or lifestyle goals,” Pitt adds.

  • Asia’s infrastructure opportunity: Defensive, diversified and decisively long-term

    Asia’s infrastructure opportunity: Defensive, diversified and decisively long-term

    By any measure, infrastructure has evolved considerably in the past few decades to become a robust, globally recognised asset class. For Susanta Mazumdar, founder of the Tribeca Asia Infrastructure Fund, that evolution is not academic. Over three decades of investing across project finance, public markets and private equity, he has witnessed firsthand the transformation of infrastructure into a strategic allocation for long-term investors. “It is a journey,” he says, “and I have seen the evolution of the asset class literally across all chunks.”

    At the heart of Mazumdar’s thesis is infrastructure’s inherent resilience. Unlike equity markets driven by sentiment or technology stocks vulnerable to hype cycles, infrastructure’s value proposition is underpinned by secular demand. “No matter what happens to the world, every day we need power, water, data, hospitals,” he says. “The demand for infrastructure is relatively less elastic”. This defensive quality is particularly attractive in a world marked by geopolitical instability and volatile capital markets.

    Importantly, Mazumdar highlights that the infrastructure universe is far broader than bridges and toll roads. Segments such as data centres, energy transition assets and healthcare infrastructure offer both growth and stability. “Each of these segments actually has a very strong secular growth component,” he says, pointing to US$ returns exceeding 9 per cent in 2023, without exposure to headline tech names like Samsung or TSMC. The message is clear: infrastructure isn’t just ballast, it’s ballast with a growth kicker.

    One of the most compelling distinctions he draws is between listed and private infrastructure assets. While private equity has long been the dominant route for institutional infrastructure exposure, Mazumdar is critical of its valuation practices. “Private security deals in infrastructure are happening at 30 per cent to 40 per cent premiums to listed assets,” he says. He advocates for listed infrastructure as complementary to private assets, as the former provides transparency, liquidity and pricing discipline, while still offering access to similar assets and long-duration cash flows.

    This valuation gap is even more glaring when looking at recent transactions. A data centre deal in Australia, for instance, was struck at nearly 50 times enterprise value (EV)/earnings before interest, tax, depreciation and amortisation (EBITDA), a figure Mazumdar considers emblematic of froth. In contrast, he points out, public market infrastructure assets often trade at a significant discount, despite offering equivalent exposure and similar cash flow profiles. It is an arbitrage opportunity for investors with a long-term horizon and a tolerance for patience.

    The Asia-focused nature of Mazumdar’s fund is not incidental. He believes Asia is structurally well-positioned in the infrastructure race, particularly in energy transition and digital infrastructure. The fund owns geothermal power in New Zealand, waste-to-energy plants in Australia, the largest data centre in China and the most profitable hospital assets in India. “These are high-quality assets across Asia,” he says, noting that localisation of data and the sheer population scale create long-term demand fundamentals that are hard to replicate elsewhere.

    Mazumdar is also sceptical of the AI hype engulfing global equity markets. While he acknowledges AI’s long-term transformational potential, he draws parallels with the railway boom of the 19th century. “There is a kind of mantra forming,” he warns, “and there will be a lot of mis-steps in terms of over-spending.” In contrast, the infrastructure that supports digital growth, particularly data centres and transmission networks, is where he sees credible, bankable opportunities.

    His insights on the US versus Asia are particularly stark. In Asia, he says, infrastructure approvals, particularly green energy connections, can take “literally a week or couple of weeks” in markets like India. In the US, however, fragmented regulatory regimes and underinvestment in transmission networks are key bottlenecks. “Our biggest exposure is actually the power network side,” he says. “You need to continuously invest to get power to the data centres.”

    Interest rates, often a concern for infrastructure investors, are less of a worry for Mazumdar in the long term. While he admits that rising rates can compress valuations in the short run, he notes that infrastructure assets typically have inflation-linked pricing, which protects earnings. “Over a longer period of time, it is essentially the underlying cash flows and the growth element that matters more,” he says.

    The portfolio adopts a regionally diversified approach, with holdings across China, Australia, India, New Zealand and Indonesia. This, Mazumdar says, allows the fund to take a bottom-up, opportunity-driven approach. “Healthcare infrastructure is a great opportunity in India,” he says, “while in Australia it might be gas pipelines and in New Zealand, the geothermal assets.” It is not a macro bet on Asia; instead, it is a mosaic of local insights applied with global discipline.

    Mazumdar also situates infrastructure within the broader real assets category, alongside real estate and commodities. He sees listed infrastructure as offering the best of both worlds, real asset exposure with liquidity. “People underestimate the importance of liquidity,” he says. “Public and private markets are complementary. You need both.” A good example is (the former ASX-listed) Sydney Airport, which the fund held for over a decade before it was taken over at a large premium, demonstrating the optionality available in listed infrastructure.

    As investors reconsider their asset allocation strategies in an environment of uncertainty, inflation risk and geopolitical instability, Mazumdar’s case for infrastructure is both rational and urgent. It offers defensive characteristics, long-duration cash flows, secular growth and geographic diversification. “It is part of the real asset allocation,” he says. “But with liquidity.”

    For financial advisers, the implications are clear. Infrastructure is no longer a niche play for pension funds and sovereign wealth. With careful stock selection and a diversified approach, it can be a core allocation in high-net-worth portfolios seeking resilient, real-world returns. In Mazumdar’s view, it is not just about stacking the deck, it is about building the table.

  • The great equity illusion: Markets, madness and the passive party

    The great equity illusion: Markets, madness and the passive party

    Traditional equity investing has not vanished entirely, but it is now competing for attention with a party dominated by passive flows, mega-cap worship and the kind of optimism usually reserved for holiday sales lines.

    Valuations and long-term returns: The old rules still whisper

    Price-to-earnings ratios used to guide investors like streetlights on a foggy night. High starting valuations usually meant modest long-term returns. That rule of thumb never seemed exotic, only sensible.

    Now, high valuations are celebrated as proof of American ingenuity. Passive inflows ignore fundamentals entirely. They buy because they must, not because anyone checked the mathematics. It is a system that hums along beautifully until the lights flicker. Long-term returns are not erased. They are simply postponed.

    A market held up by a handful of giants

    The US market has become a circus where a handful of AI and tech stars are juggling the whole U.S. equity and global index show, while the rest of the companies sit on folding chairs near the droppings of the elephant act.

    One way to play it smart is to give those top ten tech and AI darlings their own little portfolio tent, while building a more diversified global allocation for everything else. That way, you enjoy the spectacle without risking a concussion from an overcrowded and seemingly precarious trade.

    This current state of benchmark investing is not diversification. It is a monoculture disguised as safety. When multi-trillion-dollar markets rise or fall on the fortunes of a few companies, the illusion of stability is simply an illusion. Volatility waits patiently in the shadows.

    US dominance in global indices

    Global indices are supposed to give investors exposure to the entire world. In practice, they are increasingly Americanised, with US equities making up roughly two-thirds to 70 per cent of major benchmarks. Global diversification has become a polite fiction. The rest of the world is present, but mostly ornamental. Investors seeking true global exposure may find themselves unwittingly riding US mega-cap coattails, whether they intended to or not.

    Capex, depreciation and the hardware arms race

    Markets cheer as semiconductor and AI companies rocket toward stratospheric valuations. Meanwhile, the reality of their balance sheets is sobering. Investments in cutting-edge chips are depreciating faster than accounting schedules allow. For unprofitable AI companies, enormous capital expenditure is often financed with debt. The useful life of these assets may expire before the debt does, leaving investors staring at a financial tightrope without a safety net.

    Michael Burry and Warren Buffett have long been raising eyebrows at paying premium multiples for businesses whose capital base erodes faster than the balance sheet implies. The party is fabulous, but it may be fuelled by champagne rather than substance.

    The passive bid and Michael Green’s structural warning

    Michael Green’s research on the passive bid is a reminder that this party has a playlist controlled by an algorithm, not a DJ. Retirement systems and index products pump money into markets mechanically. Fundamentals are irrelevant; price discovery is optional.

    As long as contributions flow and employment remains healthy, the dance continues. But if flows reverse, the same momentum that sent the market soaring can work with equal force in the opposite direction. The music does not slow gracefully. It ends abruptly, and those who ignored the fundamentals might find themselves stepping on toes or worse.

    Benchmark awareness as a constraint on investment management

    Retail investors and superannuation funds face an added pressure. Benchmark-aware performance often takes precedence over absolute performance, capital preservation, compounding and drawdown control.

    For those not interested in relative performance, several strategies merit serious attention if they are not already embedded within portfolio construction.

    First, market-neutral approaches allow portfolios to benefit from inter-sector dispersion while lowering overall equity beta. This is the investing equivalent of walking through a crowded party without spilling your drink.

    Second, downside protection should be treated as a structural allocation. Replacement trades, put-option spreads, long-volatility strategies, crisis-alpha allocations – many available via a growing list of capital-efficient ‘portable alpha’ solutions – may provide some buffer from extreme negative performance if/ when the floor suddenly drops.

    Third, active management and diversification are indispensable. China, for example, is likely to produce global AI and technology leaders, yet its valuations remain far lower than US counterparts. Skilled active managers can uncover these opportunities and navigate markets where benchmark concentration distorts price discovery.

    Finally, alternatives such as real assets and private markets offer distinct return streams and reduced correlation with listed equities. For those with experienced due-diligence teams, these exposures are akin to a VIP lounge at the party. They can be safer, quieter and more rewarding in the long run.

    When the cycle turns

    The market is self-reinforcing. High valuations generate strong returns, strong returns attract passive inflows and inflows push valuations even higher. It is an elegant dance as long as no-one trips. But history teaches that the music eventually changes. When it does, the forces that propelled markets upward could amplify losses. Concentration, narrow leadership and stretched valuations can transform a celebration into a stampede in moments.

    Conclusion: Do not be the last guest standing

    Traditional equity analysis has not lost its relevance. It has simply been overshadowed by a market dominated by passive inflows and a small group of superstar companies. Fundamentals still matter, but often with a lag. Valuations matter, but only when the automatic bid pauses. Risk exists, but it is increasingly hidden beneath the smooth surface of benchmark performance.

    We have all enjoyed the extraordinary party in US large-cap equities, but when the music finally stops, do not be the last person standing with a lampshade on your head and your trousers around your ankles. Step away from the punch bowl, preserve your capital and leave with both dignity and your balance sheet intact.

    Michael Armitage CAIA is principal of Fundlab Strategic Consulting Pty. Ltd.

  • Daily Market Update: 17 November 2025

    Daily Market Update: 17 November 2025

    The Australian share market concluded the week on a downturn on Friday, with the benchmark S&P/ASX 200 Index (ASX: XJO) shedding 118.9 points, or 1.4 per cent, to reach a 50-day low at 8,634.5 points. It was the fourth day of declines in a row for the S&P/ASX 200 Index (ASX: XJO), as well as its third straight week of losses. For the week, the S&P/ASX 200 Index (ASX: XJO) surrendered 135 points, or 1.5 per cent. Year to date, the Australian benchmark is up 5 per cent.

    In the US, stocks recovered from earlier losses on Friday, as investors await more economic data in the coming days ahead of the Federal Reserve’s next rate decision in December. Friday’s session saw the broad S&P 500 Index (NYSE: SPX) lose 3.38 points, to 6,734.11, while the blue-chip Dow Jones Industrial Average (NYSE: DJI) gave up 309.74 points, or 0.7 per cent, to 47,147.48. The tech-heavy Nasdaq Composite Index (NASDAQ: IXIC) managed a close in the green, up 30.23 points, or 0.1 per cent, to 22,900.59.

    For the week, the Dow Jones Industrial Average (NYSE: DJI) posted a 0.3 per cent gain; the S&P 500 Index (NYSE: SPX) edged ahead by less than 0.1 per cent; and the Nasdaq Composite Index (NASDAQ: IXIC) took a 0.5 per cent loss.

    Some big tech names recovered, with Nvidia Corporation (NASDAQ: NVDA), Microsoft Corporation (NASDAQ: MSFT), Oracle Corporation (NYSE: ORCL), and Palantir Technologies Inc. (NYSE: PLTR) each rising between 1.1 per cent and 2.4 per cent, as investors reassessed the likelihood of a December rate cut. The market is still grappling with stretched AI valuations, and while the end of the lengthy government shutdown during the week removed one source of uncertainty, there are indications that some crucial economic data releases may not only have been delayed by the shutdown but might not come out at all, leaving traders without clear signals ahead of the next Fed decision — which is a recipe for further volatility. Traders now see less than 50 per cent chance of a 25-basis-point rate cut next month, down from about 95 per cent a month ago.

    For example, the Labor Department says it will release a key report on the September job market on Thursday, almost seven weeks behind schedule. The timing of other key economic reports is still up in the air. The government needs to conduct surveys and price checks before it can report on October’s job gains and inflation rate. Reports on consumer spending and GDP are also overdue, leaving businesses, investors and policymakers looking for other clues about the strength or weakness of the US economy — such as private-sector data on hiring and firing, as well as anecdotal reports from a wide range of business contacts. 

    Bitcoin fell below US$96,000 for the first time in over six months. The cryptocurrency bellwether is down more than 20 per cent from its peak in October. 

    Australian IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    ASX 200-1.4-1.3-2.7-1.47.5
    Financials-1.4-2.5-0.42.59.3
    Resources-1.14.83.214.828.4
    Information Technology-1.8-5.2-13.3-15.2-5.4
    Global IndicesDaily %Weekly %1 Month %3 Month %1 Year %
    US 500-0.1-1.10.43.714.3
    Europe-0.42.22.44.028.4
    Japan-0.30.65.76.726.3
    China top 50-0.42.24.36.339.4
    India top 50-0.20.12.01.91.7
    Fixed InterestDaily %Weekly %1 Month %3 Month %1 Year %
    Australian Treasury Bond0.0-0.4-0.9-0.55.5
    Australian Corporate Bond0.0-0.4-0.8-0.36.2
    US Treasury -0.1-0.1-0.21.45.4
    Cash0.00.10.30.94.2
    Commodities & CryptoDaily %Weekly %1 Month %3 Month %1 Year %
    Gold0.23.80.624.460.2
    Silver-1.69.33.439.372.4
    Crude Oil2.0-1.70.9-5.2-0.3
    Bitcoin-3.9-5.1-14.1-19.37.4

  • Forward-thinking leadership in private wealth: INDepth with Daniel Kelly from Viola Private Wealth

    Forward-thinking leadership in private wealth: INDepth with Daniel Kelly from Viola Private Wealth

    Daniel Kelly from Viola Private Wealth speaks to Laurence Parker-Brown from The Inside Network on forward-thinking leadership in private wealth for our INBrief series.