We’re in an average recessionary market, but that doesn’t mean there aren’t opportunities, argues Pendal’s CHRIS LEES in this fast podcast. “If you don't think there's a banking crisis coming, then it's actually time to gently start buying again, and that's what we're doing," says Chris. “We think that we're in a normal recessionary bear market. We're not going into, we think, a global banking crisis market. “Therefore equity markets around the world are probably in a double-bottoming process. “...
Sep 13, 2022•6 min
An edited excerpt from this interview with Pendal’s head of government bond strategies Tim Hext: I think the 50 percentage point rises are probably over for now [in Australia]. But you’ve got two lags going on. Firstly, it takes several months for a rise to feed through to your mortgage. So given they only started in May, the full impact of rate rises won't be felt until the end of the year around Christmas. The RBA will probably do two more 25s this year. They might put a third in up to 3.1%, b...
Sep 07, 2022•10 min
China is one of the few countries lowering interest rates. Pendal’s head of income strategies AMY XIE PATRICK explains why — and what it means for investors Excerpt: "The first thing to remember about these China authorities is they are not independent monetary authorities as we know them in Australia and the US. "The central bank in China has been lowering interest rates because the economy quite frankly is in a rut. "Most major investment bank analysts expect growth in China will fall to level...
Aug 30, 2022•9 min
How can ASX investors pick the right mid-cap stocks in this environment of rising inflation and interest rates? Pendal portfolio manager BRENTON SAUNDERS has a few tips in this fast podcast. Brenton is a portfolio manager with Pendal's Australian equities team. He co-manages Pendal MidCap Fund and our natural resources portfolio, drawing on more than 25 years of expertise in resources, derivatives, investment banking and private equity. Pendal MidCap Fund features 40-60 Australian midcap shares....
Aug 02, 2022•7 min
Few sectors of the economy are as sensitive to changes in interest rates as property. In this fast podcast, Pendal portfolio manager JULIA FORREST explains the outlook for Australian Real Estate Investment Trusts (REITs). Julia Forrest is a portfolio manager with Pendal’s Australian Equities team. Julia has managed Pendal’s property trust portfolios for more than a decade and has 25 years of experience in equities research and advisory, initial public offerings and capital raisings. Pendal ( www...
Jun 20, 2022•6 min
Wasn’t inflation expected to taper off? We asked Pendal’s Tim Hext to explain what’s happened and what’s next. In this podcast Tim explains how the nature of inflation is changing, what's driving recession fears and which asset classes look promising. Tim Hext is head of government bond strategies in Pendal's Income and Fixed Interest team. Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www...
Jun 15, 2022•7 min
WHEN is the right time to start buying global equities and how best to value stocks during these volatile times? Pendal global equities fund manager Nudgem Richyal has some answers in this quick podcast. Nudgem co-manages Pendal Global Select Fund with Chris Lees. The pair have been working together in global equities investing for more than 20 years. Pendal Global Select Fund is a global equities portfolio with a distinctive, yet proven approach and a 17-year track record of outperformance. See...
May 25, 2022•7 min
ESG investors can have a lot of influence over businesses, but countries are harder to influence. Will this change in the wake of Russia’s invasion of Ukraine? We asked Pendal ESG credit analyst Murray Ackman during this fast podcast. Credit ESG analyst Murray Ackman is part of Pendal's award-winning Income & Fixed Interest team. Regnan Credit Impact Trust is a defensive investment strategy that puts capital to work for positive change. Find out more at pend.al/CIT Pendal Sustainable Austral...
May 17, 2022•10 min
What's the outlook for inflation in Australia, how will the Reserve Bank react and is it time to consider going overweight bonds? Pendal’s head of government bond strategies TIM HEXT explains his views in this fast podcast. Find out more about Pendal’s fixed interest strategies at https://pend.al/fixedinterest. Pendal is an independent, global asset manager. Find out more at www.pendalgroup.com. See omnystudio.com/listener for privacy information....
May 11, 2022•10 min
Some leading indicators for China’s growth have dropped back to levels last seen at the start of the pandemic, says Pendal's head of income strategies Amy Xie Patrick in this 9-minute fast podcast. What does that mean for the global economy – and specifically for fixed income investing? “If the growth situation in China gets materially worse – which isn't our base case –fixed income portfolios that look a lot like equities portfolios with a lot of credit and high yield in them will fare poorly,"...
May 04, 2022•10 min
What does the recent fall in the Japanese Yen versus the US dollar mean for global equities investors? Pendal’s Nudgem Richyal, co-manager of Pendal Global Select Fund, explains in this fast podcast. An excerpt: “We take currency seriously in our beta view of the market and we think you cannot afford to be oblivious to it," says Pendal’s Nudgem Richyal.. The depreciation of the Yen has been one of its fastest moves in 50 years, says Nudgem. Many investors expect this to continue as money flows o...
Apr 27, 2022•7 min
Bond yields have been rising and fixed income investing is gaining advocates. But not all income funds are in the right position to take advantage. Pendal’s head of income strategies Amy Xie Patrick explains why in this seven-minute podcast. Find out more about Pendal's fixed income strategies at pend.al/fixedinterest Pendal is an independent, global asset manager. Find out more at pendalgroup.com See omnystudio.com/listener for privacy information....
Apr 19, 2022•7 min
It's now clear that the humanitarian tragedy unfolding in Ukraine is a major inflection point in history, says Pendal Global Select Fund co-manager Chris Lees in this fast podcast. "Number one, obviously it's a tragic humanitarian disaster," says Chris. "Because it's such a geopolitical inflection point, this is also a genuine financial market regime shift. "With such a great big genuine financial inflection point, we're seeing things like the rotation from growth to value as a factor seems to h...
Apr 06, 2022•8 min
Markets have now anticipated a lot of rate hikes over the next year or two. How does that affect bond-buying decisions today? Pendal’s head of government bond strategies TIM HEXT explains in this fast podcast. Edited excerpt: "There's a view that US cash rates will peak towards the end of next year somewhere between 2.5% and 3%. "So a lot of hikes are priced in, which means if you buy a bond today, you're getting all those future cash rate hikes implicit in the price. "This is an important point...
Mar 22, 2022•8 min
The Australian Real Estate Investment Trust sector had a good reporting season for the December half. But we’re seeing significant change in retail behaviour, Pendal portfolio manager Julia Forrest explains in this fast podcast. Julia is a portfolio manager with Pendal’s Australian Equities team. Julia has managed Pendal’s property trust portfolios for more than a decade and has 25 years of experience in equities research and advisory, initial public offerings and capital raisings. Pendal is an ...
Mar 16, 2022•6 min
In times like these how should investors think about their global equities portfolio? Hunker down? Buy the dips? Sell? In this fast podcast Pendal Global Select Fund co-manager Chris Lees explains his approach. Chris Lees co-manages Pendal Global Select Fund, which has for many years been one of the most successful investment strategies offered by Pendal Group’s UK-based asset manager, J O Hambro Capital Management. In 2021 the fund became available to Australian investors as Pendal Global Selec...
Mar 02, 2022•8 min
Investors should be looking to upweight bonds in their portfolios for a medium-to-long term outlook, argues Pendal’s head of government bond strategies TIM HEXT in this fast podcast. Excerpt: "We're now seeing 10-year bond yields get back towards 2.5%. "I think that's important because most asset allocators are underweight bonds. "Bonds of course are still a defensive instrument. And if we did see a recession or a sharp downturn, they will perform that task. "The beauty of it now is that if you ...
Feb 23, 2022•7 min
The volatile start to 2022 is bringing opportunity in global equities. In this fast podcast, Pendal’s NUDGEM RICHYAL, co-manager of Pendal Global Select Fund, explains how he is approaching the market. An excerpt: "You want to sharpen your pencil because there might be some early birthday presents through this year, as my co-manager Chris Lees would say. "Some of these stocks actually have pretty good business models and maybe the valuation just got a little bit overextended. "This will be a hea...
Feb 15, 2022•8 min
The trend [in yields] has "definitely been changing", says Amy Xie Patrick, Pendal Australia’s Head of Income Strategies. "What you've been seeing is not only that nominal yields have been rising, but real yields have also started to rise." What does that mean for investors? "The rise in real yields really reflects at an economic level, a sense that the market is expecting growth to start to return to a very healthy and positive trajectory in the future. "So positive real yields is a sign that t...
Feb 08, 2022•9 min
Impact investing – which aims to make money while also generating a measurable positive impact in society – went mainstream in 2021. What role will impact investments play in portfolios this year? Listen to a quick overview from Regnan’s head of impact investing Tim Crockford. Tim leads Regnan’s Equity Impact Solutions team and is senior fund manager of Regnan Global Equity Impact Solutions Fund . The Regnan Global Equity Impact Solutions Fund invests in mission-driven companies we believe are w...
Feb 02, 2022•9 min
Crispin Murray is Pendal’s Head of Equities. He has more than 27 years of investment experience and leads one of the largest equities teams in Australia. Find out more about Crispin's Pendal Focus Australian Share Fund at pend.al/focus. An excerpt from this podcast: "I think the more speculative end of the market could be challenged this year (2022), if we don't see inflation falling away quickly. "That leaves you focusing your portfolio again on these stocks that we think are more predictable i...
Dec 23, 2021•9 min
Chris Lees co-manages JOHCM Global Select Fund, which has for many years been one of the most successful investment strategies offered by Pendal Group’s UK-based asset manager, J O Hambro Capital Management. In 2021 the fund became available to Australian investors as Pendal Global Select Fund . In this fast podcast, Chris speaks about the outlook for global equities. He covers investment lessons learned in 2021 and where the opportunities -- and risks -- are likely to be found in 2022. Find out...
Dec 21, 2021•6 min
When inflation is low and inflation expectations are steady, the macro landscape is fairly predictable, says Amy Xie Patrick, Pendal’s Head of Income Strategies. "It's predictable how growth is going to pan out and how inflation is going to pan out – and therefore how policy makers are going to react. "But when inflation is rising, policy makers can sometimes be caught on the back foot – which is what the market currently thinks about most central banks. "That leads to higher levels of economic ...
Dec 15, 2021•6 min
“By the time the Reserve Bank is actually tightening rates, the market has already factored that in. And that’s what we’ve seen this year,” says Tim Hext, head of government bond strategies at Pendal. “But I think it’s fair to expect bond yields to finish next year slightly higher than where they are now. The market is looking for official rates to be around 75 basis points higher,” he says. Hext thinks that is too much. “With that in mind, bonds are not bad value around the current levels. And ...
Dec 07, 2021•6 min
China’s property-led economic slowdown shows no sign of ending. Here Pendal portfolio manager Amy Xie Patrick explains what that means for Australian investors. The property sector is at the heart of what's been driving the Chinese economy over the past decade. But Beijing is trying to rein in debt levels and appears to have a growing acceptance of slower economic growth for the world’s second biggest economy, says Amy. “For investors, it means you need to be a lot more region-specific when look...
Nov 30, 2021•9 min
Issuance of green and social (or "impact") bonds more than doubled in 2021 but demand is still outstripping supply says George Bishay, portfolio manager with Pendal’s Income and Fixed Interest team. Impact bonds provide a financial return as well as a positive impact on the environment or society. “If you are able to get hold of them, they perform very well in the secondary market because everyone wants them,” Bishay says. “They outperform vanilla bonds due to this huge demand.” “It’s a really p...
Nov 23, 2021•10 min
Carbon credits and futures can provide higher returns and a smoother investment journey with positive benefits for the planet. Pendal senior portfolio manager STUART ELIOT explains how in this fast podcast. See omnystudio.com/listener for privacy information.
Nov 17, 2021•6 min
Investors can expect "green innovation" opportunities to accelerate after the COP26 climate change conference because more countries are seeing that it makes good economic sense, says Regnan’s Maxime Le Floch in this fast podcast. See omnystudio.com/listener for privacy information.
Nov 16, 2021•8 min
9 November 2021 When it comes to movement on interest rates, the big question right now is whether the markets or the central banks have it right. Pendal portfolio manager Amy Xie Patrick explains in this fast podcast See omnystudio.com/listener for privacy information.
Nov 09, 2021•8 min
2 November 2021 Most of Earth’s global CO2 emissions are now covered by net zero targets, which means big new markets are forming. Regnan impact investment analyst MAXIME LE FLOCH explains in this short podcast. See omnystudio.com/listener for privacy information.
Nov 09, 2021•8 min
